Equitable Life Insurance Review [2024]
Equitable (previously Axa Equitable) life insurance offers term, variable universal, and indexed universal life insurance policies. Quotes with Equitable life insurance average $22 per month and the company has low customer complaints. This Equitable life insurance review covers everything you need to know about the insurer.
Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
UPDATED: Jul 8, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
UPDATED: Jul 8, 2024
It’s all about you. We want to help you make the right life insurance coverage choices.
Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance company and cannot guarantee quotes from any single company.
Our life insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
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Equitable Financial Life Insurance Company
Average Monthly Rate For Good Drivers
$22A.M. Best Rating:
A (excellent)Complaint Level:
LowPros
- Various term life policy options
- Very low NAIC complaint score
Cons
- No fixed rates for permanent life policies
Equitable offers term, indexed, and variable life insurance options. The company has good financial and customer service ratings, but rates may be higher than average.
In addition, the company offers retirement planning and other products, including annuities.
Compare an Equitable life insurance quote with quotes from other top insurers to find the coverage you need with the cheapest rates.
What You Should Know About Equitable Financial Life Insurance Company
Equitable provides various types of life insurance, such as term, indexed universal, and variable coverage. However, terms are limited, and whole life isn’t offered. Equitable offers no medical exam coverage that may be attractive to some and has numerous riders to allow you to customize your policy.
Keep reading our Equitable life insurance review to learn more about the company and coverages offered.
Pros and Cons of Equitable Life Insurance
As with any company, there are several things to consider before buying Equitable life insurance.
Pros of Equitable life insurance include:
- No medical check life insurance policies
- Fewer than average number of complaints
- Solid track record with a 164-year history
- Term and permanent life insurance available
Cons of Equitable life insurance include:
- No whole life option
- No fixed rate permanent options
- You can’t submit an Equitable life insurance online application
Since each person’s life insurance needs are different, carefully consider which company and coverage is best for you.
Equitable Insurance Customer Service and Financial Ratings
Equitable has an A rating from A.M. Best, which shows an excellent ability to meet financial obligations. In addition, the company has fewer than expected complaints. Equitable customer reviews are also favorable.
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Equitable Financial Life Insurance Company Insurance Coverage Options
Equitable provides several life insurance options to fit various needs, including:
- Term life insurance. This type of life insurance is typically cheaper, but it is only good for the length of the policy. Equitable offers several types of term insurance, but none of them exceed a 20-year term.
- Variable life insurance. This type of life insurance accumulates a cash value by investing a portion of your premium which can be accessed later in life as needed. However, the rates are adjustable, making it hard to budget.
- Indexed universal life insurance. Indexed life insurance is similar to variable insurance, but part of your premium is invested in an index, such as S&P 500. This type of policy typically comes with earning caps.
While both variable and indexed coverage is more expensive, these types of cash value life insurance provide a larger death benefit. It also gives the policyholder the ability to access the cash value if needed.
Equitable life insurance riders are also available. These riders allow you to customize your coverage to better meet your needs.
Available riders include a cash value plus raider, which allows you to increase the cash value of your policy, and a disability premium waiver rider, which offers additional life insurance for people living with disabilities and kicks in if the insured becomes fully disabled.
Now that you understand the different types of Equitable life insurance available, let’s look as some average rates for specific types of coverage.
This table shows the average term life insurance rates based on age and gender.
Term Life Insurance Monthly Rates by Age, Gender, & Coverage Amount
| Age & Gender | $100,000 Policy | $250,000 Policy | $500,000 Policy | $1,000,000 Policy | $500,000 Policy, Male | $500,000 Policy, Female |
|---|---|---|---|---|---|---|
| 25-Year-Old Male | $15 | $19 | $30 | $48 | $23 | $19 |
| 25-Year-Old Female | $14 | $15 | $23 | $34 | $24 | $19 |
| 35-Year-Old Male | $18 | $21 | $29 | $49 | $24 | $19 |
| 35-Year-Old Female | $17 | $15 | $23 | $37 | $29 | $24 |
| 45-Year-Old Male | $30 | $40 | $57 | $103 | $36 | $33 |
| 45-Year-Old Female | $27 | $35 | $44 | $78 | $54 | $47 |
| 55-Year-Old Male | $78 | $90 | $149 | $268 | $79 | $62 |
| 55-Year-Old Female | $66 | $70 | $108 | $194 | $79 | $95 |
| 65-Year-Old Male | $188 | $230 | $373 | $612 | $213 | $144 |
| 65-Year-Old Female | $151 | $180 | $300 | $500 |
While Equitable doesn’t offer whole life insurance, these rates show how much more this type of insurance is compared to term coverage.
Whole Life Insurance Monthly Rates by Age, Gender, & Coverage Amount
| Age & Gender | $100,000 Policy | $250,000 Policy | $500,000 Policy | $1,000,000 Policy |
|---|---|---|---|---|
| 25-Year-Old Male | $94 | $85 | $225 | $203 |
| 25-Year-Old Female | $108 | $97 | $260 | $234 |
| 35-Year-Old Male | $128 | $113 | $311 | $273 |
| 35-Year-Old Female | $154 | $132 | $376 | $321 |
| 45-Year-Old Male | $191 | $156 | $468 | $381 |
| 45-Year-Old Female | $235 | $192 | $578 | $470 |
| 55-Year-Old Male | $295 | $243 | $728 | $599 |
| 55-Year-Old Female | $399 | $312 | $989 | $770 |
| 65-Year-Old Male | $528 | $422 | $1,311 | $1,045 |
| 65-Year-Old Female | $712 | $568 | $1,525 | $1,215 |
Remember, rates vary based on many factors, so it’s essential to shop around for life insurance to find the best deal.
How to File an Equitable Life Insurance Claim
You can file an Equitable life insurance claim by calling 800-777-6510. You can also begin your Equitable life insurance claim online.
Equitable Life Insurance Online Offerings and Mobile App
You can access your Equitable life insurance policy online or through the mobile app to make payments and get policy information.
Equitable Financial Life Insurance Company Insurance Rates Breakdown
Many factors affect the cost of life insurance, such as your age and hobbies like smoking. This table shows average life insurance rates for various ages and how those rates change if you smoke.
Life Insurance Monthly Rates by Age, Gender & Smoker Status
| Age & Smoker Status | Male | Female |
|---|---|---|
| Non-Smoker (Age 25) | $179 | $161 |
| Smoker (Age 25) | $322 | $249 |
| Non-Smoker (Age 35) | $166 | $179 |
| Smoker (Age 35) | $286 | $322 |
| Non-Smoker (Age 45) | $185 | $166 |
| Smoker (Age 45) | $360 | $286 |
| Non-Smoker (Age 55) | $240 | $185 |
| Smoker (Age 55) | $493 | $360 |
| Non-Smoker (Age 65) | $268 | $240 |
| Smoker (Age 65) | $638 | $493 |
| Non-Smoker U.S. Average | $407 | $268 |
| Smoker U.S. Average | $992 | $638 |
In addition, the coverage you choose affects your rates. For example, if you add an Equitable return of premium life insurance rider, your rates can increase. However, your beneficiary will receive a portion of your premium as an added death benefit.
Equitable Financial Life Insurance Company Discounts Available
Equitable does not offer discounts on its life insurance policies.
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How Equitable Financial Life Insurance Company Ranks Among Providers
While there are many advantages to Equitable life insurance, rates may be higher than with other top insurers.
This table shows the average Equitable life insurance rates compared to other insurance companies.
Equitable Term Life Insurance Average Monthly Rates
| Company | Policy name | Male, 10-Year Policy | Female, 10-Year Policy |
|---|---|---|---|
| Transamerica | Trendsetter Super | $16 | $14 |
| Haven Life | Haven Term | $16 | $15 |
| Pacific Life | PL Promise Term | $17 | $15 |
| Symetra | Symetra SwiftTerm | $17 | $15 |
| Principal | Term | $17 | $15 |
| American General | Select-a-Term | $17 | $15 |
| Penn Mutual | Non-Convertible Term | $18 | $16 |
| Nationwide | YourLife GLT | $19 | $17 |
| Guardian | Level Term | $19 | $17 |
| Equitable | Term Series 160 | $24 | $20 |
Read more: Symetra Life Insurance Review
The cost of Equitable life insurance is more expensive on average, but many factors are used to calculate rates. Age, medical history, hobbies, and other factors determine life insurance rates.
Additionally, the type of coverage affects rates. When it comes to term vs. permanent life insurance, term rates are cheaper initially but may increase at policy renewal.
Frequently Asked Questions
Is Axa Equitable the same life insurance company as Equitable?
Yes, Axa Equitable changed its name to Equitable in 2020.
Is Equitable life insurance expensive?
While Equitable life insurance rates may average slightly higher, rates depend on many factors, such as age, gender, and habits like smoking.
How does Equitable cash value life insurance work?
Both variable and indexed universal life insurance policies offer a cash value component. In both cases, a portion of your premium gets invested, which creates the cash value. The main difference is where the money is invested.
Can my Equitable variable universal life policy be taxed?
The cash value may be taxed in certain circumstances. However, your state and the policy itself help determine tax status.
Do I need a medical exam to qualify for Equitable life insurance?
No, Equitable offers life insurance policies that do not require a medical exam. However, these policies tend to be more expensive.
Can I get an Equitable life insurance quote online?
Unfortunately, Equitable doesn’t offer online quotes. You must speak with customer service or an agent to receive a quote.
Is it possible to convert an Equitable term life insurance policy to permanent life insurance?
Yes, Equitable allows you to convert certain term policies to permanent policies. However, your rates change when the policy changes.
How much can my Equitable permanent life insurance rates fluctuate?
If you have a variable life insurance policy, your rates may increase as you age. The increased amount varies by the policyholder.
How can I pay my Equitable life insurance premiums?
You can make a payment on the website using your credit card, debit card, Apple Pay, or bank account.
Your life insurance quotes are always free.
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Tim Bain
Founder & Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance. His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Founder & Life Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
