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Equitable Life Insurance Review 2021

Jan. 4, 2021
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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EQUITABLE LIFE INSURANCE

  • Rated 3.5 stars out of 5 by NerdWallet.
  • Large selection of term and universal life policies.
  • Fewer complaints than expected for a company its size.
Shopping for life insurance during the pandemic? Be aware that insurers may have changed their products and policy applications. For the latest information on how to cope with financial stress during this emergency, see NerdWallet’s financial guide to COVID-19.

Equitable is a large life and retirement savings company. It was known as AXA Equitable until a name change in 2020. It offers a wide range of term and permanent life insurance policies, along with other financial products.

» MORE: Compare life insurance quotes

Take care of what matters most

Your family is unique — your life insurance should be, too.

Equitable life insurance

3.5 NerdWallet rating

Equitable earned 3.5 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account complaint data from the National Association of Insurance Commissioners and financial strength ratings from A.M. Best.

Equitable life insurance policies

Life insurance options from Equitable include:

Term life insurance. Equitable offers terms of 1, 10, 15 and 20 years with two pricing options. With the level-premium option, the annual price stays the same every year of the term. With annual renewable term life insurance, the policy can be renewed without reapplying for coverage, but the price increases each year.

Prices for annual renewable term life are fixed for the first three years and may be lower in the early years and higher in later years than prices for level-premium term life. Equitable also offers a one-year non-renewable term life policy. All of the company’s term life policies are convertible to permanent life insurance.

Permanent life insurance. Equitable offers indexed universal life and variable universal life insurance policies. The two indexed options are designed for differing investment and risk profiles. Equitable offers a similar set of options with its two variable policies, for buyers with specific financial goals.

Equitable offers a variable universal life survivorship policy. A survivorship policy insures two people — usually a married couple — on one policy. The death benefit is paid out when the second person dies.

Equitable customer complaints and satisfaction

Over three years, Equitable has had fewer complaints to state regulators than expected for a company of its size, according to NerdWallet’s analysis of data from the National Association of Insurance Commissioners.

For life insurance customer satisfaction, Equitable was 19th out of 23 companies evaluated by J.D. Power in its 2020 U.S. Life Insurance Study.

More about Equitable

In addition to life insurance, Equitable offers several other financial products and services, including:

  • Annuities.
  • Individual retirement accounts.
  • Workplace benefit plans.
ProsCons
Received fewer complaints than expected for a company its size.No permanent life insurance options with fixed rates.
Offers a wide range of term life options.

Methodology: Life insurance ratings

NerdWallet’s life insurance ratings are based on weighted averages of complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and financial strength ratings from A.M. Best, which indicate a company’s ability to pay future claims. To calculate each insurer’s rating, we adjusted the NAIC and A.M. Best scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews.

Methodology: Insurer complaints

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2016-2018. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

 

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