Equitable Life of Canada is a mutual life insurance company. A mutual life insurance company operates a bit differently from a regular life insurance company; for example, participating policyholders are able to receive dividends from Equitable Life if the company is doing particularly well and has extra money to share. In addition, participating policyholders are allowed to give input regarding who will be on the Board of Directors and to vote on certain company issues. As one of the largest mutual life insurance companies in Canada, Equitable Life prides itself on being a financially stable company that has been able to weather some pretty bad market conditions throughout the years. In addition to life insurance products such as term life insurance, whole life insurance and universal life insurance, Equitable Life offers a variety of other products like critical illness insurance, guaranteed interest accounts, payout annuities, group health insurance, group dental insurance, segregated funds and registered retirement savings plans.
The three most popular reasons for people to buy term life insurance are to protect their families, businesses or mortgages. Term life insurance from Equitable Life can be purchased as either a 10 year policy or a 20 year policy. Equitable Life likes to reward people for healthy living, which is why it offers five classes of risk: Preferred Plus Non-Smoker, Preferred Non-Smoker, Non-Smoker, Preferred Smoker and Smoker. The healthier you are, the lower your premiums will be. You can get anywhere between $50,000 and $10,000,000 in term life insurance coverage. Equitable Life’s term life insurance policies are renewable, convertible and flexible, which means that you can get your policy automatically renewed up until the age of 85 without having to undergo any medical exams, you can convert your term life insurance policy to a permanent life insurance policy, and you have several options when it comes to customizing your life insurance policy. Optional benefits include a disability waiver of premium, additional death benefits, a children’s protection rider and a guaranteed insurability rider.
Equitable Life sells whole life insurance under the name of Equimax. If you are primarily interested in estate planning and making sure that your heirs receive your estate intact, then you should look into Equimax Estate Builder. Equimax Wealth Accumulator is for people who want to accumulate high early cash values within the first 20 years of having their whole life insurance policy. You have the option of paying your premiums throughout the life of the policy or getting them all paid up within the first 20 years of the policy. Equitable Life guarantees your premiums, cash values and death benefits so you’ll never have an unwelcome surprise from your whole life insurance policy. Equitable Life sells two forms of universal life insurance: Equation Generation IV and EquiLife Limited Pay. Equation Generation IV is for people looking for life insurance combined with tax-deferred investment opportunities, and EquiLife Limited Pay is for people who want guaranteed death benefits, costs and cash values as well as a fixed end date for premium payments.