This study explains the components of ethical behavior and their impacts on life insurance companies in province of Mazandaran, Iran. There were 367 insurance representatives and the study selects a sample of 187 ones based on Cochran formula and 2 questionnaires were distributed among them. The first questionnaire, unethical behavior, includes 8 items including Bribery, Cheating, Deception, Interact with colleagues, Act as social behavior, Uncommitted to firm and Irresponsibility. In addition, the questionnaire of brand equity contains three components of Awareness, Perceived quality and Loyalty. Using structural equation modeling, the study has determined that the effects of cheating and deception on unethical behaviors were not confirmed but the effects of other factors, bribery, interact with colleagues, act as social behavior, uncommitted to firm and irresponsibility on unethical behavior were confirmed. In addition, three components of Awareness, Perceived quality and Loyalty had positive relationship with brand equity.