Equitable Life Insurance review 2022

Equitable Holdings, Inc. is the parent company of Equitable Life insurance, which sells policies across the United States as well as other financial services such as retirement planning. It was founded in 1859 and has gone through several name changes, most recently as AXA Equitable. Individuals can choose from a variety of policy types, including term and permanent policies.

Equitable has been selling life insurance, including life insurance for children, and other financial products for over 160 years, and it offers a diverse range of life policy types for those who want to provide financial security for their loved ones. These include term policies with terms ranging from one to twenty years, which may be especially appealing to those who only require coverage for a limited time. It also sells indexed universal life insurance and variable life insurance, both of which have a cash value.

Equitable's life insurance products are distributed by a nationwide network of independent agents who are Equitable distributors. You can also work with a financial professional through its website, who can advise you on life insurance and help you determine what type of policy is best for you and how much life insurance you need so you can start comparing quotes. In addition to life insurance, the company provides annuities, 401(k) plans, and other products.

Equitable life insurance coverage types

Individuals can choose from five different types of life insurance coverage with Equitable life insurance. They all have a death benefit, but the permanent policies also have a cash value that can be borrowed against during the policyholder's lifetime. Permanent policies have no expiration date and remain active as long as the premium is paid, making them an excellent choice for long-term financial planning.

Term:Term life insurance policies are often a good choice for young families who need coverage while their children are still young, or for anyone who wants coverage for a set period of time. Equitable offers an unusually wide range of terms, including ones for one, ten, fifteen, and twenty years. Some people may even be eligible for no-medical-exam life insurance. Term policies are typically inexpensive, with payouts of up to $2 million. When a policy's term expires, it can be converted to permanent insurance.

Permanent: Equitable offers a variety of permanent policies, all of which have a cash value. The distinction between them is in how the cash value is invested, so you may prefer one over the other depending on whether you want a conservative investment or are willing to take some risk. Equitable, on the other hand, does not sell the most common type of permanent policy, which is whole life insurance. Some permanent policies may not require a medical exam. Equitable sells the following types of permanent policies:

Indexed universal life insurance: A portion of your premium goes toward your death benefit, while the rest is invested in an S&P index fund, where it grows tax-deferred in a stock company or companies. Growth is determined by the market's performance. Depending on your financial situation, you can adjust the timing and amount of your premium for this policy.
Variable universal life insurance: Variable universal life insurance, like indexed universal life insurance, allows for payment amount and timing flexibility. Variable universal, on the other hand, invests your cash value in a mutual fund, making it less risky but also less likely to grow as much as Indexed universal life. With Equitable, you have two options for variable universal life (VUL): VUL Optimizer and VUL Legacy, which give you more investment vehicle options.
Survivorship life insurance: With a single policy, this type of permanent policy covers two people, usually partners or spouses. When they both die, their beneficiaries will receive the death benefit. For those who are interested, Equitable offers a VUL survivorship policy.
Long-term care insurance: Unlike most life insurance policies, Equitable's long-term care insurance rider includes a way to pay for long-term care costs as well as a death benefit and cash value. Older people are more likely to purchase long-term care insurance.

Guaranteed issue: Equitable offers several of its policies as guaranteed issue, no medical exam options, with an easy underwriting process that it claims is less invasive than usual. If you are between the ages of 18 and 55 and a US citizen or permanent resident, you may be eligible for a guaranteed policy. VUL Optimizer, VUL Legacy, BrightLife Grow, and Term 10, 15, 20, and ART are among the products included in the guaranteed program.

Equitable life services

Equitable Life Insurance Company is more than just a life insurance company. You can get advice from a financial professional about your retirement or other issues, and the company sells annuities, 401(k) plans, 403(b) plans for educators, and 457(b) retirement plans.

Employers can also find services such as dental, life, and disability insurance, as well as other types of insurance relevant to business and industry, at Equitable. The site's blogs contain a wealth of information, including articles on everything from 529 plans for college savings to how to manage debt and create an emergency fund.

Other Equitable perks worth considering

Equitable offers a comprehensive range of insurance products for employers, ranging from long-term disability to critical illness insurance.

The mobile app, which is available for both Android and iPhone, allows for on-the-go account management and convenience.

Educators can use online tools and resources.

Equitable life insurance customer and claims satisfaction

The majority of Equitable life insurance reviews are positive. The NAIC, which monitors company complaints, reports that Equitable has far fewer complaints filed than the national baseline of 1.0, with an index of 0.12. In the 2021 J.D. Power U.S. Life Insurance Study, Equitable life policyholders rate Equitable's customer satisfaction as below average.

Equitable has a high rating with consumer watchdogs who monitor its financial strength. A.M. Best rates it A (Excellent), Moody's rates it A2, and Standard & Poor's rates it A+ (S&P).

Equitable social responsibility

Equitable's Foundation makes regular contributions to the success and vitality of its communities, including the New York/Jersey City area where it is headquartered. The foundation supports a scholarship program that awards one hundred $2,500 scholarships to students each year, as well as a matching gifts program and an employee volunteer program that provided over 6,800 hours of service in 2018.

Equitable contributes to the Red Cross Disaster Responder Program and works with a number of other non-profit organizations, including the New Teacher Center and Students Against Destructive Decisions (SADD).

Not sure if Equitable is right for you? Consider these alternatives

If you want to look into a few other insurers before deciding if Equitable life insurance is right for you, you could start with these:

State Farm: If you want an insurer with high customer satisfaction ratings, State Farm is a well-known company that topped the overall customer satisfaction ranking in the 2021 J.D. Power Life Insurance Study. It also received a StrongInsurance Award for best term life insurance company in 2022.
Northwestern Mutual: Another top-ranked company in J.D. Power customer satisfaction, Northwestern Mutual offers term, whole life, and universal life policies, as well as the option of paying annual dividends to many policyholders.
Nationwide: Nationwide Insurance provides auto, property, and life insurance, as well as other banking and financial services. The J.D. Power Life Insurance Study ranked it second.