At a Glance
Equitable Life is one of Canada’s larger mutual life insurance companies. In addition to Equitable Life group benefits, the company offers products at reasonable prices that working Canadians can afford.
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Equitable Life Review
Customers can use Equitable Life of Canada group benefits, savings and retirement help, and individual insurance solutions. Participating policyholders – not shareholders – own a stake in Equitable Life. The company’s primary focus is implementing management strategies to ensure sustainable growth and stability over the long run.
|Insureye Consumer Rating||2.7/5|
|Benefits and Claims Paid||$821 million (2019)|
|Annual Premiums||$1.6 billion (2019)|
|Total Assets||$5.1 billion|
Equitable Life Group Benefits Products
Small businesses with 3 to 35 employees are eligible for the Equitable Life MyFlex plan. With MyFlex, businesses select the basic plan options they want to make available to their employees. Then, employees can personalize their benefits within their employers’ plan limits.
Business owners enjoy the MyFlex option because it allows management to select a plan that fits their budget but also empowers employees to select options that meet their unique needs. Employees also get access to a Health Care Spending Account, and they can purchase additional benefits through payroll deductions.
Life, Accident, and Critical Illness
With Equitable Life group benefits plans, employees receive employer-sponsored life insurance, and they have options to purchase additional coverage. Plan members are eligible to receive group accidental death and dismemberment (AD&D) coverage, which protects employees and their dependents from financial difficulty in the case of an unforeseen disaster.
Equitable Life of Canada’s critical illness coverage is a tax-free and lump-sum benefit that provides relief from the financial burdens of a life-threatening illness.
Health and Dental
Small businesses often use Equitable Life’s health and dental benefits as a perk to attract talented employees. Through their flexible claim system, businesses can tailor health and dental coverage to meet their employees’ needs. The plans can offer employees full coverage or include co-payments or deductibles.
Some Equitable health group benefits include private duty nursing care, coverage for paramedical care, and out-of-country emergency coverage. Dental coverage includes, among others, diagnostic, preventative, periodontic, and endodontic services.
Disability Management Solutions
Equitable Life of Canada offers long-term and short-term solutions to help employees manage disabilities and absence from work. The objective of their disability management solutions is to support employees during the disability process, allowing them to recover and return to work as soon as possible.
In the case of ongoing disability, this coverage can provide consistent and fair financial support to employees.
Health, Wellness, and Online Services
Equitable Life of Canada offers Equitable HealthConnector solutions to help employees manage their work and home responsibilities to increase their productivity. The health and wellness solutions provide employees with support in the case of a severe illness and help identify potential mental health issues.
By reducing absences and improving employees’ productivity, Equitable HealthConnector is also valuable to employees. The health and wellness coverage options are flexible, allowing employees to manage the cost of group coverage.
Personal Health and Dental Coverage
Coverage2go is personal health and dental coverage for employees who lost once provided by a group benefits plan. The plan is flexible and affordable, and it can offer the same benefits as the previous group benefits plan.
Health Care Spending Account (HCSA)
The health care spending account from Equitable Life is a group benefit that gives plan members the freedom to spend their health dollars as they see fit. With the HCSA, plan members can receive reimbursement for health-related expenses traditional plans don’t cover. This includes items like cosmetic surgery and prescribed over-the-counter medication.
Taxable Spending Account
A Taxable Spending Account (TSA) allows employees to receive reimbursement for health-related expenses according to an employer’s member plan.
Two types of taxable spending accounts exist:
- Balance carry forward: Employees can accumulate TSA credits over time across calendar years.
- Use-it-or-lose-it: Employees forfeit the TSA credits they didn’t use by the end of the benefit period.
Equitable Life FAQ
What are Group Insurance Benefits?
Group insurance benefits provide supplemental coverage to fill gaps left by provincial plans to a specific group of plan members, for example, the employees of an organization or the members of an association. Members of a group insurance plan usually receive benefits at a relatively low cost.
What are Group Health Benefits?
Group health benefits are medical coverage a group of plan members receives in terms of a health plan. An employer or organization maintains a group health plan or employee welfare benefit plan to provide for the medical care of participants and their dependents.
Are Group Health Benefits Taxable in Canada?
In Canada, all employer benefits are taxable, aside from health and dental benefits. Employers can pay health and dental benefits tax-free to employees, provided that the benefits are the result of a formal arrangement between employee and employer.
GroupEnroll.ca can help you save time and money when comparing Canada’s major group health insurance providers. Try it now!
Equitable Life Downloadable Forms
Equitable group benefits forms are available on Equitable Life of Canada’s website. Plan members can submit health and dental claims using Equitable EZClaim. Most people receive a payment within three business days.
To submit a disability claim, plan members have to print and complete the Equitable Life group benefits forms and then send them to the right department.
Equitable Life Contact Information
Primary Address: Westmount Rd N Waterloo, 1603 N2J4C7 Ontario
Important Contact Numbers:
- Head Office: 1-800-722-6615
- Group Plans Support: 1-800-265-4556
Learn More About Equitable Life
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Once we receive your request, we’ll schedule a 10-minute call with you to get a little more information. After that, we’ll send you quotes from Canada’s leading group insurance providers, including Equitable Life of Canada, within three business days. Comparing group insurance rates is that easy with Group Enroll!