Equitable Term Life Insurance review

Term 10, Term 20 and Term 30/65

The Equitable Life Insurance Company of Canada sells term life through advisors in three plans. Term 10 and Term 20 are yearly renewable plans, which Equitable’s guides call 10 YRCT and 20 YRCT. Term 30/65 runs for 30 years or to age 65, whichever is later, so someone who buys young gets the full 30 years while a later buyer still keeps coverage to 65.

Several plans can be layered on one policy. A policy can cover a single life, multiple lives (not available for business-owned policies) or two people on a joint first-to-die basis, which is offered on Term 10 and Term 20 only. If one joint insured dies, the survivor can buy single-life term coverage within 60 days without proof of good health.

Coverage amounts and issue ages

Equitable’s consumer page states a minimum of $50,000. Its advisor guide gives a death benefit range of $50,000 to $10,000,000 and says the total of all term coverage on one life with Equitable can’t exceed $10,000,000, with a special quote needed above that. Issue ages use age nearest birthday:

• Term 10: 18 to 75
• Term 20: 18 to 65
• Term 30/65: 18 to 55

Medical underwriting

In the pages and guides we read, Equitable doesn’t publish a no-exam or simplified-issue option, or the amounts at which medical requirements start. Underwriting runs through your advisor, who submits the application on Equitable’s EZcomplete e-application. Equitable uses five risk classes, with preferred classes available for coverage of $2,000,000 or more at ages 18 to 50, or $500,000 or more at ages 51 to 60.

Renewal, conversion, exchange and riders

Term 10 and Term 20 renew automatically each year after the initial term, at guaranteed rates that rise, and coverage expires at the policy anniversary nearest age 85. Term 30/65 doesn’t renew: it stays level to the later of 30 years or age 65 and then ends.

You can convert all or part of your coverage to Equimax participating whole life or Equitable Generations universal life without evidence of insurability. Term 10 and Term 20 convert any time before the anniversary nearest age 71, Term 30/65 before the anniversary nearest age 60, and joint policies before the oldest insured’s 71st birthday. The plan must be in force for at least one month.

Equitable also offers an exchange from Term 10 to a longer plan without evidence of insurability, but its client guide and newer advisor material describe different rules, so confirm them with your advisor. Riders include:

• Waiver of premium for the insured’s or the owner’s disability
• Additional accidental death benefit
• Children’s protection rider, letting each child later buy up to 5 times the rider amount without proof of good health
• Guaranteed insurability option
• EquiLiving critical illness insurance rider

KIND benefits and how to apply

Equitable term policies include KIND benefits: a non-contractual compassionate advance of up to 50% of base coverage, to a maximum of $100,000, and bereavement counselling of up to $1,000 for beneficiaries. You can’t buy directly online. Equitable asks you to speak with an advisor, who completes the application electronically and handles underwriting.