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- Equitable offers two participating whole life plans: Equimax Estate Builder and Equimax Wealth Accumulator
- Estate Builder emphasizes higher long-term value for estate planning, while Wealth Accumulator emphasizes higher early cash values
- Equitable Equimax plans offer Life Pay, 10 Pay, and 20 Pay premium options
- Minimum basic coverage starts at $10,000 for single life and $25,000 for joint-life coverage, with up to $25 million available without a special quote
Equitable offers a wide range of permanent life insurance for Canadians seeking extended coverage alongside value-added benefits. The insurer offers participating whole life insurance through its Equimax product line, with two plans designed for different cash-value goals.
Equimax Estate Builder focuses on higher long-term value for estate and legacy planning, while Equimax Wealth Accumulator is designed to provide higher early cash values for individuals seeking to use it in their financial planning.
Quick review of Equitable Whole Life Insurance
- PolicyAdvisor rating: 5/5
- Best for: Canadians looking for participating whole life insurance from a mutual insurer, with a choice between long-term estate value and higher early cash-value accumulation
- Skip if: You specifically want a non-participating whole life policy or lower-cost temporary coverage
Equimax Wealth Accumulator
20-pay
Life Pay
About Equitable Life Insurance
The Equitable Life Insurance Company of Canada is a Canadian mutual life insurer that was founded in 1920. Since its inception, the insurer has prioritized long-term policyholder interests, thanks to its mutual structure. As of December, 2025, Equitable has maintained a 6.40% Dividend Scale Interest Rate (DSIR) across its participating whole life policies.
Equitable’s financial strength
| AM Best Rating | N/A |
| Participating account fund size | $3.2 billion |
| LICAT ratio | 159% |
| Dividend scale interest rate (DSIR) | 6.40% |
What is Equitable whole life insurance?
Equitable whole life insurance is permanent life insurance that offers lifelong coverage as long as required premiums are paid. Equimax Estate Builder and Wealth Accumulator are participating policies, providing a guaranteed death benefit, guaranteed cash value and non-guaranteed dividends during the policy period.
A key strength of Equitable’s whole life insurance is its Participating Account, which holds over $3.2 billion in assets, as of December 2025. Equimax is available as single-life, joint first-to-die, or joint last-to-die coverage, offering enhanced flexibility and customization for Canadians.
Key features of Equitable whole life insurance
| Category | Details |
| Plan names | Equimax Estate Builder
Equimax Wealth Accumulator |
| Issue ages | Single life:
Joint life:
|
| Coverage amount |
Maximum coverage varies by product and is subject to age, eligibility, and applicable underwriting requirements. |
| Coverage types |
|
| Premium payment options |
|
| Guaranteed cash value |
|
| Dividend options |
|
| Premium offset | Available. Uses the policy’s built-up value to help pay future premiums |
| Optional riders |
Offered only on children’s policies:
|
| Built-in features | KIND benefits, providing support at claim time, include:
• Compassionate advance (not contractual) • Bereavement counselling benefit • Snap advance (not contractual) • Living benefit (formerly called the disability benefit disbursement) • Reduced paid-up insurance • Option to elect individual policies (available on joint policies) • Survivor benefit (joint first-to-die policies only) |
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Who is eligible for Equitable whole life insurance?
Equitable whole life insurance is available to individuals meeting the following criteria:
- Canadians meeting Equitable’s underwriting requirements
- Individuals between the ages of 0 and 80 (minimum 15 days for children’s policies)
- Single-life coverage starts at a $10,000 minimum, while joint-life coverage starts at $25,000
What is covered under Equitable whole life insurance?
Equitable Equimax Estate Builder and Equimax Wealth Accumulator offer permanent life insurance while building cash value over the years. Beyond this core role of financial protection, the policies offer a series of valuable features that make them more flexible than many traditional whole life insurance products.
Here are the primary benefits included with Equitable whole life insurance policies:
- Guaranteed death benefit: Policies offer a guaranteed basic death benefit as long as required premiums are paid
- Lifetime coverage: Your policy remains in force for life as long as premiums are paid
- Guaranteed premiums: Premium payments stay fixed throughout the selected premium-pay period
- Guaranteed cash value: Policies build guaranteed cash value over time, which may be accessed while the policy is in force
- Dividend potential: Eligible policies may receive non-guaranteed annual policyholder dividends
- Access to cash value: Policyholders may access available cash through policy loans and eligible withdrawals
- Optional additional deposits: EDO can accelerate paid-up additions and policy value on eligible policies
- Built-in support benefits: KIND provides benefits such as Compassionate Advance, Snap Advance, Bereavement Counselling, and a Living Benefit
- Mutual company advantage: As a mutual insurer, Equitable Life operates without shareholders, meaning participating policyholders share in the company’s long-term success through dividends and stable account management
What is the Equimax KIND program?
New Equimax participating whole life policies include Equitable’s built-in KIND program, which provides compassionate and snap advances, access to policy cash value in cases of severe disability, and bereavement counselling benefits.
Here is a quick rundown of the primary benefits offered with the KIND program:
- Compassionate advance: Access up to 50% of your coverage to a maximum amount of $100,000 if the insured becomes terminally ill
- Bereavement counselling: Benefit for beneficiaries up to $1,000 total
- Snap advance: Offers immediate access (if needed) to a portion of the death benefit up to the lesser of the policy cash value or $25,000 when a death claim is submitted. However, the policy must be in effect for at least 24 months before the date of death
- Living benefit: Tax-free access to the policy cash value in the event of severe disability
Types of Equitable whole life insurance
Equimax is Equitable Life’s flagship participating whole life insurance product, designed to provide lifelong protection while steadily building cash value. It combines guaranteed coverage and level premiums with the potential for long-term financial growth through annual participating dividends.
Equimax is available in two plan options tailored to different financial goals:
- Equimax Estate Builder: ideal for long-term wealth transfer and legacy planning
- Equimax Wealth Accumulator: suited for individuals or business owners seeking higher early cash values and financial flexibility
Here is an overview of the two plans offered by Equitable whole life insurance:
Equimax Estate Builder: Best for long-term estate value
Equitable Equimax Estate Builder is designed for Canadians seeking higher long-term value and more tax-efficient estate planning. The insurer positions it for legacy planning and helps in offsetting taxes and other costs that arise after death.
- Long-term focus: Guaranteed cash value typically begins at the end of policy year 5, focusing on long-term value
- Premium options: Life Pay, 10 Pay, or 20 Pay
- Dividend options: Cash, premium reduction, on deposit, paid-up additions, or enhanced protection
- Best for: Estate planning, wealth transfer, and policyholders who prioritize long-term policy value over early liquidity
Equimax Wealth Accumulator: Best for early cash value
Equimax Wealth Accumulator is designed for Canadians who want higher early cash values in the early years of their policy. It is beneficial for business owners and incorporated individuals who wish to use the cash value in their business or as part of a larger financial plan involving liquidity.
- Cash-value focus: Guaranteed cash value is available at the end of policy year 1
- Premium options: Life Pay or 20 Pay
- Dividend options: Cash, premium reduction, on deposit, paid-up additions, or enhanced protection
- Best for: Business planning, early liquidity, supplemental retirement strategies, and Canadians seeking access to policy value sooner
Key differences between Equimax Estate Builder and Equimax Wealth Accumulator
| Category | Equimax Estate Builder® | Equimax Wealth Accumulator® |
| Primary focus | Designed for long-term estate planning, wealth transfer, and legacy growth | Focused on higher early cash values and short-to-medium-term liquidity |
| Ideal for | Individuals and families aiming to grow and transfer wealth tax-efficiently | Business owners or professionals who value early access to cash within 20 years |
| Cash value growth | Cash value begins at end of policy year 5 | Higher early cash values, available at end of policy year 1 |
| Death benefit growth | Higher long-term death benefit to offset estate or capital gains taxes | Moderate death benefit growth, emphasizing cash accessibility |
| Dividend options |
|
|
| Premium payment options | Available as 10 Pay, 20 Pay, or Life Pay | Available as 20 Pay or Life Pay |
| Liquidity and collateral use | Strong long-term value, typically used for estate purposes or future borrowing | High early cash values make it well-suited for collateral loans or funding business opportunities |
| Child or grandchild coverage | Ideal for lifelong coverage with gradual value growth for education or inheritance | Offers earlier access to cash values for education or financial milestones |
| Business protection | Works well for long-term shareholder or key-person protection with stable growth | Better for businesses that prioritize early liquidity and short-term funding options |
| Coverage availability |
|
|
| Minimum sum insured |
|
|
| Maximum sum insured | Up to $25,000,000 (higher coverage amount available by special quote) | Up to $25,000,000 (higher coverage amount available by special quote) |
Pros and cons of Equitable whole life insurance
How much does Equitable whole life insurance cost?
The cost of Equitable whole life insurance for a 20-pay policy with $100,000 in coverage ranges from $162.48 to $576.82 per month. Your premiums depend on the coverage amount and personal factors, such as gender, age, smoking status, and health.
Cost of Equitable whole life insurance (2026)
| Age (in years) | Male | Female |
| 20 | $97.06 | $86.92 |
| 30 | $130.97 | $117.49 |
| 40 | $180.85 | $160.66 |
| 50 | $246.29 | $223.18 |
| 60 | $333.21 | $305.62 |
| 70 | $490.51 | $428.82 |
*Sample monthly cost of $100k coverage for a participating whole life insurance for 20-pay
What riders are available with Equitable whole life insurance?
Equitable whole life insurance can be customized with multiple optional riders, including accidental death benefit, children’s protection, applicant’s death and disability waiver of premium, and others. These add-ons provide additional protection and benefits for individuals and families, offering well-rounded coverage.
Here is an overview of the riders available with an Equitable whole life insurance policy:
| Optional benefit | What it does |
| Additional accidental death benefit
(available with Life Pay) |
Pays an additional benefit following a qualifying accidental death |
| Children’s protection rider | Provides term life insurance for eligible children and includes a conversion privilege without new evidence of insurability, subject to limits |
| Disability waiver of premium | Waives qualifying policy premiums if the insured under the rider becomes totally disabled for the required period |
| Applicant’s death and disability waiver of premium | Children’s-plan rider that may waive premiums if the payor/applicant dies or becomes totally disabled |
| Flexible guaranteed insurability option | Children’s-plan rider allowing specified future purchases of additional life insurance without new evidence of insurability |
| EquiLiving critical illness insurance | Provides a lump-sum payment for qualifying covered critical illnesses, with several premium and coverage-duration options |
| Term life insurance rider | Adds Term 10, Term 20, or Term 30/65 temporary coverage to a single-life Equimax policy |
What are the different limited-pay options offered by Equitable?
Equitable Life offers two limited-pay structures for its participating whole life insurance plans, Equimax Estate Builder and Equimax Wealth Accumulator, letting policyholders finish paying premiums early while keeping lifetime coverage:
- 10-pay: Premiums are paid for 10 years. Once the payment period ends, the policy is fully paid up, and lifelong coverage continues with no further premiums. However, this option is available only for the Equimax Estate Builder plan
- 20-pay: Premiums are paid for 20 years, after which the policy is fully paid up for life
Does Equimax help with tax payouts during death?
Yes, the Equimax Estate Builder whole life plan can help with tax liabilities upon death. This specific plan is designed to provide a larger death benefit, which can be used to offset estate taxes and other final expenses.
The death benefit is typically paid out tax-free to beneficiaries, providing them with the funds needed to settle the estate without the burden of additional tax liabilities.
The Equimax Estate Builder whole life plan provides a death benefit that can be used to:
- Cover taxes and fees at death: The death benefit can help beneficiaries pay for estate taxes, ensuring the full value of the estate is passed on without forcing them to liquidate assets
- Leave a legacy behind: The policy ensures that the financial legacy you leave behind remains intact, allowing your beneficiaries to inherit more
What is the Excelerator Deposit Option on Equitable Equimax policies?
The Excelerator Deposit Option (EDO) allows eligible Equimax policyholders to make optional payments above their required guaranteed premium. These payments essentially purchase participating paid-up additional insurance, which can increase both cash value and the death benefit. Additionally, this amount is also eligible to receive dividends.
Does Equitable whole life insurance offer premium offset?
Yes, Equitable Equimax policies using the on-deposit, paid-up additions, or enhanced protection dividend option may eventually qualify for premium offset. With this feature, policyholders can use dividends to help cover required premiums if the policy value is sufficient. However, this feature is not guaranteed.
However, the premium offset is subject to certain conditions:
- Policy loans are not available if the policy is on premium offsets
- Future dividends and non-guaranteed cash value must be sufficient to pay all future premiums
- Policy is not eligible for premium offset while there is an outstanding loan balance
What are the various dividend options on an Equimax whole life insurance plan?
Equitable’s participating whole life insurance has several dividend options to choose from, including cash payout, premium reduction, paid-up additions, on-deposit, and enhanced protection.
- Paid in cash: Dividends are paid directly to the policyholder each year
- Premium reduction: Dividends reduce future premiums, lowering out-of-pocket costs while keeping coverage intact
- On deposit: Dividends are held in an interest-bearing account with Equitable Life and can be withdrawn anytime
- Paid-Up Additions (PUA): Dividends buy additional permanent coverage that grows cash value and death benefit tax-deferred
- Enhanced protection: Combines base permanent coverage with a one-year renewable term (OYT) layer. Dividends first pay OYT costs; any remainder buys PUAs that gradually replace the term layer
Where does Equitable whole life insurance invest the participating account?
Equitable has structured its investments across each asset class to meet the long-term objectives, liabilities, and liquidity requirements of its participating policies.
Here is how the investments are allocated:
| Asset type | Allocation |
| Bonds | 29% |
| Equity | 25% |
| Private placements | 12% |
| Real estate | 12% |
| Policy loans | 11% |
| Mortgages | 9% |
| Cash and equivalents | 2% |
How does Equitable determine whole life insurance dividends?
Equitable Life’s whole life insurance dividends are determined by the performance of its participating (PAR) account. The financial performance of PAR accounts can depend on factors like investment returns, mortality payouts, premium lapses, and tax obligations.
Strong investment performance, fewer claims, and lower premium lapses can lead to higher dividends, while the opposite may result in lower payouts.
Dividends are paid at the sole discretion of Equitable Life’s board of directors. As such, dividends can vary from year to year depending on the insurer’s performance. The decision to distribute dividends is made with the aim of ensuring steady, predictable returns while minimizing volatility.
Equitable Life Dividend Scale Interest Rate (DSIR): 2020–2025
| Year | DSIR |
| 2025 | 6.40% |
| 2024 | 6.40% |
| 2023 | 6.25% |
| 2022 | 6.05% |
| 2021 | 6.05% |
| 2020 | 6.20% |
Equitable Life dividend scale over 30 years
| Equitable PAR account return | Equitable dividend scale interest rate | |
| 5 years | 7.05% | 6.23% |
| 10 years | 6.56% | 6.29% |
| 20 years | 6.79% | 6.77% |
| 30 years | 7.23% | 7.46% |
| Standard deviation over 30 years | 1.74% | 1.70% |
Source: Equitable dividend scale interest rate, 2024
Which Equitable whole life plan type is right for you?
Equitable’s Estate Builder and Wealth Accumulator plans are built to suit the diverse needs of policyholders. From long-term goals to immediate cash value accumulation, individuals can choose the right Equimax plan for them based on their individual needs.
Here’s how you can determine the right policy for yourself:
| What you are looking for | Equimax Estate Builder | Equimax Wealth Accumulator |
| Higher long-term benefits for planning your estate | ✓ | ✘ |
| Higher death benefit that can reduce tax burden during transfer of property | ✓ | ✘ |
| Affordable insurance coverage to secure the financial future of your children or grandchildren | ✓ | ✓ |
| Build immediate cash value to start a business | ✓ | ✓ |
| Make philanthropic donations but also reduce your tax implications | ✓ | ✓ |
| Create a steady retirement fund | ✓ | ✓ |
| Quick access to higher cash value through a policy loan or collateral loan | ✘ | ✓ |
Why should you purchase Equitable Life whole life insurance for children?
By purchasing Equitable’s whole life insurance policies for a child or grandchild, policyholders can help set the foundation for that child’s financial future. Equitable Life whole life insurance for children offers permanent coverage at children’s rates, with paid-up options in 10 or 20 years.
It provides tax-advantaged cash value growth, offering financial flexibility through loans or withdrawals for future needs. Additionally, ownership can transfer tax-free to the child upon adulthood, securing their financial foundation.
For example, if you buy a 20-pay whole life insurance policy for a 5-year-old child at an annual premium of $1,200, the policy’s value will continue to grow without further premium payments after the first 20 years. By paying $100 a month, parents can help secure their children’s financial future, ensuring they have enough coverage to support important life events and emergencies and to leave funds for future generations.
What is the living benefit offered by Equimax whole life insurance?
The living benefit offered by Equimax whole life insurance allows policyholders to access a portion of their policy’s cash value if the life insured becomes severely disabled due to a physical or mental impairment.
This benefit can be applied once per policy year and is subject to Equitable Life’s administrative guidelines. It is worth noting that any payment made under the Living Benefit will reduce the policy’s death benefit.
Individuals with life-threatening conditions such as cancer, AIDS, coronary artery disease, myocardial infarction, and Alzheimer’s disease may be eligible to receive Living Benefits under their whole life insurance policy. However, the insured individual must have been disabled for 90 days for the benefit to be triggered.
How does Equitable compare to other whole life insurance providers?
Equitable’s Equimax stands out for its participating lineup that focuses on estate preservation and wealth accumulation. The insurer’s mutual structure, multiple dividend options, and the ability to purchase additional coverage through EDO make it a strong contender for Canadians seeking flexibility in their coverage.
Additionally, KIND benefits, paired with a range of riders, make Equitable Equimax a strong choice for Canadian families, business owners, and individuals seeking lifelong coverage and wealth preservation.
Dividend Scale - Participating Whole Life Insurance
Compare dividend rates from top Canadian insurers
| 2022 | 2023 | 2024 | 2025 | 2026 | |
|---|---|---|---|---|---|
| Equitable | 6.05% | 6.25% | 6.40% | 6.40% | 6.40% |
| Manulife | 6.10% | 6.35% | 6.35% | 6.35% | 6.35% |
| iA Financial Group | 5.75% | 6.00% | 6.25% | 6.35% | 6.35% |
| Desjardins Insurance | 5.75% | 6.20% | 6.30% | 6.30% | 6.30% |
| RBC Insurance | 6.00% | 6.00% | 6.25% | 6.30% | 6.30% |
| Sun Life | 6.00% | 6.00% | 6.25% | 6.25% | 6.25% |
| Empire Life | 6.00% | 6.00% | 6.00% | 6.25% | 6.25% |
| Foresters Financial | 5.50% | 5.50% | 5.50% | 6.25% | 6.25% |
| Co-operators | 5.90% | 5.90% | 6.00% | 6.00% | 6.00% |
| Assumption Life | 5.75% | 5.75% | 5.75% | 5.75% | 5.80% |
| Canada Life | 5.25% | 5.50% | 5.50% | 5.75% | 6.00% |
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Our advisor’s take on Equitable whole life insurance
At PolicyAdvisor, we recently helped a 42-year-old business owner compare Equitable Life’s permanent life insurance options. They were seeking lifelong coverage for estate planning and access to cash value for business purposes. Based on these goals, Equimax Wealth Accumulator was the stronger fit since it combines participating whole life protection with early access to cash value.
Client profile
- Age: 42
- Family: Incorporated business owner with a spouse and two children
- Coverage goal: $500,000 of permanent life insurance
- Primary concern: Lifetime protection with access to cash value for future business or retirement needs
Why we recommended Equimax Wealth Accumulator:
- Guaranteed cash value available from the end of the first policy year, supporting early access to liquidity
- 20 Pay option provides a defined premium period, allowing the family to finish paying early while maintaining lifetime protection
- Paid-up additions dividend option and EDO can be used to direct additional cash flow toward growing the policy’s value
How to purchase Equitable Equimax whole life insurance in Canada?
PolicyAdvisor’s licensed advisors can help you compare Equitable whole life insurance plans based on your age, budget, health, coverage needs, and financial goals.
Whether you are looking to protect your family or secure tax-advantaged wealth transfer planning, our advisors at PolicyAdvisor can help you choose the right plan, coverage amount, and optional riders to fit your financial needs.
Call 1-888-601-9980 to speak to our licensed advisors right away, or book some time with them below.
Frequently Asked Questions
Can I transfer ownership of my Equitable whole life insurance policy to my children or grandchildren?
Yes, Equitable allows you to transfer ownership of your whole life insurance policy to your children or grandchildren when they reach the age of majority.
This is one way to build generational wealth, as the new owner can access the policy’s cash value for future expenses such as education or a down payment on a house. Whether you are living in Ontario, British Columbia, or Alberta, you can purchase whole life insurance for your children and secure their future.
Can I add extra coverage to my Equitable whole life insurance policy in the future?
Yes, Equitable offers various options to increase your coverage over time. With features like paid-up additions, you can use dividends to purchase additional life insurance, increasing your death benefit and cash value. This flexibility allows you to tailor your policy as your life circumstances evolve, ensuring that you always have the coverage you need.
What happens to my Equitable whole life policy if I stop making premium payments?
If you stop making premium payments on your Equitable whole life policy, it won’t necessarily lapse immediately. The policy’s cash value can be used to cover the premiums for a period of time, depending on how much cash value you’ve accumulated. However, once the cash value is exhausted, your coverage may likely end. It is important to keep track of your policy’s status from time to time.
Can a person with pre-existing conditions be eligible for the Living Benefit of a whole life insurance policy?
No, a person with pre-existing conditions may not be eligible for the Living Benefit under Equitable’s whole life insurance policy if the condition existed at the time the policy was first issued or at the date of the last reinstatement.
Can I borrow against my Equimax cash value?
Yes, you can borrow against your Equimax cash value. Policyholders can access up to 90% of their available cash value, minus any outstanding loans. However, unpaid loans and interest reduce the death benefit.
Is premium offset guaranteed on Equimax?
No, premium offset depends on future non-guaranteed dividends and policy values. If the offset is unavailable for a period, policyholders will have to pay their premiums out of pocket.
Equitable offers two participating whole life plans under the Equimax line: Estate Builder for higher long-term estate value and Wealth Accumulator for higher early cash values. Both policies combine guaranteed permanent coverage and cash values with five dividend options, flexible premium-pay periods, joint-life options, and access to policy value.
