Equitable Life of Canada was started in 1920. The company works with advisors all across Canada, offering options for savings and retirement, individual life and health and group benefits.
Equitable Life prides themselves on taking a safe approach to any kinds of risk. They are well-known for having an interest in long-term strategies, which promise long-lasting safety for businesses and policyholders.
The company is owned by policyholders, instead of shareholders. This is an attempt to improve a business that stands for the true beliefs of policyholders.
For those people who are thinking about this company for protection, the information below offers a look into their coverage plans.
- 1 The Equitable Term Life Insurance
- 2 The Equitable Whole Life Insurance
- 3 The Equitable Universal Life Insurance
- 4 The Equitable Critical Illness Insurance
- 5 Conclusion
The Equitable Term Life Insurance
Equitable Life has lots of options when it comes to their term life coverage. Some of their plans include:
- A 10-year term with the lowest first cost. Premiums are renewed every 10 years and this continues until the age of 85.
- A 20-year term with fair initial costs, with the first premium payment lasting longer. After that, premiums renew every 20 years and continue until the age of 85.
- Term 30/65 offers the lowest cost for the first 30 years of the policy. Premiums can be paid to the later of 30 or 65 years. Premiums stay the same.
When it comes to term life at Equitable Life, there are a lot of policy plans that can be shaped to the needs of the customer. A person has the option to add more than one person to a policy or to build a family plan with term life coverage for children.
Customers will also find that compared to other companies, Equitable Life offers some of the best premiums for good health and a healthy lifestyle.
Pros of The Equitable Term Life Insurance
- Can be bundled with other plans for great protection, such as critical illness insurance. This bundling can help with total life, as well as illness and income protection.
- Customizable plans to fit the needs of the person and their family
- Affordable premiums that lower with longer policies
The Equitable Whole Life Insurance
Equitable Life of Canada offers a whole life insurance program known as “Equimax”. This program promises a stable investment alongside tax-advantage benefits.
There are two main plans to choose from with Equimax:
Equimax Wealth Accumulator
This whole life plan is ideal for people who want to accumulate wealth that they can access during their lifetime. This means gathering higher cash value during the first 20 years of the policy being active.
Equimax Estate Builder
An ideal plan for those who want to accumulate high value over time. This plan is best for people who will have higher taxes at the time of their death. It is also ideal for those with an estate that they want to pass on to beneficiaries.
Pros of The Equitable Whole Life Insurance
- Plans are customizable, allowing people to pick between life pay or a 20 pay option. It is also possible to customize the plan to the person’s needs, with added benefits where needed.
- Bundling options are available, including adding on Equitable Life’s critical insurance plan known as EquiLiving Critical Insurance.
- Cash value growth can be taken out at any time for school fees, home updates, and more.
- Tax-free benefits for retirement income
The Equitable Universal Life Insurance
Universal life with Equitable Life Insurance offers a lifetime coverage plan similar to whole life. However, universal life is perfect for people who are looking for a cost-effective, tax-advantaged policy.
There are two main types of universal life to choose from:
Equation Generation IV with Bonus
This type of policy has an investment bonus that is promised, no matter how the markets performed. These policies tend to have higher premiums because of extra dditional bonuses.
This policy also offers an incentive bonus. However, this bonus is subject to change and is not guaranteed.
Equation Generation IV Low Fees
Similar to the previous plan, this option also includes an incentive bonus that is not guaranteed. However, this option has lower management fees, which may result in higher returns on investments.
The Equitable Pros of Universal Life Insurance
- Cash surrender value options: Policyholders can use the Cash Surrender Value (CSV) of their policy as insurance for a tax-free bank loan.
- A wide range of investment opportunities aside from the cash value accumulation
- Bundling opportunities offer policy discounts and added protection for the family. Options include having universal life, on top of term life and EquiLiving critical illness insurance.
The Equitable Critical Illness Insurance
As mentioned, Equitable Life offers a critical illness plan called EquiLiving. This policy offers a lump sum benefit, so long as the diagnosed lives for at least 30 days after the first diagnosis.
For those wondering, ‘Is critical illness worth the investment?’, the answer is yes. A life insurance policy does not support people who are diagnosed with an illness, and it does not help to support income.
Pros of The Equitable Critical Illness Insurance
- Benefit payments can be used as the insured sees fit to make their illness more comfortable
- Provide more protection than basic government coverage
- Can keep families in their homes
- Allows for out-of-country treatments
- Additional coverage for specified children’s illnesses including Cerebral Palsy, Cystic Fibrosis, Muscular Dystrophy, and Congenital heart diseases
- Bundling can help improve coverage with potential discounts
Equitable Life of Canada is a well-established insurance company across Canada. Aside from the existing life insurance policies, people can also consider products like TFSA’s, RRSP’s, group benefits, investment management and more.
By shopping around, people can get policy quotes from a range of companies before making a decision about what coverage they want and need.