Equitable Life (CI) Critical Illness Review

Equitable Life of Canada offers multiple term lengths which can help you find some flexibility in your coverage. Couple that with their options for children’s critical illness coverage and you have a good fit for anyone looking to get coverage for themselves and their families.

Critical Illness Terms 

Unlike many of the top critical illness insurance companies in Canada on our list, Equitable Life has a partial payout option for a hand full of their conditions. What this means is you could receive a partial payout if you have a licensed medical professional diagnose you with a condition before the 30 day survival period takes effect. Equitable Life partial payout is 15% of the coverage amount up to a maximum of $50,000. This can help with the unexpected cost associated with some critical illnesses.

Survival Period

Nothing special here, Equitable life has a 30 day survival period. This is the most common time frame for the insurance industry. What this means is if you are diagnosed with one of the 25 conditions they cover you will need to wait for 30 days before filing a claim.

Who Is Equitable Best For?

Equitable life is a good company. Based on their pricing and terms they offer a very run-of-the-mill critical illness coverage. It is always best to understand why you are looking for coverage and then find the best company for your specific needs.

PROS

• 25 Conditions covered under their policy
• Multiple terms available including Term 10, to age 75 and to 100
• Generous partial benefit payouts (this is where they are strong)
• Return of premium options (think of it like a forced savings account that gives your protection)
• Children’s critical illness coverage

CONS

• No limited pay options
• No second option
• Hard to understand the online client portal

As always, coverages and conditions change. It’s always best to speak with a licensed representative before applying for any coverage.