Equitable Life Critical Illness Insurance Review - PolicyAdvisor
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Equitable Life Critical Illness Insurance Review

SUMMARY

Equitable Life Insurance of Canada offers excellent comprehensive critical illness coverage for families with dependents boasting up to $2,000,000 for 25 conditions and generous partial payouts for 4 additional conditions. Their critical illness plans come in a 10-year term or up to 75 or 100 years of age.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
4 min read
IN THIS ARTICLE

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.

Product

Equiliving

AM BEST RATING

N/A

POLICYADVISOR RATING

Best Critical Illness for Families

Pros

  • Comprehensive (25 full payout illnesses)
  • Multiple terms available including Term to 100
  • Generous partial benefit payouts
  • Return of premium options
  • Children’s critical illness coverage

Cons

  • No limited pay options
  • No second option
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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.

Does Equitable Life sell critical illness insurance?

Yes. Equitable Life’s critical illness insurance products are named Equiliving, which covers 25 different illnesses and conditions.

Product Name Equiliving
Critical Illness coverage Enhanced Coverage
Available Terms 10 years and to age 75 and 100
Limited Pay option None
Maximum coverage Up to $2 million
Conditions covered 25 conditions
Loss of Independent Existence coverage Yes
Partial payout conditions 4 eligible conditions.
Partial payment or early detection payment Yes, 15% up to $50,000, payable up to two times
Childhood illnesses coverage Yes, additional coverage available for 5 additional childhood illnesses
Survival period 30 days
Return of Premium on death Yes
Return of Premium on expiry/cancellation Yes
Second option No
Electronic application Yes
Online account access No

What critical illness insurance coverage does Equitable Life offer?

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

As mentioned, they cover 25 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 4 different conditions; the payout is typically 15% of the policy up to $50,000, and partial payments can be claimed twice.

The survival period (how long you must survive with the illness before you can collect your benefit) is 30 days.

Equitable Life offers critical illness insurance for 10-year term or coverage up to 75 or 100 years of age.

There are no limited-pay options available.

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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.

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Call us at 1-888-601-9980 or book time with our licensed experts.
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The information above is a brief representative summary for indicative purposes only. It does not include all terms, conditions, limitations, exclusions, termination and other provisions of the policies described, some of which may be material to the policy selection. Please refer to the actual policy documents for complete details. In case of any discrepancy, the language in the actual policy documents will prevail. A.M. Best financial strength ratings displayed above are not a warranty of a company’s financial strength and ability to meet its obligations to policyholders.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP

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