Review of Equitable Life Insurance

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Susan Kelly

Dec 31, 2022

However, the company does not offer whole life or any other form of individual Equitable life insurance. It also lacks a price comparison tool rapidly becoming the norm in the market.

Complete contentment of the consumer

Throughout our research, we gathered over 5,000 data points from 91 life insurance providers, including financial security, consumer happiness, product options, and overall shopping experiences. We then developed objective, in-depth assessments of each organization based on 55 indicators.

Arguments in Favor Explanation

Non-medical underwriting: Anyone in good health can apply for life insurance without submitting to a medical exam.

Compatible with Apple Pay for Premium Payments: Equitable is the solution if you want an insurance plan that accepts payments from a cryptocurrency wallet. Some items can be purchased using Apple Pay.

An unusually low amount of consumer complaints: Fewer customer complaints were submitted against Equitable than expected.

Arguments Against

There are only a few different forms of insurance to choose from: When compared to other life insurance providers, Equitable's selection of products is limited. Whole life and conventional universal life insurance, for instance, are unavailable.

No online price quotations available: When looking for life insurance, it is crucial to browse and compare estimates. However, online quotations are not available from equitable. Get in touch with a representative by phone.

Ratio of Complaints

Equitable had a lower volume of complaints than predicted in 2021, according to data from the National Association of Insurance Commissioners (NAIC). Each insurance provider's complaint index, calculated by the NAIC, shows the proportion of total complaints to the company's size. A higher than 1.00 index indicates that the company received more complaints than expected, while a lower than 1.00 index indicates that the company had fewer complaints than expected.

Evaluated By A Different, Impartial Body

Independent organizations have given Equitable good grades for their financial stability but have yet to give the same level of praise for their customer service. According to J.D. Power's 2021 U.S. Individual Life Insurance Study, Equitable is the seventeenth-most-satisfactory big insurer overall. With a score of 749 out of a possible 1,000, the company ranked below the industry average of 776 and was not even ranked by J.D. Power in its 2022 assessment.

Time-Bound Insurance

We provide term life insurance at Equitable. If the policyholder passes away during the policy's term of coverage, the beneficiary will receive the stated death benefit. Compared to the standard 30-year term offered by many other companies, Equitable's maximum term is only 20 years. In contrast to its permanent counterpart, term insurance does not provide for the accumulation of funds.

The monthly subscription you pay is not refundable in any form. Equitable allows you to convert your term coverage to a permanent plan at no additional cost on some products if you change your mind about the type of policy you want.

Universal Life Insurance

Both the death benefit and the cash value of a variable universal life insurance policy are tied to the success of the policyholder's underlying investment portfolio. There is a higher emphasis on policy management and investment decision-making than traditional life insurance. This policy is the high-stakes of permanent life insurance options but offers the most potential gain.

Universal Life Insurance that is Indexed

The cash value of an indexed universal life insurance policy can rise or fall according to the performance of an index, such as the S&P 500 index. Your money is not invested in the stock market, so you won't lose anything if the index declines. The cash value of these plans is not invested directly in the stock market, making them more stable than variable universal life insurance.

A Rider Promising Insurability Without Risk

When you add this rider to your policy, you can get more life insurance without undergoing medical testing. Certain life milestones, including getting married or having a kid and policy anniversaries, typically allow for an increase in coverage. Even if your health worsens after you get insurance, you will still be guaranteed to be covered.

Premium Rider Waiver

If you become disabled and cannot continue paying your premiums, this rider will cover the difference. If you are eligible, such as if you have been in a nursing home for at least six months or cannot do two of the six activities of daily life, your payments will be suspended.

Terminal Illness Rider for Accelerated Death Benefit

In the event of a terminal illness, this rider will let you receive a portion of your death benefit before passing. In other words, you can use the money solely for medical expenses. This increased death benefit is standard with many policies from Equitable, and it comes at no extra cost to the policyholder.


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