Equitable Life Critical Illness Insurance Review – Updated 2024


Equitable Life Insurance of Canada offers excellent comprehensive critical illness coverage for families with dependents boasting up to $2,000,000 for 26 conditions and generous partial payouts for 8 additional conditions. Their critical illness plans come in a 10-year term or up to 75 or 100 years of age, with life or limited pay.


Equitable Life Critical Illness insurance rating and review

Equitable Life of Canada offers multiple term lengths for parents looking to match their coverage to how long they’ll have dependents in their care. Couple that with their options for children’s critical illness coverage and you have a great fit for Canadians looking to get coverage for themselves and their families.

PolicyAdvisor Rating

Best Critical Illness for Families

AM Best Rating N/A


Pros and cons


  • Comprehensive (26 full payout illnesses)
  • Multiple terms available including Term to 100
  • Return of premium options
  • Children’s critical illness coverage
  • Limited pay option available: 20-Pay
  • Online account access
  • Digital e-policy


  • No second option
  • Partial benefit only pays out once
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Who is Equitable Life?

Equitable Life is one of the largest federally regulated mutual life insurance companies in Canada. Established in Ontario in 1920, the company made a name for itself selling affordable life insurance coverage for families during the great depression. The Canadian division is based in Waterloo, ON where it participates in many local charitable endeavours.

Types of critical illness insurance policies Equitable Life offers

Equitable Life’s critical illness insurance products are named Equiliving, which covers 26 different illnesses and conditions.

Coverage and policy details

Equitable Life’s maximum coverage for critical illness insurance is $2 million. 

As mentioned, they cover 26 different illnesses and conditions; they also offer additional coverage for 5 childhood illnesses and coverage for loss of independent existence. 

Equitable Life offers partial payouts for 8 different conditions; the payout is typically 15% of the policy up to $50,000. However, partial payments can only be claimed once.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days, except for non-cardiovascular covered conditions. 

Equitable Life offers critical illness insurance for a 10-year term or coverage up to 75 or 100 years of age, with either life pay or a 20-year limited pay option (20-Pay). 

Product Name Equiliving
Critical Illness coverage Enhanced Coverage
Available Terms 10 years and to age 75 and 100 with 20-Pay option
Limited Pay option Yes, 20 years
Maximum coverage Up to $2 million
Conditions covered 26 conditions
Loss of Independent Existence coverage Yes
Partial payout conditions 8 eligible conditions.
Partial payment or early detection payment Yes, 15% up to $50,000, payable once
Childhood illnesses coverage Yes, additional coverage available for 5 additional childhood illnesses
Survival period 30 days (except non-cardiovascular covered conditions)
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes
Second option No
Electronic application Yes
Online account access Yes

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Does Equitable Life critical illness insurance offer a return of premiums?

Equitable Life does offer return of premiums on death; they also offer return of premiums on expiry or cancellation of the policy on certain coverage terms after the 15th year of coverage.

How do I apply for Equitable Life’s critical illness insurance?

You can apply for Equitable Life’s critical illness insurance using the best online life insurance broker in Canada. You can enter your information and look up quotes here or schedule a call with one of our licensed brokers to apply for Equitable Life’s critical illness insurance.

Need help?
Call us at 1-888-601-9980 or book time with our licensed experts.
By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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