Fact CheckedAre you checking out Equitable Life Insurance Reviews? They’re an awesome company, so we did some serious digging to save you the time and hassle. You don’t need to look further because we have the most comprehensive Equitable Life of Canada online review!
Please remember that not all life insurance companies are created equal. So, the real question is, are they the right insurer for you?
Some companies are more lenient for specific medical conditions than others….and some should be avoided altogether.
Equitable Life Insurance Company: Do They Have a Strong Foundation?
“Equitable Life Celebrated 100 Years Strong in 2020 and have been in business now for 104 years!”
Equitable Life of Canada has been around since 1920, meaning they weathered some serious storms.
Depressions and World Wars, be damned, they’re still ticking.
So, this bodes well for how Equitable Life treats your business.
Did You Know Equitable Life Insurance Canada is a Mutual Life Insurance Company?
Equitable Life Insurance Canada is Canada’s largest federally regulated mutual life insurance company.
This means policyholders share in the company’s success. They can participate in the profits from all business lines, including insurance, wealth management, and Group Benefits.
This structure enables Equitable to focus on the long-term interests of its policyholders and the company’s sustainable growth.
Their dividends are also higher. In 2023, Equitable Life of Canada had record earnings of $147 million, resulting in a return on policyholders’ equity of 11.4%. In 2022, the return on policyholders’ equity was 12%, and 16.6% in 2021.
“I’m pleased to report that Equitable delivered on its commitments in measurable and meaningful ways throughout 2023…Equitable is built on more than 100 years of serving clients with excellence…We’re now embarking on a five-year journey, preparing ourselves for the next 100 years.” Fabien Jeudy, President & CEO
Equitable Life Is a Success Story
Currently, they have more than $8.1 billion of assets under management. Now that looks pretty good to me!
When it’s all said and done, Equitable Life of Canada has a long and successful history!
Equitable Life Financial Rating
Financial ratings are crucial because they indicate how well a life insurance company manages its finances. It’s important to know that the company you invest in will be able to pay out your beneficiaries when the time comes.
Doing some research can help you make an informed decision. Fortunately, financial rating agencies do this work for you. It’s essential to know this information before signing any agreements. For example, Equitable Life of Canada received an excellent financial rating. In 2023, DBRS Morningstar upgraded its financial strength and issuer ratings to an A.
Equitable Life Of Canada Reviews Online
Speaking of Equitable Life Insurance Reviews, what’s the word on the street? Before I start on this part of the review, I must warn you. Since I started this series, I found more negative comments online than positive ones.
There are two ways you can look at this.
- All life insurance companies are doing a poor job with a couple of rare exceptions: OR
- People who are making claims are stressed out and have less patience
For me, it’s somewhere in the middle. Let’s face it: People love to complain; it’s human nature.
You’re far more likely to gripe than to write a glowing review. Did you know only about 1.5% of people leave online reviews?
I could not locate Equitable’s Google Reviews, but Insureye gave them 1.3 stars out of 5 out of 19 reviews.
What Do Employees Think?
Equitable Life is rated by employees 3.6 stars out of 5 on Glassdoor.ca and 3.7 out of 5 on Indeed.ca. Frankly, these are pretty good scores.
“People are definitely a company’s greatest asset. It doesn’t make any difference whether the product is cars or cosmetics. A company is only as good as the people it keeps.”
Equitable Life Of Canada Reviews: Products
When considering Equitable Life Insurance Reviews or any reviews, it is important to examine their products. As an insurance agent, staying updated on different offerings is crucial, as each insurance company has its unique approach.
Equitable Life of Canada provides various products to fulfill all your needs, such as Term Life, Participating Whole Life, Universal Life, and Critical Illness insurance.
Unlike some other companies I’ve reviewed, Equitable Life has a smaller range of products, which I think can be advantageous. A strong niche keeps companies from spreading their energy in too many directions. However, this preference is personal, and you may disagree. Now, let’s dive into their offerings!
Pssst…Check out my Life Insurance 101 post here for a quick refresher.
Equitable Life Term Insurance
Term life insurance offers temporary coverage for a specified period, making it the most budget-friendly choice for 95% of people.
Premiums are fixed for 10, 20, or 30 years, depending on the selected plan. Typically, policyholders discontinue coverage after their term expires.
Canadian insurers do not intend term policies to renew as renewal rates are exorbitant. Many term plans allow conversion to permanent coverage for long-term needs or in cases of uninsurability. Term life insurance is unequivocally the best option for income replacement in unforeseen circumstances.
Equitable Life Insurance Canada has the following Offerings:
- 10-Year Term: Renews every 10 years until age 85
- 20-Year Term: Renews every 20 years until age 85
- Term 30/65: Premiums are payable at the later age of 30 years or 65. For example, If you’re 40 and get an Equitable life term of 30/65, you pay level premiums to age 70 (30 years).
Equitable’s term coverage includes the standard riders: disability premium waiver, Additional accidental death, and child protection.
You can also bundle this policy with an EquiLiving Critical Illness insurance rider to provide more comprehensive protection.
Equitable Permanent Participating Whole Life Insurance
Whole life is probably the best-known type of permanent life insurance.
It is also known as cash-value life insurance because it has an investment feature in addition to the insurance component.
This feature allows you to accumulate cash in your policy, which can be used for extra retirement income, estate tax protection, or wealth accumulation.
Equitable Life’s participating whole life insurance offers:
- guaranteed monthly costs
- cash value
- death benefits.
Policyholders also participate in company profits annually, credited to their policy as a dividend payment.
It should be noted that Equitable Life of Canada has one of the best participating whole-life policy on the market today!
1. Equimax Estate Builder
This policy may earn annual dividends, which can be:
- paid to you
- used to purchase additional life insurance coverage, including Enhanced Protection
- used to pay policy premiums
2. Equimax Wealth Accumulator
Equitable Life’s Equimax Wealth Accumulator has all the same features as Equimax Estate Builder.
How is it different then?
It is designed for individuals looking to grow their money in the shorter term (i.e., 20 years) through cash value and the accumulation of annual policy dividends. As such, monthly premiums for this product are higher.
3. Equitable Universal Life Insurance
Like whole life, universal life is a cash-value product with both an insurance and investment component.
This policy is more flexible. You can choose how the money in the policy dividend account is invested.
When you buy a whole life policy, the insurance company decides where the money is invested, and as such, they offer basic cash value and death benefit guarantees.
Universal life allows you to choose how the money is invested, which means you shoulder the risk. The carrier doesn’t offer the same guarantees.
However, the potential for significant cash accumulation and growth is higher, especially if you make savvy investment choices.
4. Equation Generation IV
Based on your investment choices, Equitable Life’s Equation Generation IV policy may earn dividends, which may be:
- re-invested and allowed to compound and grow tax-deferred
- used to pay policy premiums
- borrowed against within prescribed limits
- used tax and surrender charge-free in the event of a disability, critical illness, or long-term care requirement
Equitable Life Critical Illness Insurance
Critical Illness insurance, or “CI,” is increasingly popular today.
With longer life expectancies and technological advances, the odds of surviving a serious illness are significant.
The only question is whether your bank account or lifestyle will survive. As defined in your policy, CI coverage is designed to pay a one-time, tax-free, lump-sum payment when you develop a critical illness.
Critical Illness insurance was invented in the 1980s by Marius “Barnard, a South African surgeon who did the world’s first heart transplantation. He wanted to create something that helped alieve the financial stress his patients experienced when they were forced to stop working and focus on fighting their illnesses.”
“He noticed a correlation between lower stress levels and more positive outcomes.”
Critical illness is best suited and most affordable for someone who’s already healthy and wants to safeguard their family’s finances against the threat of a life-threatening condition.
1. EquiLiving Critical Illness Insurance
Equitable Life’s EquiLiving Critical Illness protection is a renewable product.
Coverage lengths include Term 10 and Term to age 75.
This policy covers 26 conditions, including Heart attack, Stroke, Cancer, and coronary Artery Bypass. Five additional childhood illnesses are also covered up to age 25.
It can be added onto Term, Whole Life, or Universal Life plans as a policy rider.
Is critical illness coverage right for you – read my post here.
Equitable Life Insurance Application Process
Electronic or “E-apps” applications have become ubiquitous in the Canadian insurance marketplace. They speed up the process and keep wait times to a minimum.
Life insurance companies process applications in 4 to 8 weeks, so who wouldn’t want to speed things up?
Equitable Life’s EZcomplete is one of the better electronic apps out there. You can easily complete it with your advisor over the phone and execute an electronic signature via email.
Part of the application process involves determining how much coverage you’ll need. Most people low-ball this amount and end up underinsured.
How much life insurance do I need?
It isn’t rocket science, but you must get it right first.
What’s your age? Are you married? Do you have kids, a mortgage, or debt?
These are the kinds of questions you need to ask yourself. If you’re not here tomorrow, how much money do your loved ones need monthly so they don’t face financial devastation?
The question “how much life insurance do I need?” really means how much of my income do I need to replace for my family and for how long?.
A good rule of thumb is 10 to 15 times your gross salary if you have a family depending on you.
Equitable Life Insurance Reviews: The Pros
1. Excellent Claims & Policy Service Experience
What Equitable Life lacks in size, it makes up for in service! The fantastic support it provides its network of independent advisors trickles down to clients and input personnel who deal with claims and services.
2. Digital Leader, Smooth Electronic Application!
It’s hard to believe that Equitable Life’s entire application and claims process was almost entirely paper-based until 2014.
Equitable has come a long way, AND fast! They’ve launched and are constantly improving upon a series of online applications to make it easier for clients and advisors.
These include EZcomplete, InsuranceAssist, and their EZClaim mobile app. EZcomplete has recently been implemented for Equitable’s Segregated Fund products as well.
Equitable Life continues to focus on making an already good customer portal even more user-friendly. This focus and commitment to improving their online experience makes Equitable Life a Digital Leader in the Canadian insurance space.
3. Mutual Life Insurance Company Status
Did I mention Equitable Life of Canada is a mutual life insurance company? They’re owned by participating policyholders, not shareholders, allowing them to focus on long-term growth and provide clients with personalized service.
I don’t know about you, but I like the idea of a company accountable to its policyholders!
4. One of the Best Performing Whole Life Insurance Products in Canada!
Equitable Life is among the best participating whole life policies in the Canadian market today.
Equitable Life Of Canada Reviews aren’t complete without talking about this!
5. Financial Stability
Equitable Life of Canada is rated ‘A’ by Dominion Bond Rating Service (DBRS) and is on solid footing.
6. Aggressive Underwriting
Equitable Life’s robust underwriting department is willing to engage reinsurance partners for more challenging cases.
In recent years, they also attained some key personnel from Manulife to add to their experience base.
8. Strong, Community-Based Culture
Equitable Life is an intimate hometown shop that likes to be involved in the local community.
They sponsor the Waterloo-Wellington Autism Speaks Canada Walk and support many other initiatives, including a local organic food share program.
Equitable Life Insurance Reviews: The Cons
1. Too Eastern Centric
Except for a group benefits office in Calgary, Equitable Life of Canada’s critical mass is located in Kitchener—Waterloo, Ontario. Like other carriers, this makes it more challenging for them to support advisors in the West due to the time difference.
2. Limited Product Shelf
This is a partial con, as Equitable Life has a decent range of products, and there is something to be said to narrow your focus. However, it would be nice if they had a larger offering.
Now you know why I said this is the best of the Equitable Life Of Canada Reviews! We covered it all 😉
Equitable Life Insurance Reviews: Are They the Best Company For YOU!?
So, if you are looking at Equitable Life Insurance Reviews, I bet you like what you see…
…because I do, too!
As one of the largest mutual life insurance companies, Equitable Life Insurance Canada produces huge results for policyholders with finite resources.
They offer a nice range of products, including one of the best whole life insurance plans in the Canadian market today!
Equitable Life has quickly adapted to the online marketplace and shows no signs of slowing down!
Get Quotes From Equitable Life Insurance And Other Carriers Before You Make A Decision
