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Equitable Life Insurance

equitable logo

One of the largest mutual life insurance companies in Canada, Equitable Life, provides its policyholders with personalized service and financial security when you need it most.

Based in Waterloo, Ontario, the company has been in business since 1920, with a staff of more than 500 employees. It has a wide range of life insurance policies, as well as critical illness insurance options and investment packages.

As a mutual company, the policyholders share in the success of the company and Equitable Life takes a conservative approach to its investments to ensure profits. The company has a financial strength rating and insurer rating of A with a stable trend, as deemed by DBRS limited.

Term Life Insurance

Your needs change depending on your life situation and that’s something Equitable Life understands. The Term life plan offers temporary, flexible and affordable protection for you and your family and most can be switched to a permanent plan. The coverage can last a specific amount of years or to a specific age.

  • A 10 year term has the lowest initial cost and renews every 10 years until age 85.
  • A 20 year term has a longer initial premium payment period and renews every 20 years.
  • The Term 30/65 plan has the lowest overall cost, with a premium payable for 30 years or until age 65 and comes with no premium increases.

These plans can be customized to be made into a family package and reward good health and lifestyle.

Permanent Life Insurance

You may want permanent insurance and another option is the Whole Life or Equimax plan. You will receive guaranteed premiums, cash values, and death benefits.

  • The Equimax Estate Builder is a higher long-term value, as it is ideal for estate planning and covering taxes and fees. At death, the estate is passed to heirs.
  • The Equimax Wealth Accumulatoris set up so that in the first 20 years, this provides higher cash values. This is ideal for those who want access during their lifetime as they are building wealth.

You can choose between life pay or 20 year pay, with premiums payable every 20 years.

For a more simple whole life insurance plan, you can also go with Final Protection. It is a non-participating insurance that covers up to $50,000 for people age 40 to 80.

Universal Life or Equation Generation IV is Equitable Life’s other permanent life insurance option. There is more flexibility in premium payments, death benefits and savings.

  • The Equation Generation IV with Bonus comes with an incentive bonus and investment bonus.
  • The Equation Generation IV with low fees also comes with an incentive bonus, but low management fees.

There are different investment options to choose from and Equitable Life will work with you to customize your plan to what you need most.

Critical Illness Insurance

You never know when life may take an unexpected turn and Critical Illness Insurance can be there to help you when you need it most. The Equiliving plan gives you a lump sum benefit 30 days after diagnosis. It includes diseases and conditions such as a heart attacks, Alzheimer’s, stroke, cancer and a coma. You can also include your children up to age 25 for conditions such as cerebral palsy and type 1 diabetes mellitus.

Equitable Living also offers Simple Issue Insurance which covers the four most common illnesses with Canadians for a lump sum payment of up to $50,000.

Investment and Group Benefits

Equitable Life doesn’t have to just be your choice for life insurance. The company also offers investment packages, such as Guaranteed Interest Accounts and TFSAs and handles group benefit health and dental plans.

As a mutual company, Equitable Life has the interest of its policyholders at its heart, as the policyholder plays a direct role in the company, itself. Breathe easy knowing you and your family will be taken care of now and in the future.

To see how these plans compare to other companies, use our online tool to compare quotes today!