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Life Insurance Company Reviews Category
Equitable Life Canada

If you are considering Equitable Life Canada, you probably want to know a little more about them and how they do business. Well, then, this post is for you. They are over 100 years old and counting.

So, let’s take a deep dive into this excellent life insurance company to find out a little bit more about their background now.

Equitable Life of Canada: What’s Their History

Equitable Life of Canada has been in business since 1920! Which means they weathered the great depression and World War II. For me, this says a lot about their business acumen.

Sydney Tweed launched the company in Waterloo, Ontario, as the Ontario Equitable Life & Accident Insurance Company.

Most businesses take a while to get their footing, but not this insurer! They had more than $7 Million of insurance in force by the end of their first year, which is a record-breaking performance.

The key to their success is their personal approach when it comes to families looking for protection. For example, during the Great Depression, they created an affordable family income policy, providing clients with security during tough times. 

In 1936 the company changed its name to The Equitable Life Insurance Company of Canada.

What’s a Mutual Company?

By 1963, Equitable Life Canada adopted a mutual ownership structure, which means their policyholders privately own them. This allows policyholders to receive a share of the profits through dividends or reduced premiums.

Over the decades, Equitable Life Canada continued to grow exponentially, and by 1999, they held $1 billion of assets under administration; by 2009, they had $50 billion of life insurance in force.

This trend continued; as of 2017, they had $4 billion of assets under administration. 

“Unlike dividends from a stock life insurer, which are taxable to shareholders like other corporate dividends, the dividends paid by a mutual life insurance company to policyholders are nontaxable because they’re treated for tax purposes as a reduction in policy premiums previously paid, McGovern said. Mutual company dividends reduce the policyholder’s basis, fr example, the amount of his or her investment in a cash value life insurance policy.”

Who owns your insurance company? It matters to your wallet, NJ.com

Community Spirit

So what’s in a name? When it comes to Equitable Life Canada, a LOT. This company is very involved in serving Canadian communities and goes to great lengths to give generously outside their business interests. 

They hold an annual United Way campaign to help people in need, launched an Adopt a Family initiative to give aid to families during the holidays, and sponsored the Waterloo-Wellington Walk Now for Autism.

As if that wasn’t enough, this company also provides financial support to the following causes:

  • Canadian Red Cross
  • Dunfield Theatre Cambridge
  • Girl Guides of Canada
  • Kitchener Waterloo Art Gallery
  • Family and Children’s Services Foundation
  • The Registry Theatre

If you are looking to support an insurer that gives back to the community, it doesn’t get much better than this! 

Equitable Life Canada Is a GREAT Company

Clearly, Equitable Life Canada has a strong history, a firm financial foundation, and a heart of gold! 

The thing is, there is more to the story. 

We all have very different needs, which is why there are so many different products out there.  It’s not a one-size-fits-all sort of deal.

We also have very different medical backgrounds. 

Why does this matter? Because each company handles the assessment of your health differently. Some insurers are more lenient than others when it comes to specific health issues.

Picking the right company can save you thousands over the course of your term. 

James Heidebrecht Equitable Life Canada

Always Seek the Advice of an Independent Life Insurance Agent

Life insurance is a very complicated business. While there is a lot of information available online, it would be extraordinarily difficult for the average person to sift through it all to pick the right company for their personal circumstances.

The good news is you don’t need to do this. That’s what an independent insurance agent is for! We go through your financial requirements, medical history, and goals to select the best company for you.

At Policy Architects, we even reach out to the underwriters (the people who assess your health to determine how much you pay) to see how they view your case if we are in any doubt.

My advice? Call us today, and we see if Equitable Life of Canada is the right insurer for you. The best part? Our advice is free.

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