Independent Life Insurance Reviews

Equitable Life of Canada Life Insurance Reviews

(5 reviews)
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Category: Billing, Payments
(1.6 out of 5 stars)
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Where's the half star?!

 
(1.0 out of 5 stars)
by GoElseWhere Oct 30, 2017
...I had to select 1 star as that is the lowest allowed rating. They provide no reason for claims denied. You have to call their claims department. You are not allowed to speak with the Judicator. The 1st level help desk is middle person to the Judicator. They do not help you with your claims, just send you off on wild gooses chases. They are not here to help. They are here to profit. You are not important. Your checkbook is. Equitable Life are villains...
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Not sure if you can qualify for life insurance with existing health pre-conditions? Let us to help you with a no medical life insurance quote , meaning that you do not need to pass a medical exam to qualify for a life insurance policy.
 

Constructive cancellation

 
(1.0 out of 5 stars)
by Havingsaidthat Jun 28, 2017
...We returned from a trip last Friday and were shocked to find a letter dated June 5th from Equitable Life informing us that our life insurance policy had lapsed due to underfunding of "monthly administration charges". We were further informed that our $165 monthly payments (referred to as "premiums" in the sales pitch and on the policy), were now $438 a month and a "shortage" amount of $1029 is owed by June 28th or we would be required to apply for reinstatement. The reinstatement would require us to requalify for life insurance on the basis of good health to the company's satisfaction. We signed on to this Equation Universal Life policy on the advice of a so called financial advisor, who had been referred to us by a mortgage broker, due to our need at the time for mortgage insurance on an $80,000 mortgage. We still have the We were 33 and 37 years old when we began with Equitable life, and we have paid $41,580 over 21 years for a $250000 insurance policy. Having dutifully paid our premiums over 21 years, up to and including May 30, we are stunned to find ourselves suddenly uninsured with little time to react and come to grips with a staggering 165% premium increase. We were a simple hardworking Canadian family in 1996 just trying to do the right thing in purchasing insurance. We didn't sign on to play the stock market, and we are not trained or well versed in financial matters. We trusted the experts and just kept on paying our premiums. Given our evident longstanding loyalty, I am surprised that no financial advisor or customer service representative affiliated with our account bothered to contact us or otherwise give us advance notice of our looming situation. We certainly were contacted with additional accident insurance offers from time to time. To me, this appears to be a sort of constructive cancellation of our policy. I contacted an Equitable Life Individual customer service representative on June 26 to request more specific details regarding the underfunding matter and the administration charges in writing. I provided an email address and telephone number. I have received nothing to date. I sincerely hope that this sort of thing never happens to anyone else...
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Stalling tactics at work

 
(1.0 out of 5 stars)
by Distraught Apr 06, 2017
...My brother in law died over 4 months ago and his wife was told today it will take a year to adjudicate the paper work on his life insurance policy. It is not a large amount but is needed to pay bills like the funeral. We don't understand. The man is dead and all paperwork is completed. What are we not understanding? Be aware of the stalling of payouts...
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Did you know there is a 35% chance of developing a critical illness before you are 65 and 65%-70% chance before you turn 81? That means getting a critical illness insurance quote is no less important than getting life insurance. Your choice.
 

Dont recommend - AVOID.

 
(1.0 out of 5 stars)
by elena Apr 04, 2017
...I will NOT RECOMMEND this insurance, especially their Group Health and Dental Benefit due to: 1.Their booklet does not reflect the full requirement esp with custom made orthotics (please read another review here by dee on 24Jan2017); 2. Don't respect doctors prescription or find the medical judgement unsatisfactory; 3.They issued me a statement stating my condition "does not warrant treatment" though they have not seen, nor assessed my condition - the statement was plainly based on all the paperwork they received. 4. You get what you pay. Before they pay up, they will ask for too much paperwork. They think, our MD's or health service provider can make letters after letters to explain further your need for treatment. Please avoid or spare your company and your employees complains, embarrassment, headache and grief just avoid this insurance as stay with the big names...
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Simply frauds

 
(1.0 out of 5 stars)
by Dee Jan 24, 2017
...heir policies are a lot worse than those of other insurance policies, for example: 90 days to submit all claims after you terminate (and who wouldn't). Their systems are archaic and when you call in, nobody knows how to direct you properly. Any employer who is using them is simply trying to go 'el cheapo' on their employees. I lost 1500 because of their policies that they did not disclose until it was too late. Frauds. When I was trying to get my orthotics approved, it was a joke. We went through 3 cycles with Paris Orthotics (the biggest orthotics maker in Vancouver, Canada). They couldn't believe it. Equitable kept rejecting the claim (due to the fact that Paris didn't specify the manufacturing process with enough detail, and I saw the level of detail they prepared! In the end, on the pre-approval form Equitable wouldn't confirm if they will cover the orthotics 'for sure'. Paris Orthotics have been in business for years and never have problems with any Insurance companies. That was until they met Equitable life. In the end, I didn't want to risk $500 so I had my old pair of orthotics fixed (which they didn't cover, at 1/8th of the cost). This was typical. Don't use them, don't buy them...
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Did you know that mortgage insurance is the same as life insurance but more expensive and offers less protection? By cancelling it and getting life insurance , you would typically save around 30%-40% for the same coverage.