When researching life insurance, Equitable stands out with over 160 years of history, dating back to before the American Civil War. This longevity might suggest top-tier customer service and competitive pricing. However, the reality is more complex, and families prioritizing responsive support during critical times should take a closer look.
Boasting strong financial ratings and managing over $700 billion in assets Equitable Life Insurance remains a stable choice for many. Yet, recent feedback highlights challenges, including delays in claims processing, customer service issues, and concerns about website functionality that may impact policyholders when they need help most.
That said, however, there are times when Equitable Life Insurance underwriting guidelines align perfectly with a client, making it really difficult not to recommend them. So, let’s now take a moment and see whether or not they’re a perfect fit for you!
About the Author: The Insurance Brokers USA Team consists of licensed insurance professionals with extensive experience helping clients with complex health conditions find appropriate coverage. Our agents have worked with hundreds of individuals exploring Equitable’s specialized underwriting guidelines, particularly for applicants with elevated cholesterol or higher BMI who may qualify for better rate classes than with traditional insurers.
What Is Equitable Life Insurance Company?
Equitable Life Insurance Company represents one of America’s oldest financial institutions, with roots stretching back to 1859 when it was founded as “The Equitable Life Assurance Society of the United States.” After operating under the AXA Equitable brand for decades, the company simplified its identity to simply “Equitable” in 2020, reflecting its independence as a publicly traded entity on the New York Stock Exchange (ticker: EQH).
“During World War II, the company waived policy exclusions for deaths resulting from armed conflict between states, leading to the payout of thousands of policies that may have otherwise been denied. Equitable takes pride in this history, even though a French insurance group now owns it.”
– Historical analysis from Insurance Brokers USA
Key insight: Equitable operates as a stock company rather than a mutual insurer, meaning it serves shareholders alongside policyholders. This structure influences corporate decision-making and eliminates the dividend payments that mutual companies often provide to participating policyholders.
Corporate Structure and Scale
Today’s Equitable represents a significant consolidation within the insurance industry. As a subsidiary of Equitable Holdings, Inc., the company manages over $700 billion in assets and operates through approximately 5,000 agents and financial advisors nationwide. The corporate structure includes multiple subsidiaries:
- Equitable Financial Life Insurance Company: Issues policies in New York
- Equitable Financial Life Insurance Company of America: Issues policies in other states
- Equitable Advisors: Distribution and advisory services
- Equitable Distributors: Marketing and distribution support
Bottom Line
Equitable combines 160+ years of institutional experience with a modern corporate structure and substantial financial resources, though customer service execution hasn’t kept pace with its financial growth and stability.
How Strong Are Their Financial Ratings?
Equitable’s financial strength ratings represent one area where the company truly excels. Independent rating agencies consistently award top-tier grades, reflecting the company’s ability to meet long-term obligations and withstand economic challenges.
Equitable Financial Strength Ratings
| Rating Agency | Current Rating | Rating Meaning |
|---|---|---|
| A.M. Best | A+ (Superior) | Superior ability to meet ongoing obligations |
| Fitch Ratings | A+ | High credit quality, low default risk |
| Moody’s | A1 | Upper medium grade, low credit risk |
| S&P Global | A+ | Strong financial security characteristics |
| Comdex Score | 82 | Above-average composite rating |
Key insight: These ratings focus exclusively on financial stability and claims-paying ability. They don’t reflect customer service quality, pricing competitiveness, or operational efficiency – areas where Equitable faces significant challenges.
Assets and Capital Position
Equitable’s financial foundation includes substantial assets under management and conservative investment approaches that support rating agency confidence. The company’s parent, Equitable Holdings, manages over $700 billion in assets, providing additional financial backing and diversification benefits.
Key Takeaways
- Top-tier financial strength ratings from all major agencies demonstrate exceptional stability
- Over $700 billion in assets provides substantial backing for policy obligations
- 160+ year operational history includes surviving multiple economic crises
- Financial strength doesn’t translate to customer service excellence or competitive pricing
What Insurance Products Do They Offer?
Equitable specializes in term life insurance and permanent life insurance products, with a notable absence of traditional whole life coverage. The company’s product portfolio reflects a focus on higher-net-worth individuals and sophisticated financial planning needs, evidenced by their high minimum coverage amounts.
Equitable Product Portfolio
Term Life Insurance Options
- Level Term (10, 15, 20 years): Fixed premiums and death benefits, $1 million minimum coverage
- Annual Renewable Term: Renews automatically each year with increasing premiums, $1 million minimum
- TermOne: One-year coverage, non-renewable, $25,000 minimum coverage
- Term-in-10: Digital application process, approval within minutes for qualified applicants
Permanent Life Insurance
- BrightLife Grow Indexed Universal Life: Cash value growth tied to market indices with caps and floors
- IUL Protect 160: Guaranteed death benefit to age 90 with index-linked growth potential
- Variable Universal Life: Investment options for cash value growth with market risk
Notable Exclusions
- No Traditional Whole Life: Equitable doesn’t offer fixed-rate whole life insurance with guaranteed cash value growth
- Limited Term Options: Maximum term length is 20 years, shorter than many competitors’ 30-year options
“Although it offers lots of term and permanent policies, the lack of whole life options means Equitable probably won’t be the right fit for some shoppers. You’ll need to work with a financial professional to apply for any life insurance policy with Equitable.”
– InsuranceBrokers USA – Management
Application and Underwriting Process
Most Equitable Life insurance applications require working with a licensed financial professional, even for their streamlined Term-in-10 product. This agent-required approach adds a layer of interaction that some consumers prefer for guidance, while others find it unnecessarily complicated for simple term life needs.
Bottom Line
Equitable offers solid term and permanent life options for higher-coverage needs but lacks traditional whole life insurance and requires agent involvement for most applications, limiting flexibility for consumers seeking direct purchase options.
What Are the Customer Service Concerns?
Despite Equitable’s financial strength, customer service represents a significant weakness that potential policyholders must carefully consider. Recent customer reviews reveal concerning patterns of delayed response times, claims processing issues, and website functionality problems that can create serious frustration during critical moments.
Problems such as:
- Claims Processing Delays: Multiple reports of death benefit claims taking months to resolve
- Website Functionality Issues: Frequent login problems and outdated forms causing access difficulties
- Communication Inconsistencies: Different customer service representatives providing conflicting information
- Document Management Problems: Lost paperwork requiring resubmission and additional documentation
- Response Time Issues: Extended wait times for email and phone support responses
Customer Service Contact Information
| Service Type | Contact Method | Availability |
|---|---|---|
| General Customer Service | (866) 444-6001 | Monday-Thursday 8:30 AM – 7:00 PM ET Friday 8:30 AM – 5:30 PM ET |
| Technical Support | (877) 222-2144 | Business hours |
| Voice Forms System | (800) 777-6510 | 24/7 automated system |
Key Takeaways
- Multiple customer reports of significant delays in claims processing and customer service response
- Website and login functionality issues create barriers to policy management
- Inconsistent information from customer service representatives complicates problem resolution
- Despite formal complaint data showing fewer issues, online reviews reveal widespread dissatisfaction
How Do Their Rates Compare?
Equitable’s pricing represents a significant consideration for cost-conscious consumers. Industry analysis consistently shows that Equitable’s term life insurance rates trend higher than many competitors, though this premium pricing may be justified for specific applicant profiles who benefit from their lenient underwriting guidelines.
“If you’re looking for the best-priced term life insurance, the best options will typically be Banner Life, Protective, Pacific Life, and Lincoln National.”
– InsuranceBrokers USA – Management Team
Pricing Factors and Considerations
Several factors contribute to Equitable’s higher pricing structure:
- High Minimum Coverage Amounts: Most products require $1 million minimum coverage, targeting higher-net-worth individuals
- Premium Product Positioning: Company positions itself in the higher-end market segment
- Distribution Costs: Agent-required sales model adds overhead expenses
- Comprehensive Underwriting: Lenient health guidelines may result in higher overall risk pool
When Equitable Might Be Competitively Priced
Health-Specific Advantages
- High Cholesterol Levels: Preferred Plus rates available for total cholesterol up to 300 mg/dL
- Higher BMI Tolerance: More lenient build requirements than many competitors
- Underwriting Flexibility: May offer better rate classes for specific health profiles
Product-Specific Value
- Large Coverage Amounts: Competitive at higher face value levels ($1M+)
- Indexed Universal Life: Solid IUL options with reasonable fees and caps
- Term-in-10 Convenience: Fast digital approval process for qualified applicants
Key insight: While Equitable’s base rates may be higher, their lenient underwriting can result in better health class assignments that ultimately provide competitive pricing for applicants with specific health characteristics that other insurers rate more harshly.
Bottom Line
Equitable’s rates are generally higher than budget leaders, but their underwriting flexibility can create competitive situations for specific health profiles, particularly those with elevated cholesterol or higher BMI who might receive worse ratings elsewhere.
When Might They Approve You When Others Won’t?
Equitable’s most compelling advantage lies in their underwriting philosophy, which takes a more lenient approach to certain health conditions and risk factors that might result in higher premiums or declined applications with other insurers. This flexibility can make them an excellent choice for specific applicant profiles.
Cholesterol Level Advantages
One area where Equitable significantly outperforms competitors involves cholesterol underwriting. While most insurers restrict their best rate classes to individuals with total cholesterol under 240 mg/dL, Equitable offers Preferred Plus rates for cholesterol levels up to 300 mg/dL.
Cholesterol Underwriting Comparison
| Total Cholesterol Level | Typical Industry Response | Equitable’s Approach |
|---|---|---|
| Under 200 mg/dL | Preferred Plus rates | Preferred Plus rates |
| 200-239 mg/dL | Preferred rates | Preferred Plus rates |
| 240-300 mg/dL | Standard or table ratings | Preferred Plus rates |
| Over 300 mg/dL | Table ratings or declined | Individual evaluation |
“One potential drawback of Equitable is that it often fails to offer the best life insurance rates. However, if you fall into one of its niche categories, it may be the best option because you will secure a better health rating than with a different company. One area where Equitable’s underwriting excels is total cholesterol.”
– Analysis from Insurance Brokers USA
Build and BMI Flexibility
Equitable also demonstrates more lenient build requirements, allowing higher Body Mass Index (BMI) levels for their best rate classes compared to many competitors. This flexibility can result in significant premium savings for individuals who might receive substandard ratings elsewhere due to weight considerations.
Other Underwriting Advantages
- Simplified Issue Options: Term-in-10 and TermOne products offer reduced medical requirements
- Age-Flexible Underwriting: Competitive approach for older applicants seeking coverage
- Medical History Consideration: Individual case evaluation rather than automatic declines for certain conditions
- Occupation Flexibility: May approve coverage for higher-risk occupations that others decline
Key Takeaways
- Preferred Plus rates available for cholesterol levels up to 300 mg/dL (industry-leading)
- More lenient BMI requirements than most competitors
- An individual case evaluation approach rather than automatic underwriting declines
- Higher base rates may be offset by better health class assignments for specific profiles
Bottom Line
If you have elevated cholesterol, higher BMI, or other health factors that typically result in premium increases, Equitable’s underwriting approach may deliver better rate classes and competitive overall pricing despite their generally higher base rates.
What Are the Main Pros and Cons?
Understanding Equitable’s strengths and weaknesses helps determine whether their unique combination of financial strength and service challenges aligns with your priorities and risk tolerance for potential customer service frustrations.
Comprehensive Pros and Cons Analysis
✓ Advantages
- Exceptional Financial Stability: A+ ratings from all major agencies
- 160+ Year History: Survived multiple economic crises and market downturns
- Lenient Underwriting: Preferred Plus rates for cholesterol up to 300 mg/dL
- BMI Flexibility: More generous build requirements than most competitors
- Digital Innovation: Term-in-10 offers fast, streamlined approval process
- High Coverage Amounts: Specializes in $1M+ policies for substantial protection needs
- Product Variety: Strong selection of term and permanent life options
- Asset Backing: Over $700 billion in managed assets provides security
✗ Significant Limitations
- Customer Service Issues: Multiple reports of delayed claims and poor response times
- Higher Premium Costs: Generally more expensive than budget leaders
- No Whole Life Insurance: Lacks traditional whole life with fixed returns
- High Minimum Coverage: $1M minimum excludes smaller coverage needs
- Agent-Required Sales: Must work through advisors for most products
- Limited Term Options: Maximum 20-year terms, no 30-year options
- Website Functionality: Customer reports of login and form issues
Bottom Line
Equitable offers unquestionable financial stability and specialized underwriting advantages, but significant customer service concerns and higher pricing make them better suited for specific situations rather than general life insurance needs.
Who Should Consider Equitable Life Insurance?
Equitable serves specific market segments particularly well, despite their customer service challenges. Understanding whether you fit their ideal customer profile helps determine if their unique advantages outweigh the potential frustrations.
Best Fit Scenarios
High-Cholesterol Applicants
Individuals with total cholesterol levels between 240-300 mg/dL find Equitable’s underwriting approach particularly valuable. While other insurers would assign Standard or table ratings, Equitable may offer Preferred Plus rates, resulting in significant premium savings that offset their generally higher base pricing.
Higher BMI Applicants
People with Body Mass Index levels that typically result in substandard ratings with traditional insurers may qualify for better rate classes with Equitable’s more lenient build requirements.
High Net Worth Individuals
Equitable’s $1 million minimum coverage amounts and sophisticated product offerings align well with affluent individuals seeking substantial life insurance protection and complex financial planning solutions.
Institutional Stability Priority
Consumers who prioritize financial strength ratings and institutional longevity over customer service convenience may find Equitable’s 160+ year history and A+ ratings compelling despite service limitations.
“Equitable Life Insurance stands out for its innovative term offerings, competitive IUL policies, and underwriting flexibility. While it may not suit every budget due to high face amount minimums, it’s a strong contender if you need $1 million or more in coverage, want digital convenience, or need unique options like TermOne.”
– InsuranceBrokers USA – Management Team
Less Suitable Scenarios
- Budget-Conscious Shoppers: Families primarily seeking the lowest possible premiums should explore Banner Life, Protective, or Pacific Life
- Small Coverage Needs: The $1 million minimum coverage excludes most families seeking modest protection amounts
- Whole Life Preference: Consumers specifically wanting traditional whole life insurance must look elsewhere
- Customer Service Priority: Individuals who value responsive customer support should consider carriers with better service track records
- Long-Term Coverage: Those seeking 30-year term options need to explore other carriers
- Direct Purchase Preference: Consumers wanting to buy online without agent involvement have limited options with Equitable
Key Takeaways
- Ideal for applicants with elevated cholesterol or higher BMI who may receive better rate classes
- Best suited for high-net-worth individuals needing $1M+ coverage amounts
- Strong option for those prioritizing financial stability over customer service convenience
- Not appropriate for budget shoppers, small coverage needs, or whole life insurance seekers
For personalized guidance on whether Equitable’s unique advantages outweigh their limitations for your specific situation, consider consulting with an independent insurance professional who can compare multiple carriers. You can reach our team at 888-211-6171 to discuss your options and receive customized recommendations that factor in your health profile, coverage needs, and service preferences.
Frequently Asked Questions
Is Equitable Life Insurance financially stable?
Yes, Equitable demonstrates exceptional financial stability. The company holds A+ ratings from A.M. Best, Fitch, and S&P Global, with an A1 rating from Moody’s. With over $700 billion in assets under management and 160+ years of continuous operation, Equitable’s financial strength is unquestionable. However, financial stability doesn’t guarantee excellent customer service or competitive pricing.
Why are Equitable’s life insurance rates higher than competitors?
Several factors contribute to Equitable’s premium pricing structure. The company targets higher-net-worth individuals with minimum coverage amounts typically starting at $1 million, operates through an agent-required sales model that adds distribution costs, and maintains lenient underwriting guidelines that may increase their overall risk pool. While base rates are higher, their flexible underwriting can result in better health class assignments that offset the premium pricing for specific applicant profiles.
What are the main customer service issues with Equitable?
Customer reviews consistently report several concerning service issues. Common problems include delayed claims processing (sometimes taking months), website functionality problems preventing policy access, inconsistent information from customer service representatives, lost documentation requiring resubmission, and extended response times for support requests. While regulatory complaint data shows fewer formal complaints than expected, online reviews reveal widespread customer dissatisfaction.
Does Equitable offer whole life insurance?
No, Equitable does not offer traditional whole life insurance. Their permanent life insurance options include indexed universal life (IUL) and variable universal life products, but they lack fixed-rate whole life policies with guaranteed cash value growth. This limitation makes Equitable unsuitable for consumers specifically seeking traditional whole life insurance benefits like guaranteed dividends or fixed returns.
When might Equitable approve me when other insurers won’t?
Equitable’s lenient underwriting guidelines create advantages for specific health profiles. They offer Preferred Plus rates for cholesterol levels up to 300 mg/dL (compared to most insurers’ 240 mg/dL limit), maintain more generous BMI requirements, and take a more flexible approach to certain medical conditions. If you have elevated cholesterol, higher BMI, or health factors that typically result in premium increases elsewhere, Equitable may provide better rate classes despite their generally higher base pricing.
Can I buy Equitable Life Insurance online?
Most Equitable products require working with a licensed financial professional. Even their Term-in-10 product, which offers fast digital approval, requires an initial conversation with an advisor who provides the online application link. This agent-required approach adds a consultation layer that some consumers appreciate for guidance, while others find it unnecessarily complicated compared to direct online purchase options available with other carriers.
What’s the minimum coverage amount with Equitable?
Most Equitable policies require $1 million minimum coverage, with one notable exception. Their Level Term, Annual Renewable Term, and permanent life products all have $1 million minimums, targeting high-net-worth individuals. Only their TermOne (one-year term) product offers lower coverage with a $25,000 minimum. This high minimum threshold excludes most families seeking modest protection amounts under $500,000.
Should I choose Equitable despite the customer service concerns?
The decision depends on your priorities and specific situation. If you have health factors that benefit from Equitable’s lenient underwriting (high cholesterol, elevated BMI), need substantial coverage amounts ($1M+), and prioritize financial stability over customer service convenience, Equitable may be worth considering. However, if you value responsive customer support, seek competitive pricing, or need smaller coverage amounts, exploring alternatives like Banner Life, Protective, or Pacific Life would be advisable. Working with an independent agent can help you compare multiple options based on your specific circumstances – call 888-211-6171 for personalized guidance.
I have a policy # 574509388 that was paid up on 11/7/1977 can i find out if it is possible to cash it out or find out what the value is?
James,
You would need to contact Equitable Life directly.
Thanks,
InsuranceBrokersUSA