Equitable Life of Canada Financial Performance and Stability

Equitable Life of Canada has a strong track record of financial performance and stability. The company has consistently reported solid earnings and maintained a stable capital position.

With a focus on long-term sustainability, Equitable Life of Canada has made significant investments in its business and operations. This has enabled the company to adapt to changing market conditions and regulatory requirements.

Equitable Life of Canada's financial performance is also reflected in its credit ratings, which are considered to be among the highest in the industry. This is a testament to the company's strong financial management and risk management practices.

The company's stable financial position has allowed it to maintain a strong balance sheet and generate consistent returns for its policyholders and shareholders.

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Equitable Life of Canada offers a range of insurance products that cater to various needs and goals.

Their product lineup includes term life insurance, universal life insurance, and whole life insurance.

Equitable Life's Equimax Wealth Accumulator is a top product for children, offering customizability, maximum coverage options, and monthly premiums.

Desjardins is a more affordable option for customzable whole life insurance for children.

Equitable Life offers two types of permanent life insurance policies: Equimax Estate Builder and Equimax Wealth Accumulator.

These flagship whole life insurance products offer lifetime coverage and tax-efficient wealth transfer.

Equimax Life products are one of the most affordable options for whole life insurance for children, offering rates 1.5 times cheaper than the industry average.

The coverage amount of Equimax Wealth Accumulator can range from $25,000 to $10,000,000.

Whole life insurance is typically more expensive than term life insurance due to its lifetime coverage and investment features.

Equitable Generations is a universal life insurance product with a savings component that accumulates cash value over time.

This cash value can be borrowed against, surrendered for cash, or used to increase the policy's death benefit.

Equitable Generations also allows you to adjust the death benefit or premium payment amounts to meet your current financial needs.

Monthly premiums for universal life insurance products like Equitable Generations can be pricy.

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Equitable Life of Canada ended 2020 on a strong financial note, thanks in part to a significant increase in individual life sales.

The company's individual life sales rose by 60% in the lead-up to new tax exemption legislation. This surge in sales demonstrates the company's ability to adapt and capitalize on changing market conditions.

Equitable Life's financial performance in 2020 was likely influenced by its previous success in 2016, when it announced record earnings.

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At Equitable Life of Canada, they're committed to making things easier for their customers and advisors alike. They've reached an agreement to provide a new option for real-time claims.

This new service is designed to streamline the claims process, making it simpler and more convenient for everyone involved.

The goal is to provide a more efficient experience for customers and advisors, reducing the hassle and stress associated with making a claim.

A Canadian life insurer has reached an agreement to provide a convenient new option for real-time claims. This new service aims to make services simpler for advisors and customers alike.

By streamlining the claims process, the insurer is making it easier for customers to access the support they need. This is a big step forward in making the claims process more efficient.

The new service is designed to be more convenient for advisors and customers, making it a win-win for everyone involved.

If you're considering Equitable Life insurance, it's essential to be aware of the potential drawbacks. Some InsurEye reviews have complained about poor communication and misunderstandings with the company.

You can't buy Equitable Life insurance directly or get a quote on their website, so you'll need to work with a broker. This might be a hassle for some people.

Participating policies can be more expensive than non-participating whole life insurance, and there's more risk involved.

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If you're considering Equitable Life of Canada for your insurance needs, it's essential to read reviews from actual customers. Equitable Life's customer service has received praise from InsurEye customers, who mention that their call centre representatives are knowledgeable and caring.

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One customer noted that Equitable Life's website and mobile app make it easy to submit claims. Another customer appreciated the company's responsiveness to questions and value in their policies.

However, some customers have had negative experiences with Equitable Life. One customer mentioned that their policies are less favorable compared to others, with a 90-day waiting period to submit claims after policy termination.

If you're looking for quotes before purchasing a life insurance plan, you'll need to go through a financial advisor outside of Equitable Life. This might be worth considering, especially if you're interested in whole life policies as an investment option.

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Equitable Life of Canada offers a comprehensive critical illness coverage through its Equiliving series, which covers 26 severe illnesses and conditions.

The coverage includes a range of benefits, such as return of premium on death or expiry/cancellation, partial payment or early payment, loss of independent existence coverage, and childhood illness coverage.

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You can purchase additional coverage for 5 more childhood illnesses, and the coverage is available for a 10-year term, renewable up to age 75 or 100.

Equitable Life's critical illness coverage includes a return of premium on death, which means you'll receive part of the premiums back if you pass away without making a claim.

The coverage also includes a return of premium on expiry/cancellation, where you'll receive part of the premiums back if you cancel the policy after a certain period without making a claim.

You'll also receive 15% of the total benefits, up to $50,000, if you're diagnosed with any of the eight covered conditions, such as cancer, coma, or paralysis.

The limited pay option allows you to stop premium payments after 20 years, while the coverage continues until age 75 or 100.

Here's a summary of the key features of Equitable Life's critical illness coverage:

Equitable Life of Canada started out in 1920 under the name The Ontario Equitable Life and Accident Insurance Company, with over $7 million worth of insurance in-force within its first year.

The company has a long history of adapting to challenging times, launching an affordable family income policy during the Great Depression to support Canadians.

Equitable Life of Canada is now one of Canada's largest mutual life insurance companies, founded in 1920 and owned by participating policyholders.

Each policyholder has a small stake in the company and the right to vote, making it a unique and community-driven organization.

The company is licensed by the Office of the Superintendent of Financial Institutions (OSFI) and maintains a strong financial strength rating from A.M. Best, indicating a solid foundation to meet future claim obligations.

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Equitable Life of Canada was founded in 1920, making it one of Canada's largest mutual life insurance companies.

It started out under a slightly different name, The Ontario Equitable Life and Accident Insurance Company, and had over $7 million worth of insurance in-force within its first year.

The company was founded by Sydney Charles Tweed, who had a long history with the insurance industry, having joined the Metropolitan Life Insurance Company in 1891 and later becoming the district manager for Equitable Life of New York.

Tweed left his position with Mutual Life in 1920 to found the Ontario Equitable Life and Accident Insurance Company, and the company issued $500,000 of stock in October 1920.

The company has grown steadily over the years, purchasing the Devitt Block at Erb and King in 1922, where it remained for the next 50 years.

Equitable Life of Canada is a mutual company, owned by participating policyholders, which means you become a shareholder, have the right to vote, and are eligible to receive dividends.

As of 1967, the company's president was Howard Ezra Power, who had joined the company in 1923 and had risen gradually through the ranks.

The company has had several presidents over the years, including Ronald Edward Beettam, who was president for 16 years before being succeeded by Fabien Jeudy in 2021.

At Equitable Life of Canada, the company culture is built on a strong sense of community and giving back. Equitable Life supports over 40 charities in Canada, demonstrating its commitment to making a positive impact.

The company's employee-led charity, Adopt-a-Family, is a testament to the organization's spirit of giving. It has been going strong for 40 years, showing the dedication of Equitable Life's employees to helping those in need.

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Fabien Jeudy has been the President and CEO of Equitable Life since 2021. He brings extensive experience in life insurance and wealth management to the role.

Throughout his career, Fabien Jeudy has worked in different markets, including Canada, the US, and Asia. His expertise spans across these regions.

Jeudy is a Fellow of the Society of Actuaries, a prestigious recognition in the field.

Equitable Life of Canada is owned by AXA, a prominent insurance firm, since 1991. This marks a significant milestone in the company's history. AXA's acquisition of Equitable Life of Canada has had a lasting impact on the company's operations. Each policyholder, however, owns a small stake in the life insurance company.

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Equitable Life of Canada is a legitimate company. It's licensed by the Office of the Superintendent of Financial Institutions (OSFI), which is the federal regulator for all federally regulated financial institutions in Canada.

Equitable Life is also monitored by OSFI, which means it has to meet strict standards to ensure it's operating fairly and safely. This gives you peace of mind when considering their services.

Equitable Life has a strong financial strength rating from A.M. Best, which is a ratings agency that evaluates the financial health of insurance companies.