Independent Life Insurance Reviews

Equitable Life of Canada Life Insurance Reviews

(4 reviews)
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Category: Insurance Rates, Prices
(1.8 out of 5 stars)
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Great service and rates

 
(5.0 out of 5 stars)
by john Nov 01, 2019
...I bought permanent life insurance for $ 500000, I got a great rate of return compared to all the other companies. They answered all my questions and I am happy and satisfied. I recommend it...
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Feel so ripped off

 
(1.0 out of 5 stars)
by mikeg May 28, 2018
...I purchased Health Insurance (medication) after losing my job in July 2017. I received a letter from Equitable Life stating I could continue coverage if purchased within the first 3 months of being laid off. I called and spoke with agent and finally decided to purchase insurance as I needed it for heart and diabetes medication. I ask the agent what it would cover and the agent told me that coverage would continue "as it was" with former employer. So I agreed to purchase for $146 per month. After about 4 months I was told by my pharmacist that my limit had been reached for the year when trying to get my medication. I called Equitable Life to inquire what was going on. The agent I spoke to then said to me that I had a $1100 "cap" for the year in which I was NEVER TOLD when I purchased. After phone calls back and forth with a few different managers, I was told that I should have basically had "read the fine print" before purchasing. I even told the manager why would I spend almost $1800 a year to get $1100 in coverage? She "denied" that I was never told. In any case, it was never resolved and I cancelled immediately. This is by far the worst company to deal with and would not recommend to anyone. Lowest star rating was 1, but I actually give this company a -5 star rating. Avoid, Avoid, AVOID...
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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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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.
 

N/A

 
(4.5 out of 5 stars)
by tony_k May 01, 2012
...We have three policies, this personal Value Term 100 for $250,000 is superior in premium and product provided...
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