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Equitable Life Canada

Happy 100th Birthday Equitable Life Canada! 

Happy 100th birthday Equitable Life Canada!

If you are considering this historic insurer, then you probably want to know a little bit more about them and how they do business. 

We put up a comprehensive review not too long ago which you can click below…

…but I want to get a little bit more into this company’s history and why you may or may not want to do business with them. 

So let’s take a deeper dive into Equitable Life Canada right now. 

Why Should You Listen to Me Anyway!? 

Well first and foremost, I am a family man and an independent life insurance agent. Which means I get it. Life is costly and raising a family is never easy. BUT what happens if your paycheck suddenly just evaporates. Poof, it’s gone!

This is what happens when you die. If you have lots of money in savings and investment, hey it’s no big deal. The thing is most of us don’t have this sort of cushion.

If you are like you and me, it’s financially devastating.

That’s where life insurance comes in. If you want a financial safety net – a policy is your best bet! 

Unfortunately, way too many people think life insurance costs a bomb. Well it doesn’t and I am happy to report that it’s much more affordable than you imagine.

To get the best possible rates and most comprehensive coverage, always get the advice of an independent agent. We have access to the best insurers in Canada. 

Equitable Life of Canada: What's Their History 

Equitable Life of Canada Review

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.

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

Most business takes 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 their 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 they are privately owned by their policyholders. 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 held $1 billion of assets under administration and by 2009 had $50 billion of life insurance in force…

….this trend just continued and as of 2017 they had $4 billion of assets under administration. 

It’s truly a happy 100th Anniversary Equitable Life Canada. 

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

Equitable Life Canada: 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 go to great lengths to give generously outside of 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 sponsor the Waterloo – Wellington Walk Now for Autism.

As if that wasn’t enough, Equitable life Canada 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

So if you are looking to support an insurer that gives back to the community, it doesn’t get much better than Equitable Life Canada friends. 

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 a 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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