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Equitable Life Critical Illness Insurance Review – Updated 2022

SUMMARY

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.

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

Product

Equiliving

AM BEST RATING

N/A

POLICYADVISOR RATING

Best Critical Illness for Families

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.

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Pros and cons

Pros

  • 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

Cons

  • 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.

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.

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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 intended for informational purposes only and is based on PolicyAdvisor’s own views, which are subject to change without notice. This content is not intended and should not be construed to constitute financial or legal advice. PolicyAdvisor accepts no responsibility for the outcome of people choosing to act on the information contained on this website. PolicyAdvisor makes every effort to include updated, accurate information. The above content may 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. All rights reserved.

If something in this article needs to be corrected, updated, or removed, let us know. Email editorial@policyadvisor.com.

By Jiten Puri
CEO & Founder, Insurance Advisor, LLQP
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