Equitable Life of Canada
Equitable Life of Canada is a mutual insurance company offering a wide range of individual insurance, savings, retirement products, group benefits, and investment management services.
Services
Equitable Life of Canada provides a diverse range of services, including individual insurance, savings and retirement products, group benefits, and investment management. The individual insurance offerings cover term life, whole life, universal life, and critical illness insurance. In terms of savings and retirement products, the company offers segregated funds, guaranteed interest accounts, payout annuities, retirement savings plans, first home savings accounts, and tax-free savings accounts. Group benefits encompass life, accident, and critical illness insurance, health and dental coverage, health care spending accounts, taxable spending accounts, disability management solutions, and flexible benefits.
Products
Equitable Life of Canada offers a variety of specific products. These include Coverage2go, which allows individuals who have lost group benefits to purchase personal health and dental coverage, and EZBenefits for small businesses, which provide plan design options for organizations with 2-25 employees. For investment management, they provide options like the Equitable Life Active Balanced Portfolio Funds and Pivotal Select Segregated Funds. Their Tax-Free Savings Account (TFSA) features a full range of funds and guaranteed interest options.
Digital Platforms
Equitable Life of Canada facilitates client interactions through its digital platform called Equitable Client Access. This platform enables clients to manage their individual investment and insurance policy information online. The company also offers the Equitable HealthConnector program, which provides health and wellness services such as online mental health care management, cancer assistance programs, and virtual healthcare.
Health and Wellness Services
Equitable Life of Canada offers extensive health and wellness services as part of their overall benefits package through the Equitable HealthConnector program. This program includes resources like online mental health care management, cancer assistance programs, and access to virtual healthcare. Additionally, the Health Care Spending Account (HCSA) option allows plan members to use allocated funds for eligible health expenses not covered under traditional benefit plans.
Financial Strength
Equitable Life of Canada maintains a strong financial position with a capital ratio of 172%, as measured by the Life Insurance Capital Adequacy Test (LICAT). As a mutual company, it is owned by participating policyholders instead of shareholders. This structure allows the company to focus on long-term stability and value for its policyholders. The organization also provides commercial mortgage services with a minimum loan amount of $1 million, applicable to various property types.