August 9, 2011 -

Equitable Life of Canada has introduced an online tool and new product features to help Canadians better prepare themselves in the event they or a family member are diagnosed with a critical illness.  Equitable Life's critical illness insurance product, EquiLiving, is now geared to a wider market and has some of the most competitive 10 Year Renewable to Age 75 rates in the industry. 

Critical illness insurance pays out a lump-sum benefit, following a survival period of typically 30 days after diagnosis of one of the 25 illnesses covered by the plan. As life expectancy increases, so does the need for critical illness insurance.  The chance of being diagnosed with and surviving a critical illness is more likely than ever before.  And the costs associated with a critical illness can be staggering, as government health care programs cover only the basics.   Many Canadians are forced to deplete their retirement savings or take on additional debt to get the life-saving treatment they need.  With critical illness insurance, a critical illness doesn't have to equal financial hardship. 

Online tool answers the question "How much critical illness insurance do you need?"

Recognizing the need for critical illness insurance is one thing, but knowing how much you need is another.  Equitable Life's new easy-to-use online tool helps determine how much critical illness insurance is needed based on a person's personal situation. 

What do they own?  Which assets would they be willing to sell to cover medical costs?  Their home? Cottage? Business?

  • What do they owe?  Would they want to pay off debts like mortgage, car loan, outstanding credit card balance, etc. or simply ensure there are funds available to cover the monthly payments?
  • What do they want critical illness insurance to do for them?  Cover current expenses?  Pay for in-home health care and homemaker support?  Cover child care expense?  How much would these services cost?  Simply click on the TIP buttons for the answer.

The tool uses the person's needs and numbers to determine an appropriate amount of critical illness insurance to cover what's important to them.  Everyone's needs are unique and this tool allows for a truly personalized plan.  Your advisor will be able to assist you in determining what is right for you and your family.

Equitable Life has also introduced product enhancements to its EquiLiving critical illness insurance, including:

Enhanced Early Detection Benefit

This built-in feature provides a lump sum benefit if the insured is diagnosed with and survives the 30-day survival period applicable to the following non-life threatening conditions: early prostate cancer, ductal breast cancer, superficial malignant melanoma and coronary angioplasty.

The benefit payout has increased to 15% of the benefit amount to a maximum of $50,000 and can be paid twice during the lifetime of the policy, but only once for any condition.  Payment does not cause the policy to terminate or reduce the critical illness insurance benefit.

Simplified underwriting requirements

More liberal non-smoking definition and underwriting requirements make it easier to apply and qualify for coverage.

Simplified Return of Premiums on Surrender/Expiry Rider

This optional rider provides the insured with the opportunity to have their premiums returned if they are not diagnosed with a covered condition.

Return of Premiums on Death Rider

This is now available as an optional rider, providing more flexibility to tailor the plan to meet a client's specific needs.

Critical illness insurance for children

EquiLiving critical illness insurance is now available for children ages 30 days to 17 years. While no parent wants to consider the possibility of their child becoming sick, the reality is that it happens more frequently than we think and can dramatically impact the financial security of a family.  In addition to covering the 25 adult conditions, children's critical illness insurance offers additional coverage for five childhood illnesses including: cerebral palsy, congenital heart disease, cystic fibrosis, muscular dystrophy, and type 1 diabetes mellitus. 

Industry-Wide Benchmark Definitions

Equitable Life has adopted industry-wide benchmark definitions making it easier to understand the conditions and compare plans offered by different companies.

Individual critical illness insurance from Equitable Life of Canada can help clients protect their family's financial security and take care of the financial worries so that they can focus on recovery.  Talk to your advisor about EquiLiving today.


Media Relations Contact
Natasha Krivokapic
Director of Individual Product Development and Marketing
Direct Line: 519.904.8305