Equitable Life of Canada life insurance review (2026 update)
Equitable Life of Canada life insurance review (2026 update)
Founded in 1920, Equitable Life Insurance Company of Canada is one of Canada's largest life insurance companies.
Equitable Life is a mutual company, which means it’s owned by its policyholders. They can vote on company matters and may receive dividends. In 2024 alone, Equitable Life paid $137 million in dividends to its participating whole life policyholders—and it has been paying dividends for decades.
Equitable Life currently offers term life, whole life, universal life, and critical illness insurance.
Equitable Life Insurance ★★★☆☆ (3.0)
* This figure reflects the typical costs for a non-smoking woman between the ages of 30-44 across a term length of 10-30 years
As one of the largest mutual insurance providers in Canada, Equitable Life combines a customer-first approach with its wide range of life insurance plans to meet the needs of policyholders across the country.
- Coverage options: Applicants can choose from term life, participating whole life, and universal life insurance plans. Policyholders can also add life insurance riders, such as critical illness coverage, to offer additional benefits to their beneficiaries.
- Mutual company structure: Equitable Life is policyholder-owned, meaning profits are reinvested into the company for the benefit of its clients.
- Term life insurance policy options: Equitable Life offers single life, multi-life, and joint-first-to-die life insurance policies. Term lengths include 10-, 20-, or 30-year terms with optional riders for child life insurance or critical illness coverage.
- Unique whole life options: Equitable Life’s Equimax Plans are designed to meet long- and short-term needs for individuals seeking permanent coverage and tax-advantaged investment components.
- Strong advisor network: Equitable Life works with licensed financial advisors to deliver, issue, and manage its life insurance policies. Their advisors are known for supporting policyholders through every step of their life insurance journey.
- Online tools: Equitable Life’s website provides digital resources for life insurance shoppers, including PDFs that detail their term life plan options and sample policy documents. Policyholders can also manage their plans through the company’s internal online portal, Equitable Client Access.
- Additional financial services: Equitable Life of Canada also offers investment accounts, annuities, and group benefits for employees.
Young adults and seniors in search of affordable term life insurance, or high-income individuals looking for customizable permanent life insurance solutions.
Methodology
PolicyMe’s rankings are based on an independent, data-driven review of Canada’s best life insurance policies and providers.
Our analysis combines 450,000+ quotes for 50+ life insurance plans with in-depth research on 20+ providers. We assigned each plan a star rating out of five based on a mix of average pricing, Google Review scores, and shopping convenience, then ranked the results in 12 categories.
Rankings are determined first by star rating and then by price, with preference given to expert recommendations by PolicyMe’s team of life insurance advisors. Our findings are entirely data-driven and do not include paid placements, but should not be considered a substitute for personalized financial advice.
Equitable Life of Canada life insurance pros and cons
It’s a good idea to look at both the pros and cons of Equitable Life’s life insurance before deciding if it’s right for you. Here’s a rundown of what you need to know before applying for coverage:
Pros
- Online policy management: You can view your upcoming premium payments, coverage, and other policy details through Equitable Life’s online client access portal.
- Estate planning option: Equitable Life’s Equimax Estate Builder plan is designed to help policyholders create an estate plan that will benefit their loved ones.
- Customizable plans: Plans can be customized with riders or added benefits, allowing policyholders to cover their life and health needs in one place.
- Children’s coverage: Equitable Life offers whole life insurance for children, which can be paid off in 20 years and provides a cash value component. Cash value built up from an Equimax plan can be withdrawn or borrowed against to fund a child's education.
- Simplified coverage: Equitable Life offers simple-issue whole life insurance, which requires only a few health questions for underwriting.
Cons
- Potential customer service issues: Some InsurEye reviews express poor communication.
- No online quotes or applications: Applicants must work with a broker to get Equitable Life insurance. You can't buy directly or get a quote on their website.
- Limited-term life flexibility: Equitable Life’s term life lineup is simpler than its permanent policies, especially compared to other competitors that offer lower rates.
Equitable Life of Canada insurance cost and value
Equitable’s term life insurance plan is priced competitively for non-smoking applicants in good health under age 30 or over age 60, with monthly premiums from 5% to 15% below the industry average. For non-smokers aged 30-44, however — the key demographic for term life insurance — Equitable’s premiums soar to 8-12% above the industry average.
* These figures reflect the average monthly cost for $600,000 of fully underwritten coverage for healthy, non-smoking individuals across a term length of 10-30 years.
** Compared to the average monthly costs for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years and 26 term life insurance products.
About pricing comparisons
To ensure fairness and accuracy, all pricing comparisons were made within identical plan types and demographic segments. For instance, a 10-year term policy for non-smoking women aged 18-29 with $600,000 in coverage was compared to the average pricing for all other 10-year term policies meeting the same criteria.
Equitable Life of Canada life insurance reviews and customer service
Equitable Life of Canada has a Google reviews score of 3.6 stars and a Better Business Bureau grade of just C+.
Let's take a closer look at actual reviews for Equitable Life Insurance:
"Over the years (past 20 years) we've been with all of the big Canadian companies (Sun Life, Manulife, Great West Life) and they were all ok but from a customer service standpoint, Equitable Life call centre representatives are the most knowledgeable and actually seem to care when one of my [employees'] phone's in." - InsurEye customer
"Have insurance for both my son and me, have found this company to be extremely responsive to my questions and see value & growth in our policies." - InsurEye customer
"Their policies are a lot worse than those of other insurance policies, for example: 90 days to submit all claims after you terminate (and who wouldn't). Their systems are archaic and when you call in, nobody knows how to direct you properly ... I lost 1500 because of their policies that they did not disclose until it was too late." - InsurEye customer on Jan 24th, 2017
Equitable Life of Canada life insurance plans at a glance
Equitable Life offers three types of life insurance: term life, whole life, and universal life.
Here’s an overview of its four life insurance plans:
Equitable Life also offers critical illness coverage as a standalone policy or as part of a benefits plan for those with increased risk of pre-existing health conditions. EquiLiving provides a lump sum if the policyholder is diagnosed with one of the 26 critical illnesses specified in the policy, such as cancer, stroke or heart attack.
Equitable Life of Canada insurance riders
All of Equitable’s life insurance plans come with the option to add riders, including the following:
- Children’s protection rider: Includes coverage for your children if the insured is an adult
- EquiLiving critical illness rider: Provides lump-sum benefit if the insured is diagnosed with a critical illness
- Waiver of charges rider: Life insurance charges are waived if the insured is diagnosed with a critical illness or disability for an extended period
How Equitable Life of Canada compares to other insurers
Equitable Life holds a solid reputation as a mutual insurer and provider of permanent life insurance, but it also has some limitations compared to Canada’s biggest names in insurance.
Here’s a side-by-side comparison between Equitable Life and four of Canada’s top life insurance companies:
* These figures reflect the average monthly cost for $600,000 of coverage for healthy, non-smoking individuals across a term length of 10-30 years
Equitable Life of Canada life insurance vs. PolicyMe life insurance
PolicyMe scores higher than Equitable Life in terms of affordability, customer experience, and industry reputation. PolicyMe also beats the industry’s averages, reinforcing its overall position as one of the strongest options for affordable, digital-first term life insurance in Canada.
Cost
PolicyMe’s standard term life insurance costs roughly 17% less for adults aged 30-44 than Equitable’s comparable term policy. However, it’s worth noting that Equitable’s term life insurance rates beat out PolicyMe’s for young adults aged 18-29 and for seniors 60 and above.
Customer satisfaction
Customer satisfaction for Equitable Life of Canada is reflected in a range of online reviews, with a Google rating of approximately 3.6 stars. The company also holds a C+ rating from the Better Business Bureau. Customer feedback includes a mix of experiences across initial service interactions and issue resolution processes.
By contrast, PolicyMe earned a “Great Customer Service” badge in our analysis and boasts a 4.9-star rating on Google.
Convenience
Equitable Life of Canada doesn’t offer online life insurance quotes, making it a less convenient option for most Canadians than PolicyMe, which allows applicants to buy coverage online in 20 minutes or less. Equitable Life of Canada policies may also require a medical exam, whereas over 60% of PolicyMe customers qualify for coverage amounts from $750,000 to $2,000,000 without a medical exam.
The bottom line: Who should consider Equitable Life of Canada?
Equitable Life may be a good fit if you want flexibility and performance from your permanent life insurance coverage, or if you’re looking for simple, affordable term life coverage.
Its permanent life insurance plans offer customizable features to suit both long-term and short-term wealth-building needs, and its term life policies are considerably affordable compared to competitors and the industry’s average. However, it's important to note that its permanent life insurance lineup offers a lot more options than its term life lineup, which may seem limiting to individuals seeking term coverage.
FAQs: Equitable Life insurance
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.
Jaya is a researcher and writer with 3 years of experience in insurance and finance. She writes in-depth content that bridges technical expertise with accessible insights. Her work spans topics such as life insurance, health and dental coverage, car insurance, and financial literacy, helping Canadians make informed decisions about their financial protection. With a background in market research and editorial strategy, she collaborates closely with subject matter experts to ensure accuracy, clarity, and value in every piece.