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Equitable Life of Canada

SUMMARY

Equitable Life Insurance of Canada is a mutually funded operation, meaning they are owned by their policyholders and any profits go back to the policyholders. They offer a full suite of term, permanent, and critical illness insurance as well as many group health benefits, individual savings plans, and investment products.

By Mark Cluett
Director of Content
7 min read
IN THIS ARTICLE

Equitable Life Insurance of Canada is one of the largest federally regulated mutual life insurance companies in Canada. As a mutual insurance company, Equitable Life is owned by its participating policyholders, which allows an insurance company to focus on the interests and well-being of its policyholders.

Established in Ontario in 1920, Equitable Life of Canada made a name for itself selling affordable life insurance coverage for families during the great depression. Equitable Life is based in Waterloo, Ontario where it participates in many local charitable endeavours.

Marking 100 years of covering Canadians, the company started celebrating their anniversary with more community involvement through their Equitable Gives Back Contest, awarding five charitable organizations a $10,000 grant, the $100 a Day Giveaway, giving $100 to randomly selected Equitable clients, and a 100th Anniversary Legacy Donation of $4.5 million to the Grand River Hospital Foundation in May 2020.

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Contact Information

Address

Equitable Life Insurance of Canada
One Westmount Road North
P.O. Box 1603, Stn Waterloo
Waterloo, Ontario  N2J 4C7

Phone Numbers

Ontario: 519-886-5110
Canada-Wide Toll-Free: 1-800-722-6615

Website

Equitable Life

Financial Ratings

Based on 2021 financial reports.

Total premiums and deposits: $1.6 Billion
Assets under administration: $5.1 Billion

LICAT ratio: 155%
DBRS Limited Financial Strength Rating: Positive, “A” Rating

Equitable Life of Canada offers term life insurance, whole life insurance, and universal life insurance.

Term life insurance

Term life insurance ​is an insurance policy that lasts for a specific period of time. Your beneficiaries are entitled to receive a tax-free death benefit if you die within the term of the policy. Once that term expires, you can cancel your policy. However, many insurance providers will automatically renew your policy or have options to convert your coverage into permanent insurance

Equitable Life Insurance of Canada offers 3 different plan types within their term life insurance policies.

  • A 10-year term that is renewable and convertible, with guaranteed renewable premiums until one turns 85 years old. This term is available for those aged 18-75.
  • A 20-year term that is renewable and convertible, with guaranteed renewable premiums until one turns 85 years old. This term is available for those aged 18-65.
  • A 30-year term (or up to age 65 – whichever occurs first) – with guaranteed renewable premiums until one turns 85 years old. This term is available for those aged 18-55.

All the term life policies are also convertible into Equitable Life of Canada whole life policies (see below). They can include optional riders and add-ons for covering multiple lives, insurance for children, and more.

For more information and an in-depth look at their coverage, read our Equitable Life of Canada Term Life Insurance Review.

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Whole Life Insurance

Whole life insurance is a form of permanent life insurance that provides you with coverage from the day the policy is settled until the day you die. As long as you pay premiums into the policy, the coverage never expires. One also has the option to purchase a policy for children, usually either their own child or grandchild.

Equitable Life Insurance of Canada offers two participating options for whole life insurance.

  • Equimax Estate Builder. This whole life policy focus on long-term, guaranteed cash values one can pass on to their beneficiaries. Has the option to pay for the policy in its first 20
  • years.
  • Equitable Wealth Accumulator. This whole life policy is focused on building cash value in an accelerated manner during the earlier years of coverage.

For more information and an in-depth look at their whole life and permanent coverage, read our Equitable Life Whole Life Insurance Review.

Universal Life Insurance

Universal life insurance is like whole life insurance, except there is a self-directed long-term investment component: your insurer gives you options for investing the cash value of your policy.

Equitable Life Insurance of Canada offers two variations on is Equation Generation IV universal life insurance. Both are tax-advantaged investment strategies for universal life insurance, and offer incentive bonuses (though they are subject to funding bonuses and are not guaranteed):

  • Equation Generation IV with Bonus. There is a guaranteed investment bonus, regardless of the performance of the self-directed component of the policy’s investment.
  • Equation Generation IV Low Fees. The returns on the investment are that much greater as you pay much lower fees for the management of the policy.

Equitable Life Critical Illness Insurance

Critical illness insurance is a living benefit insurance policy that pays out a tax-free lump if you develop a specified illness, health event, or undergo treatment while under its coverage, 30 days after your initial diagnosis. This coverage is available for a period of time also known as term length, and you determine it when purchasing the policy.

The Equitable Life of Canada critical illness insurance policy is called Equiliving. It covers 25 different illnesses and conditions, 5 illnesses for dependent children (until age 25), and loss of independent existence. The maximum coverage is $2 million. Equitable Life of Canada critical illness coverage is also available as an additional rider on their term life insurance policies.

Equiliving is offered for 10-year terms up to 75 or 100 years of age.

For more information and an in-depth look at their critical illness coverage, read our Equitable Life Critical Illness Insurance Review.

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Equitable Life Group Benefit Insurance

Many Canadian employers offer group benefits for their employees to cover health and dental expenses.

Equitable Life Insurance of Canada administers group benefits for companies across the country, with plans that include:

  • Health and dental: Health insurance providing additional coverage to supplement government-provided universal-healthcare plans. These plans can include coverage for: prescription drugs, paramedical care (chiropractor, physiotherapy etc), medical supplies and devices (hearing aids, insulin pumps, etc), eye examinations, travel medical insurance, and dental care.
  • Life insurance for employees or their dependents
  • Disability insurance where employees receive part of their salary in the event of disability
  • Accidental death and dismemberment insurance covering workplace accidents

Financial, Investment, Savings, and Retirement Products

  • Equitable Life of Canada offers investment and retirement savings products for Canadians including:
  • Guaranteed investment accounts (which are also considered tax-free savings accounts – TFSAs) in the form of Daily investment accounts (DIAs), Guaranteed deposit accounts (GDAs), and Term deposit accounts (TDAs).
  • Payout annuities for guaranteed income derived from investments on savings.
  • Registered Retirement Savings Plans (RRSPs).
  • Retirement Income Fund and Life Income Fund (for managing your retirement savings when you need it for income).
  • Segregated Funds (investment funds that are great for estate planning and offer an easy way to leave money to heirs while avoiding probate).
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The information and views provided herein is for general informational purposes only and should not be considered legal or financial advice.

By Mark Cluett
Director of Content
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