Equitable Life segregated funds review (2026)

Equitable Life of Canada is a mutual life insurance company that has been serving Canadians for over 100 years. It offers a range of insurance and investment solutions, including segregated funds. Equitable Life’s segregated fund offering is branded as Equitable Guaranteed Investment Funds (Equitable GIF), available in three guarantee classes.

Like other segregated funds, these funds provide guarantees on your invested capital, typically 75% or 100% at maturity or death. The three segregated fund options offered by Equitable Life include Investment Class, Estate Class, and Protection Class. 

In the section below, we provide a detailed review of Equitable Life segregated funds.

PolicyAdvisor’s take on Equitable Life segregated funds

Instead of offering multiple complex series, Equitable Life keeps things structured around three distinct classes: Investment, Estate, and Protection, each aligned to a specific level of risk, cost, and guarantee. These simplified options are good, especially for those who want to make decisions based on outcomes rather than on the multiple products available and their complex features.

A key strength is the variety of investment choices, with access to up to 50 segregated funds across asset classes such as equities, fixed income, and balanced portfolios. At the same time, the availability of reset features in the Estate and Protection Classes adds more benefits, allowing you to lock in market gains over time and gradually increase your guaranteed amounts.

Some of the other benefits include estate planning, probate bypass, creditor protection, and guaranteed death and maturity benefits (75%-100%). Overall, we recommend Equitable Life’s segregated funds for those whose focus is on the growth of invested money, flexibility, estate preservation, and capital protection.

What types of segregated funds does Equitable Life offer?

Equitable Life offers three segregated fund options: Investment Class, Estate Class, and Protection Class. All three provide access to the same underlying investment funds (up to 50 options), but differ in features.

• Investment Class (75/75): Lower cost, basic protection
• Estate Class (75/100): Balanced approach with estate benefits
• Protection Class (100/100): Maximum protection and guarantees

1. Investment Class

The Investment Class is Equitable Life’s basic segregated fund option, designed for investors seeking market exposure with essential protection at a lower cost. It works well for those who want long-term growth potential and flexibility. It offers a broad selection of investment options without additional fees. Here are some of the features and benefits of Investment Class segregated funds offered by Equitable Life:

• Wide investment choice: This option gives you access to a broad and diversified lineup of funds, allowing you to build a portfolio that aligns with your goals and risk tolerance. You can invest across multiple asset classes, including domestic equities, foreign equities, balanced, and fixed income, along with portfolio fund families. The dedicated advisors help you select a fund that best meets your financial needs
• No additional cost: The Investment Class is designed for budget-conscious individuals, which means it avoids the higher insurance-related costs. By offering a base level of protection without additional guarantee features, it keeps management costs relatively lower. The management expense ratios (MERs) are also very competitive
• Death and maturity benefit: At maturity, you will receive either the market value of your investment or at least 75% of your total deposits, adjusted for any withdrawals. A similar guarantee applies in the event of death before maturity, ensuring that beneficiaries receive the greater of the market value or 75% of the invested amount

2. Estate Class

This is well-suited for those looking to preserve wealth for their beneficiaries while still benefiting from long-term investment growth. Compared to the Investment Class, it offers higher guarantees along with additional features that support estate planning. 

Some of the features and benefits of Estate Class are as follows:

• Death benefit guarantee: The Estate Class ensures that beneficiaries receive 100% of the total deposits or the market value, whichever is higher, in the event of death. This provides strong protection for your estate, even during periods of market volatility
• Maturity deposit guarantee: The Estate Class maturity guarantee applies at contract maturity (age 105 of the annuitant), not over 15 years. At that point, clients receive the greater of the market value or 75% of their total deposits
• Flexibility in investment choice: Like the Investment Class, this option offers access to over 50 fund options. You can also switch between funds and fund managers within the same contract, allowing your portfolio to evolve with your financial goals
• Guarantee reset option: The Estate Class allows you to reset your death benefit guarantee once per calendar year. If your investment value increases, you can lock in those gains as the new guaranteed death benefit. Resets are not permitted after the annuitant’s 80th birthday. Note that this reset applies only to the death benefit, not the 75% maturity guarantee
• Transparent fee structure: Since this option includes enhanced guarantees, an additional fee is charged separately from the fund’s management expense ratio. This makes the cost of protection more visible

3. Protection Class

The Protection Class offers the highest level of protection in Equitable Life’s segregated fund options. It is best suited for those who are nearing retirement or investing larger sums and want to maximize protection.

The key features and benefits of Protection Class include the following:

• Growth and principal protection: This option is built to protect your original investment while still allowing it to grow with the markets. It ensures that beneficiaries receive 100% of total deposits or the market value, whichever is higher, in the event of death
• 100% death benefit guarantee: The Protection Class provides a 100% death benefit to beneficiaries, despite any market fluctuations
• Enhanced deposit maturity guarantee: This option includes a 100% maturity guarantee on qualifying deposits, typically applied over a 15-year period. However, when the deposits are made for less than 15 years, you get only 75%
• Higher cost for maximum protection: Due to the enhanced guarantees and added features, this option comes with higher fees compared to the Investment and Estate Classes. These costs reflect the increased level of protection and security provided

Equitable Life segregated funds pros and cons

What other investment products does Equitable Life offer?

In addition to segregated funds, Equitable Life of Canada offers a range of registered savings and income solutions that can be used alongside or independently of its investment products.

• Registered Retirement Savings Plan (RRSP): A retirement-focused savings plan that lets you grow your savings in a tax-efficient manner until you withdraw them in retirement
• Tax-Free Savings Account (TFSA): An account that allows investments to grow tax-free, and withdrawals are also tax-free
• First home savings account (FHSA): An account that combines tax-deductible contributions with tax-free withdrawals when used to purchase a first home in Canada
• Retirement income: Options such as payout annuities and Life Income Funds (LIFs) that help provide a steady retirement income

Are Equitable Life segregated funds worth considering?

Yes, Equitable Life segregated funds are worth considering, particularly in the following situations:

• Estate planning is a priority: These funds allow you to name beneficiaries directly, which can help bypass probate. When you choose the Estate or Protection Class, you get a death benefit of up to 100%, making it a reliable way to plan your estate
• You want defined protection choices: With clearly defined options like Investment Class (75/75), Estate Class (75/100), and Protection Class (100/100), you can select a level of protection that aligns with your financial goals
• You value diversification with flexibility: With Equitable Life segregated funds, you get access to up to 50 professionally managed funds, which allows you to build a diversified portfolio across asset classes

How to buy Equitable Life segregated funds with PolicyAdvisor?

Listed below are the steps you need to follow to buy Equitable Life segregated funds with PolicyAdvisor:

• Connect with an expert advisor at PolicyAdvisor to discuss your financial goals and identify the segregated fund options available to you
• Our advisors will help you review each available option and compare their features
• Once you select the right option, you will then need to finalize the segregated fund contract with all the required details