Get the best Insurance Quote from Equitable
Call 1 844-542-4678 to speak to our advisors.
Common questions
- Life Insurance can protect your family from any financial crisis
- You leave a completely tax-free inheritance to your dear ones or beneficiaries
- Life Insurance can pay for your funeral expenses
- You can clear your debts and loans with Life Insurance
Term Life Insurance Policy
Equitable Life of Canada provides cost-effective, flexible and temporary Term Life Insurance policies for your business, family, and yourself. Contact us for further information.
How the plan works
Unlike permanent life insurance plans, Term Life Insurance provides coverage for a specific period, i.e., until the insured reached a certain age based on the number of years. During the policy term, the premiums are guaranteed, usually for 10,20, or 30 years, based on the policy selected by the insured. Once the policy reaches its expiry, it either renews itself automatically for a higher premium, or you have the option to terminate the plan. Based on your ever-changing needs, you can switch to permanent life insurance if and when needed.
Choose the correct Term Life Insurance plan for you
Equitable Life of Canada offers customers a complete range of Term Life Insurance plans to meet their specific needs and financial requirements, including:
- 10-year Term: Provides coverage at the lowest initial cost with premiums renewing every ten years or up to the age of 85
- 20-year Term: A reasonably priced policy coverage for a more extended initial premium payment period with premiums renewing every 20 years or up to the age of 85
- Term 30/65 offers the lowest coverage cost for thirty years. Premiums are payable up to the age of 65 or the later of 30 years. There will not be an increase in premiums.
Personalizing a plan to suit your needs
You have the choice to personalize your Term Life Insurance Policy with optional benefits to meet your ever-changing needs. You can also insure your entire family by adding Term Life Insurance on your children by opting for a family plan. Additionally, we reward customers with better premiums if they maintain a good lifestyle and health.
Bundling Term Life Insurance protects your total life and health needs
EquiLiving critical illness insurance and Bundling Term Life Insurance protect your entire life and health needs in one policy. Critical illness is a type of insurance policy that covers your medical and personal expenses while you solely focus on recovering.
Unique mortgage protection
Not all mortgage plans are created the same.You must identify if the mortgage you select is protecting you or your bank? Here at Equitable Life of Canada, our team can help find the ideal mortgage insurance to suit your needs. Discover how insuring your mortgage with Term Life Insurance puts your needs first.
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Life Insurance Quote Form
Why does Term Life Insurance make sense?
Life is uncertain, and it is imperative to prepare ourselves for unforeseen circumstances. With Term Life Insurance, you can choose a specific period to help protect yourself, your family and your business against unprecedented events that impact your ability to:
- Continue making your mortgage payments
- Replace your income
- Pay for your child’s education
- Ensure your family maintains a comfortable lifestyle after your demise.
- Cover your funeral expenses, estate taxes, or personal loans.
- Pay outstanding debts or business loans.
- Keep the business afloat without having to dip into your savings, or you’re your business assets.
Unique Mortgage Protection, with Term Life Insurance
As a policyholder, you have a choice when it comes to protecting your mortgage. You can either go down the traditional route through a lending institution or take advantage of Equitable Life of Canada’s various affordable Term Life Insurance policies. Equitable Life of Canada offers customers a wide variety of Term Life Insurance policies to suit their mortgage. The plans are available in 10-year and 20-year renewable options and term 30/65, which offers the lowest overall cost for thirty years of coverage.
Not All Mortgage Protection Plans are Created Equally
Before you purchase mortgage insurance, ask the following questions:
| Equitable Life of Canada | Your Lender | |
|---|---|---|
| Do you get to choose the beneficiary? | yes | no |
| Is the policyconvertible? | yes | no |
| Can you keep the policy if you move? | yes | no |
| Are you in control of the policy? | yes | no |
| When you opt to protect your mortgage with Term Life Insurance from Equitable Life of Canada, you benefit from specific features guaranteedto give you peace of mind. | - | - |
| Equitable Life Term Insurance | Mortgage Insurance through a lender | |
|---|---|---|
| Even if your switch lenders, your mortgage protection remains untouched. | Portability | You will be required to reapply for mortgage insurance when you switch mortgage providers. |
| You are the ownerof the policy anddecide the beneficiary you want to receive the tax-free benefit. | Control | With typical mortgage insurance, the lender owns the policy and assigns itself as the beneficiary. The beneficiary. |
| Your coverage amount remains the same. Even as your mortgage balance decreases. | Level coverage | As your mortgage balance reduces, your mortgage insurance declines; however, your premiums stay the same. |
| At the time of application, you benefit from insurance underwriting. | Comfort | Mortgage insurance is only underwritten at the time of your demise. |
| Your rates are guaranteed for the entirety of the policy. | Guaranteed death benefit and premiums | Mortgage insurance rates are not guaranteed. |
Get the best Insurance Quote from Equitable
Call 1 844-542-4678 to speak to our advisors.
Recognizing your Healthy Life style
At the time of policy issue, Equitable Life of Canada will reward you for maintaining good health and lifestyle with better premiums.
Complete Protection with Critical Illness Insurance
If you suffer from a severe illness, it could hinder you from making your mortgage payments. Adding a term rider to your critical illness plan can provide the necessary funds to help cover your mortgage payments, as well your medical and personal expenses, ensuring you focus on your recovery. It’s a straightforward way to provide cost-effective and flexible protection.
Built-In Extras
Term Life Insurance from Equitable Life of Canada includes:
- Guaranteed Conversion: As your needs change with time, you can get your temporary coverage to permanent coverage without undertaking a medical exam.
- Upon diagnosis of a terminal illness, ‘Living benefit 3’ pays out a portion of the death benefit to you.
- Bereavement Counselling Benefit:To support you in your time of need, we reimburse the cost of grief counselling.
Is Term Life Insurance Ideal?
If you are looking for financial protection for a specific period and choose to change your policy over time, then Term Life Insurance is the ideal protection plan for you.
Thinking Term Life Insurance? Think Equitable Life of Canada
Term Life Insurance is a reasonably priced protection plan that offers guaranteed premiums and a tax-free benefit for your beneficiaries in the event of your demise.
How Term Life Insurance Works?
The plan typically provides coverage for a specific period or age. During the term of the plan, the premiums are guaranteed. Depending on the policy you select, the plan’s duration is usually 10, 20, or 30 years. When the policy period ends, it either renews itself at a higher premium for the following payment period, or the policy terminates. The customer has the option to switch to permanent protection to suit their long-term needs. Equitable Life of Canada has a comprehensive range of Term Life Insurance plans to meet your needs and financial obligations, including:
- 10-year Term: Provides coverage at the lowest initial cost with premiums renewing every ten years or up to the age of 85
- 20-year Term: A reasonably priced policy coverage for a more extended initial premium payment period with premiums renewing every 20 years or up to the age of 85
- Bereavement Counselling Benefit:To support you in your time of need, we reimburse the cost of grief counselling.
- Term 30/65 offers the lowest coverage cost for thirty years. Premiums are payable up to the age of 65 or the later of 30 years. There will not be an increase in premiums.
Why Choose a Term Life Insurance Plan?
Term Life Insurance protects you and your loved ones. Below-mentioned is some reason for you to choose a Term Life Insurance Policy:
- Bob wants to make sure that his mortgage is paid off fully so his family can stay in their dream house.
- Frank and Ruth want to leave behind a fund for their children's education.
- To ensure her family can cover their daily expenses, Karen wants to replace her income.
- In their passing, Richard and Heather want to make sure that they have enough funds available to cover their final expenses.
- By funding their buy-sell agreement, Cathy and Jane each want to protect their business interests.
Get the best Insurance Quote from Equitable
Call 1 844-542-4678 to speak to our advisors.
How Much Term Life Insurance Do You Require?
Use the below checklist to help identify how much Term Life Insurance you may need.
| What expenses do you wish to cover? | |
|---|---|
| Mortgage (Make funds available to cover payments or pay it off.) | $ |
| Rent payment fund (Monthly rent *12 months * number of years.) | $ |
| Loans and debts (Student loans, credit card bills, car loans,other personal debt.) | $ |
| Child support or spousal payments | $ |
| Children’s education fund (Number of children * cost per year *number of years.) | $ |
| Business needs (Loans and debts, key person insurance, buy sell agreement.) | $ |
| Replace entire or part of net annual salary (Amount of income replacement * number of years.) | $ |
| Estate taxes and final expenses payable at your demise. | $ |
| Total Cash Required | $ |
| MINUS Existing personal life insurance/cash | $ |
| Insurance Needed | $ |
Equitable Life of Canada offers affordable term insurance solutions to suit your insurance needs. Talk to your experienced advisor today about the correct Term Life Insurance for you.
- Conversion must occur before the specified age in the contract.
- For business-owned plans, multiple life coverage is not available.
- Children must be aged between 15 days to 18 years. Some restrictions may apply.
- Following the diagnosis of one of the covered conditions, a lump-sum benefit is provided and a survival period of usually 30 days.
Get the best Insurance Quote from Equitable
Call 1 844-542-4678 to speak to our advisors.