Equitable Life Service Standards

Do take note of Equitable Service Standards and what to expect as a first year policy owner: 

1. Policy Loans – Equitable Life will process your policy loan within 5 business days. If you select the direct deposit option, it can take another 2-5 business days for the payment to clear depending on your bank. If  you select the mail option, it will depend on Canada Post’s service.  Equitable Life cannot control any delays with Canada post. Please note that any loans $50,000 and above  are automatically sent out via cheque.

    

2. Beneficiary and Ownership Changes – 10 business days.

    

3. Loan History Requests – 3 business days (under 2 years). If greater than 2 years, you should receive an email within 3 business days telling you how long it would take them to provide your requested loan history.

    

4. Switching payment mode/banking information change – 3 business days. However, please note you need to give Equitable Life ample lead time (they recommend 10 business days)  to stop the pre-authorized debit. If you send the request very close to the draw date, they won’t have sufficient time to stop the PAC for that month and the change will apply the following month.

Please note that for policy loans $50,000 and above, Equitable Life is not able to do a direct deposit and will mail a cheque by default.