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.
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
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.
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.
|Critical Illness coverage
|10 years and to age 75 and 100 with 20-Pay option
|Limited Pay option
|Yes, 20 years
|Up to $2 million
|Loss of Independent Existence coverage
|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
|30 days (except non-cardiovascular covered conditions)
|Return of Premium on death
|Return of Premium on expiry/cancellation
|Online account access
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.