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Critical illness insurance provides financial support if you are diagnosed with a specific condition. The insurance benefits can help you cover medical costs and income loss, supporting you and your family during difficult times. However, choosing the right policy can feel challenging.
Among the options in the market is Equiliving, Equitable Life’s critical illness insurance offering. But is Equitable Life’s critical illness cover right for you?
In this post, we take you through its pros and cons, main features and other details to help you make an informed decision.
Our Review of Equitable Life Critical Illness Insurance
There’s much to be happy about Equiliving. It covers 26 illnesses and conditions, includes several additional benefits, and gives you the option to add various riders to tailor the coverage to your needs.
Nonetheless, like always, we recommend applicants to get at least 3 to 5 quotes before settling on an insurer. This is the only way to ensure you get the best bang for your buck.
Who is Equitable Life Insurance of Canada?
Established in 1920, Equitable Life is one of the most respected mutual insurance companies in Canada. It is particularly known for its robust, competitively-priced life insurance solutions, including critical illness coverage. Apart from life insurance products, Equitable Life offers a wide range of savings and retirement solutions and group benefits.
Equitable Life Critical Illness Products
Equitable Life offers critical illness insurance coverage through its Equiliving series. Its critical illness insurance plans provide financial protection against 26 severe illnesses and include many useful features, including the following:
- Return of premium on death: Equitable Life will pay back part of the premiums upon your death if you did not make a claim.
- Return of premium on expiry/cancellation: You will receive part of the premiums at the end of the policy term or when you cancel the policy after a certain period if no claim was filed.
- Partial payment or early payment: You will receive 15% of the total benefits, up to $50,000, if you are diagnosed with any of the eight covered conditions. This benefit is paid only once.
- Loss of independent existence coverage: You will be eligible for benefits if you are unable to perform two of six Activities of Daily Living.
- Childhood illness coverage: You can purchase additional coverage for 5 additional childhood illnesses.
Equitable Life’s critical illness coverage is available for a 10-year term and can be renewed until age 75 or 100. There is also a limited pay option, 20-pay, in which case your premium payments will stop after 20 years while the coverage will continue until age 75 or 100.
Why get Equitable Critical Illness Insurance?
Equitable Life’s critical illness insurance coverage can act as a financial safety net if you are diagnosed with a covered illness. It provides you with a one-time payout, which can help you cover medical expenses that your health insurance may not cover and other expenses that often come with recovering.
You can use policy proceeds toward anything you see fit, from medical care expenses to monthly bills and daily living expenses — like mortgage, q, or childcare. Sufficient critical illness insurance coverage allows you to concentrate on getting better without financial worries.
What illnesses and conditions are covered by Equitable Life Critical Illness?
Equitable Life’s critical illness insurance covers the following illnesses and conditions:
- Cancer
- Coma
- Paralysis
- Loss of speech
- Kidney failure
- Motor neuron disease
- Deafness
- Blindness
- Aplastic anemia
- Multiple sclerosis
- Major organ transplant
- Loss of independent existence
- Alzheimer’s disease
- Heart attack
- Coronary artery disease
- Bacterial meningitis
- Parkinson’s disease
- Loss of limbs
- Heart valve replacement
- Occupational HIV replacement
- Major organ failure on the waiting list for a transplant
- Heart valve replacement
- Severe burns
- Aortic surgery
- Stroke
- Benign brain tumor
How to apply for Equitable Life Critical Illness
To apply for Equitable Life critical illness cover, speak to one of their advisors. For more information on how to contact Equitable Life, check out their website.
If you are interested in buying critical illness insurance, it’s smart to compare offerings of different providers. Dundas Life, one of Canada’s most trusted independent insurance brokers, can help you with that. We can provide you with free quotes from multiple providers, making it easier for you to pick the right critical illness insurance plan for your family. Contact us today!
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