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- Equitable offers 10-Year Renewable Convertible, 20-Year Renewable Convertible, and Term 30/65 plans with coverage amounts ranging from $50,000 to $10 million
- All eligible term plans can be converted to permanent life insurance without additional medical evidence before the policy anniversary nearest the insured's 71st birthday and 60th birthday for Term 30/65
- Equitable Life term insurance also includes the KIND Program, which provides compassionate advance payments and bereavement counselling support at no additional cost
- You can enhance coverage with optional riders such as EquiLiving critical illness, guaranteed insurability, waiver of premium, children's protection, and accidental death benefit
Equitable offers flexible and affordable term life insurance solutions designed to protect your loved ones during your most financially demanding years. Its product lineup includes 10-Year Renewable Convertible (10 YRCT), 20-Year Renewable Convertible (20 YRCT), and Term 30/65 plans, allowing you to choose coverage based on your budget and long-term financial goals. The cost of Equitable Life term insurance ranges from $7.73/month to $146.89/month for a healthy and non-smoking applicant seeking $100,000 in coverage for a 10-year term.
Quick review
- PolicyAdvisor ratings: 4/5
- Best for: Built-in KIND Program benefits
- Skip if: You need longer-term coverage with higher maximum issue ages
About Equitable Life
Equitable Life has been serving Canadians since 1920 and is one of Canada’s largest mutual life insurance companies. Operating as a mutual insurer rather than a publicly traded company, it is owned by its participating policyholders rather than shareholders, allowing it to focus on long-term financial stability and delivering value to its clients. Equitable offers a broad range of insurance and wealth management solutions, including term life insurance, whole life insurance, critical illness insurance, group benefits, savings and retirement products.
Equitable Life’s financial strength
| AM Best Rating | A |
| Insurance revenue | $920 million |
| LICAT ratio | 159% |
| Total assets | $10.2 billion |
Disclaimer: Figures and ratings are based on the latest available information and may change over time
What is Equitable term life insurance?
Equitable term life insurance provides temporary coverage available in different options: 10 YRCT, 20 YRCT, and Term 30/65. Coverage amounts start at $50,000 and go up to $10 million per insured life, with higher amounts available through special underwriting. Equitable also offers single life, joint first-to-die, and multi-life policy options, along with optional riders that allow policyholders to customize their coverage as their needs evolve.
The 10 YRCT and 20 YRCT plans feature guaranteed level premiums during the initial term and automatically renew annually until age 85, while the Term 30/65 plan provides guaranteed level premiums until the later of 30 years or age 65. All plans are convertible to eligible permanent life insurance without additional medical underwriting, provided the conversion is completed within the applicable conversion period.
Key features of Equitable Life term insurance policy:
| Available terms | T10 YRCT, T20 YRCT, Term 30/65 |
| Policy issue age (min & max) |
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| Coverage range | $50,000-$10,000,000 |
| Renewability | T10 YRCT and T20 YRCT are renewable, while Term 30/65 are non-renewable |
| Term exchange | Term 10 can be exchanged for a new Term 20 or Term 30/65, while Term 20 can be exchanged for a new Term 30/65. Joint-life term plans cannot be exchanged for Term 30/65 |
| Convertibility |
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| Layering | Available to combine multiple term coverages under one single policy |
| Coverage structures |
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| KIND Program | Includes compassionate advance and bereavement counselling benefits for eligible policyholders and beneficiaries |
| Riders |
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Who is eligible for Equitable Life term life insurance?
To qualify for Equitable Life term life insurance, applicants must meet the age requirements for their chosen plan and satisfy Equitable’s underwriting criteria. The insurer also offers preferred underwriting classes for healthy applicants, which can result in lower premiums.
| Term plan | Issue age |
| T10 YRCT | 18-75 years |
| T20 YRCT | 18-65 years |
| Term 30/65 | 18-55 years |
What are Equitable Life’s preferred rates?
Equitable Life offers preferred underwriting rates to term insurance applicants who meet its health and lifestyle criteria. Preferred rates can result in lower premiums than standard rates and are available based on the applicant’s age, coverage amount, and underwriting profile.
For Equitable Life, the minimum coverage required to qualify for preferred underwriting is:
- Ages 18-50: $2 million or more
- Ages 51-60: $500,000 or more
- Age 61 and older: Preferred underwriting is not available
Equitable uses the following preferred underwriting classes:
- Preferred plus non-smoker: Applicants who have not used cigarettes, cigars, cigarillos, pipe tobacco, chewing tobacco, or cessation products in the past 12 months
- Non-smoker: Applicants who may have limited cigar or cigarillo use, such as up to one per month. Marijuana use, whether inhaled or ingested, may also qualify for non-smoker rates
- Preferred smoker: Regular tobacco users who meet health criteria similar to those required for the preferred non-smoker class
Types of Equitable term life insurance plans
Equitable offers three term length options to suit different protection needs: 10-Year Renewable Convertible (10 YRCT), 20-Year Renewable Convertible (20 YRCT), and Term 30/65. Each option provides temporary life insurance coverage with guaranteed level premiums for a specified period and the flexibility to convert to eligible permanent life insurance without additional medical underwriting.
- T10 YRCT: This option provides guaranteed level premiums for the first 10 years, making it suitable for those seeking affordable short-term coverage. After the initial term, the policy renews annually at guaranteed, increasing rates until age 85. It also includes an exchange option that allows policyholders to switch to a 20-year term between the 1st and 5th coverage anniversary (prior to age 65) without additional medical evidence
- 20-Year Renewable Convertible (20 YRCT): This option offers guaranteed level premiums for 20 years, making it a good choice for longer financial commitments such as mortgages or raising a family. The policy is available to applicants aged 18-65 and can be converted to an eligible permanent life insurance policy prior to the anniversary nearest the insured’s 71st birthday.
- Term 30/65: This option provides guaranteed level premiums until the later of 30 years or age 65, offering long-term premium stability during your working years. Unlike the renewable term options, coverage ends after the premium payment period and does not renew
What is covered under Equitable Life term insurance?
The primary coverage of an Equitable Life term life insurance policy is the tax-free death benefit, which is paid out to the beneficiaries in case the insured passes away. The benefit can help your beneficiaries replace lost income, pay off outstanding debts such as mortgages or loans, cover funeral and final expenses, or meet other financial obligations. In addition to the death benefit, here is what Equitable Life term plans also include:
- KIND benefits: Offer financial and emotional support through compassionate advance payments and bereavement counselling benefits
- Conversion privilege: Lets you convert your term policy to eligible permanent life insurance without additional medical evidence before the conversion deadline. Partial conversion is also available, allowing you to convert part of the term death benefit to permanent coverage while keeping the remaining amount as term insurance
- Optional riders: Let you enhance your policy with add-ons such as critical illness, disability waiver of premium, children’s protection, accidental death, and a few other riders
What is the KIND Program from Equitable Life Insurance?
The KIND Program is a value-added benefit included with all eligible Equitable term life insurance policies at no additional cost. It provides financial and emotional support to policyholders and their families during difficult times through compassionate advance payments and bereavement counselling services. While Compassionate Advance is a non-contractual benefit offered at Equitable’s discretion, Bereavement Counselling is a contractual policy benefit. Requests for either benefit must meet Equitable’s eligibility requirements.
The KIND Program includes the following benefits:
- Compassionate advance: If the insured is diagnosed with a terminal illness and is expected to pass away within 24 months, they may receive an advance payment of up to $100,000 or 50% of the policy’s death benefit (whichever is lower), less any outstanding policy debt
- Bereavement counselling: Eligible beneficiaries can access reimbursement for professional grief counselling of up to a total of $1,000 following the insured’s death, helping families cope with emotional challenges during the bereavement period
Pros and cons of Equitable Life term life insurance
| Pros | Cons |
| Offers three flexible term lengths: 10 YRCT, 20 YRCT, and Term 30/65 to suit different coverage needs | Limited term options are available as compared to other competitors |
| Coverage amounts range from $50,000 to $10 million | Preferred underwriting rates are only available up to age 60 |
| All term policies are convertible to eligible permanent life insurance without additional medical underwriting | |
| Includes the KIND program, which offers compassionate advance and bereavement counselling benefits |
How much does Equitable Life term insurance cost?
The cost of Equitable Life term insurance starts at $7.73 for a 20-year-old female non-smoker and $9.45 for a 20-year-old male non-smoker, with $100,000 in coverage for a 10-year term. The premium cost will increase with age, changes in health conditions, gender, and if the smoking status changes to a smoker.
Cost of Equitable Life term life insurance (2026)
| Age (in years) | Male (non-smoker) | Female (non-smoker) |
| 20 | $9.45/month | $7.73/month |
| 30 | $9.74/month | $8.19/month |
| 40 | $10.89/month | $10.17/month |
| 50 | $18.98/month | $15.74/month |
| 60 | $48.49/month | $35.38/month |
| 70 | $146.89/month | $101.76/month |
*Illustrative monthly term life insurance cost for male and female non-smokers seeking $100,000 in coverage for a 10-year term
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What riders are available with Equitable Life insurance?
Equitable Life lets you enhance your term life insurance policy with riders such as accidental death benefit, children’s protection rider, waiver of premium, EquiLiving critical illness insurance, and guaranteed insurability option.
- Waiver of premium: This rider waives your policy premiums if you become totally disabled by sickness or accident, allowing your life insurance coverage to remain in force without further premium payments. It is available to applicants aged 18-55 and terminates at age 60 or 65, depending on the selected option
- Children’s protection rider: This rider provides life insurance coverage for all eligible children under one rider, making it an affordable way to insure your family. Coverage is available from 15 days to age 18 years. The benefit amounts range from $10,000 to $30,000
- Accidental death benefit rider: This rider pays an additional benefit if the insured dies due to a covered accident, supplementing the policy’s base death benefit. It is available for applicants aged 18-60 (10 YRCT and 20 YRCT) and 18-55 years Term 30/65. The coverage amounts range from $1,000 to $500,000, subject to the policy’s maximum limits
- EquiLiving critical illness rider: This rider pays a lump-sum benefit if you are diagnosed with one of the covered critical illnesses and satisfy the applicable survival period. Coverage is available for issue ages 18-65, with benefit amounts ranging from $10,000 to $2,000,000, helping cover medical costs, income loss, or other recovery expenses
- Guaranteed insurability rider: This rider allows you to purchase additional life insurance at specified option dates without providing new medical evidence, helping you increase coverage as your financial responsibilities grow. It is available on eligible single life policies with issue ages 18-38 years, and each option allows you to purchase a new policy with a minimum coverage amount of$25,000, subject to the overall policy and rider limits
What is the EquiLiving critical illness insurance rider?
The EquiLiving Critical Illness Insurance rider is an optional add-on that provides a tax-free lump-sum benefit if you are diagnosed with one of 26 covered critical illnesses. Unlike life insurance, the benefit is paid while you are alive and can be used for any purpose, including medical treatment, household expenses, debt payments, or replacing lost income during recovery.
Key features of the EquiLiving critical illness insurance rider
| Feature | Details |
| Coverage amount | $10,000 to $2 million (subject to underwriting approval) |
| Issue ages | 10-Year Renewable to Age 75: 18–65
Level to Age 75: 18–64 Level to Age 100: 18–65 20 Pay to Age 75: 18–54 20 Pay for Life: 18–65 |
| Covered conditions | 26 covered critical illnesses |
| Early Detection Benefit | Pays the lesser of 15% of the face amount or $50,000 for one of eight covered early-stage conditions |
| Change privilege | Allows you to change to another eligible EquiLiving plan without additional medical underwriting, provided you meet the issue age requirements for the new plan |
| Coverage changes | Full and partial coverage changes are permitted |
Does Equitable Life offer conversion benefits?
Yes, Equitable allows you to convert your eligible term life insurance policy into a permanent life insurance policy without providing new medical evidence. This means you can secure lifelong coverage even if your health changes after purchasing your term policy, provided you convert within the policy’s conversion period.
Eligible 10 YRCT, 20 YRCT, and Term 30/65 policies can be converted to select Equitable permanent life insurance products, including whole life and universal life plans. The conversion must be completed before the policy anniversary nearest the insured’s 71st birthday and while the policy remains in force. Equitable also offers a partial conversion option, allowing you to convert only a portion of your term coverage while keeping the remaining amount as term insurance. This provides greater flexibility if your insurance needs change over time.
Moreover, it is also important to note that since Equitable Life is a mutual company (owned by policyholders, not shareholders), converting a term policy into its participating whole life insurance allows clients to share directly in the company’s dividend pool.
Does Equitable Life offer an exchange option?
Yes, Equitable Life allows policyholders to exchange certain term life insurance policies for longer-term coverage without providing proof of continued health. This can help policyholders extend their protection while avoiding the potentially higher renewal premiums associated with their existing term policy.
A Term 10 policy can be exchanged for a new Term 20 or Term 30/65 policy, while a Term 20 policy can be exchanged for a new Term 30/65 policy. However, joint-life term plans cannot be exchanged for Term 30/65. The exchange option can be useful when your need for temporary life insurance lasts longer than originally expected.
How does Equitable Life term life insurance compare to other providers?
Equitable Life stands out for its simple and flexible term life insurance options, offering 10-year and 20-year renewable convertible plans, and Term 30/65 coverage with guaranteed conversion to eligible permanent life insurance without additional medical evidence. Its policies also include unique value-added features such as the KIND Program, which provides compassionate advance payments and bereavement counselling, along with a wide range of optional riders, including the EquiLiving critical illness rider. You can also read our guide on the best term life insurance companies in Canada to compare the leading providers.
Our advisor’s take on Equitable Life term insurance
Recently, one of our advisors worked with a 38-year-old father who wanted affordable life insurance to protect his family’s finances while keeping the flexibility to convert to permanent coverage later if his long-term needs changed.
Client profile:
- Age: 38-year-old non-smoking Canadian
- Coverage need: $1 million to cover a mortgage, replace family income, and provide for two young children
- Primary concern: Affordable term life insurance with strong conversion options and benefits that could adapt as financial responsibilities evolved
- Our comparison: We compared Equitable Life with other leading Canadian term life insurance providers based on premium competitiveness, term options, conversion flexibility, optional riders, and policy features. Equitable stood out for its KIND Program, flexible conversion privileges, and comprehensive rider selection that allows policyholders to customize their coverage over time.
Why we recommended Equitable Life term insurance:
- Offers flexible 10-Year Renewable Convertible, 20-Year Renewable Convertible, and Term 30/65 options to suit different financial goals
- Includes guaranteed conversion to eligible permanent life insurance without additional medical evidence, along with a partial conversion option for greater flexibility
- Comes with the KIND Program, which provides compassionate advance payments and bereavement counselling benefits for beneficiaries
How to buy Equitable Life term life insurance?
To buy Equitable Life term insurance with PolicyAdvisor, follow these simple steps:
- Compare quotes with expert guidance: Our licensed advisors compare Equitable Life quotes alongside Canada’s leading life insurance providers to help you find the best coverage at the most competitive price
- Get personalized recommendations: We assess your budget, financial goals, and coverage needs to recommend the most suitable Equitable term option, whether it’s 10 YRCT, 20 YRCT, or Term 30/65
- Complete your application: Our advisors will also guide you through the application process, help you gather the required documents, and assist with any medical underwriting requirements
- Review and activate your policy: Once your application is approved, we will review your coverage with you, answer any final questions, and ensure your Equitable Life policy is issued smoothly
Ready to get started? Book a free consultation with a PolicyAdvisor expert today and get a personalized Equitable Life insurance quote.
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Frequently asked questions
Can I convert my Equitable Life term insurance to permanent life insurance?
Yes, you can convert Equitable Life term policies to select permanent life insurance plans without providing new medical evidence. T10 YRCT and T20 YRCT policies can be converted before the policy anniversary nearest age 71, while Term 30/65 must be converted before the policy anniversary nearest age 60. Equitable also allows partial conversions, giving you the flexibility to convert only a portion of your term coverage while keeping the remainder as term insurance.
Can I include riders in my Equitable Life term insurance policy?
Yes, you can include riders in your Equitable Life term policy. These riders include the waiver-of-premium rider, children’s protection rider, guaranteed insurability option, accidental death benefit, and the EquiLiving critical illness rider, subject to eligibility.
Is Equitable Life a good choice for term life insurance?
Equitable Life is a strong option for Canadians looking for flexible term coverage. Its features like renewable and convertible term plans, KIND Program benefits, a partial conversion option, and a comprehensive selection of optional riders make it a good choice.
Does Equitable Life offer joint term life insurance?
Yes, Equitable Life offers joint first-to-die coverage for eligible term life insurance policies, making it a suitable option for couples who want coverage under a single policy. However, this option is not available with the Term 30/65 plan.
Can I renew my Equitable Life term insurance policy?
Yes, you can renew the Equitable Life term policy. The T10 YRCT and T20 YRCT plans automatically renew annually at guaranteed renewal rates until age 85 without requiring new medical underwriting. The term 30/65 plan is not renewable.
How much term life insurance coverage can I get with Equitable Life?
Equitable Life offers coverage amounts starting at $50,000 and going up to $10 million per insured person. For higher coverage amounts, you may have to go through special underwriting.
Equitable Life provides flexible term life insurance with coverage ranging from $50,000 to $10 million. Choose from 10-year, 20-year, or Term 30/65 options, enhance your policy with optional riders, and benefit from features like the KIND Program, guaranteed conversion, and partial conversion options.
