Additions and Increases


Additions and Increases not available on the following plan types.
  • Final & Living Protection
  • Equiliving Critical Illness
  • Equation Generation IV
  • UL Generations
Plan type Requirements Comments/Instructions
Critical Illness Riders
  • 10 Year Renewable to Age 75
  • Level to Age 75
  • Level to Age 100
  • 20 Pay Coverage to age 75
  • 20 Pay Coverage for Life







Return of Premiums on Death Rider

Return of Premiums at Expiry* Rider
 
Return of Premiums at Surrender/Expiry**
Application for Change - G3 #374G3 
 
*Refer to Evidence of Insurability #1343










Application for Change - G3 #374G3

Application for Change - G3 #374G3


Application for Change - G3 #374G3

 
Refer to form #374G3 Pg#2 (CI) for sections required.
Term Plans
Available on Adults only
Single Life - available on the same life insured only
Multi Life - available on the lives insured only (no additional lives) and both lives on
Joint First to Die Plans
 
Equimax Plans, Equation Generation IV,Generations
Available on Juvenile and Adult plans (Juvenile Plans: Ages 30 days - 17 years)
Available on the same life(s) insured only
Can add to a single life, Joint First to Die and Joint Last-to-Die plans
Beneficiary is insured unless otherwise stated
* 20 pay available on Equimax and Universal Life plans only

Refer to form #374G3 Pg#2 for sections required
 
*Available on 10 Year Renewable to Age 75 plans only
Refer to form #374G3 Pg#2 for sections required
  
**Available on Level Pay and 20 Pay Plans
Refer to form #374G3 Pg#2 for sections required
Disability Waiver Application for Change - G3 #374G3
 
*Refer to Evidence of Insurability #1343
Refer to form #374G3 for sections required.
Term Application for Change - G3 #374G3
*Refer to Evidence of Insurability #1343
Refer to form #374G3 for sections required.
Notes:
Subject to coverage minimums
Term 30/65 is not available as a rider on Critical Illness or Universal Life policies.
It can be added to Term or Equimax Products on the same life only.
Equimax Participating Whole Life Application for Change - G3 #374G3
*Refer to Evidence of Insurability #1343
Refer to form #374G3 for sections required. Include signed illustration. 
Increases can only be completed within 6 months from issue  at original age and rates.
Difference in premiums from issue date required.
Original contract must be returned to Head Office. 
Any increases after 6 months from the issue date must be requested with a
new application through New Business.
Additional Accidental Death Benefit Rider Application for Change - G3 #374G3 Refer to form #374G3 Sections 1, 8 & 9
Not Available on Equiliving Critical Illness or Whole Life 20 pay
Children's Protection Rider (CPR)  Application for Change - G3 #374G3
 
*Refer to Evidence of Insurability #1343
Refer to form #374G3 for sections required.
Available on Whole Life and Universal Life and both individually and corporately owned
stand alone single life Term policies.
Not available on Critical Illness.
Total CPR coverage on policy can not exceed $30,000

 

Conversions

Products Requirements Comments/Instructions
From Term to:
Equimax Participating Whole Life
Equation Generation IV
UL Generations
Application for Term Conversion #1616
Signed Illustration using Equitable Life's most current software.
For Corporately owned policies the Business Information Form #594 
must be completed.

Application for conversion: single life term to joint life permanent
*Issue date of current policies must be April 1st, 2022 or later.
Policies with an issue date prior
to April 1st, 2022 must have their eligibility for conversion to a
joint policy approved by contacting inforcelifemail@equitable.ca 
with the policy numbers prior to completing this form.

Conversions using the max NAAR to add EDO without
Underwriting do not apply.
Note: Before proceeding with the Conversion the signed illustration
must be submitted.
 
Refer to the Guide to Application for Term Conversion for step by
step instructions and answers to frequently asked questions.
 
To add an additional rider or benefit at the time of conversion,
complete the Application for Life Insurance #350 rather than the
Application for Term Conversion #1616. Indicate the intention to convert the
term insurance by checking; Convert the Term Conversion from
policy #___________ on Page #1 of the Application for Life Insurance #350.

EDO
Available when the maximum net amount at risk (NAAR) for the new
Equimax policy (located on the illustration) plus any remaining term coverage
(if any) does not exceed the original term coverage amount.
In addition to standard term conversion requirements,
the 1616 term conversion worksheet must be completed and submitted
with the request. 

Note: If the conversion does not meet the requirements outlined above the
client may apply to have the EDO underwritten by completing the 
Application for Life Insurance #350 rather than the
Application for Term Conversion #1616 .

Conversion credits are not available on G3 policies
Children's Protection Rider (CPR)
to Any Plan Available
Application for Life and/or Critical Illness Insurance #350 
Ownership Change Form #671OC (see notes if applicable)
Signed Illustration for Equimax Participating Whole Life
or Universal Life
To Convert to:
Equimax Participating Whole Life:
Complete the following Sections on the Application for Life and/or
Critical Illness Insurance Form #350
Section: 1, 2, 3, 4, 9, 10, 11, 14.3, 14.4, 17, 18 & 20
Equation Generation IV:
Complete the following Sections on the Application for Life and/or
Critical Illness Insurance Form #350
Section: 1, 2, 3, 5, 6, 9, 10, 11, 14.3, 14.4, 17, 18 & 20
Term:
Complete the following Sections on the Application for Life and/or
Critical Illness Insurance Form #350
Section: 1, 2, 3, 7, 9, 10, 11, 14.3, 14.4, 17, 18 & 20
Available between ages 21 and up to age 25 for up to five times the amount
of the original CPR
If ownership is changing, complete form 671OC (Ownership Change),
otherwise all existing owner(s) must sign form 350 in order to proceed
with existing ownership.

 

Deletions and Decreases

Product/Plan Requirements Comments/Instructions
All Products
(Excluding Final & Living Protection)
Application for Change - G3 #374G3
Will also accept Letter of Direction that indicates policy number,
clear instructions and is signed and dated by all policy owners.
Refer to form #374G3 for sections required.
Any decrease (subject to coverage minimums) or deletion of a life
insured, rider or benefit.
On Joint policies the deletion of a life is not available.
Applicable surrender charges will be applied to Universal Life products
Decreases processed at original age and rates
The planned premium on Universal Life policies remains unchanged
unless instructed otherwise.
On Equiliving policies, based on when your client's policy was issued,
the accumulated premiums for a Return of Premium Rider may be
decreased or may remain the same if your client makes a face amount
decrease to their policy.
NOTE: Refer to your policy contract.
Final & Living Protection Final Protection & Living Protection Application for Change form #1318  Refer to form #1318 for sections required

 

Exchanges

All Products Requirements Comments/Instructions
Exchange Options Available: 
Term 10 to Term 20

Term 10 to Term 30/65
Term 20 to Term 30/65.
If you are only requesting an Exchange,
only use the  Term Exchange Form (2124)


If you are requesting an
Exchange and making other changes,
use the  Application for Change - G3 (374G3)

 
Exchange Option available starting on the 1st anniversary of the Term coverage up to the 5th
policy anniversary or age 65 (whichever comes first). 

Full or partial exchange of the current term coverage amount may be exchanged
subject to age and amount requirements. 


Exchange Option and Preferred Term Status

If the current term plan has a preferred underwriting class, the preferred underwriting class
will carry over to the new term plan upon exchange, provided it meets our administrative
and underwriting rules in effect at that time.


FOR THE NEW TERM
Current administrative and underwriting age and amounts for Preferred Status are as follows:
  • For ages, 15-50 greater than or equal to $2MIL
  • For ages, 51-60 greater than or equal to $500,000
If the insured person does not qualify for preferred status, standard non-smoker or smoker rates will apply.

IF THERE IS COVERAGE REMAINING ON THE CURRENT TERM
If the current term plan was issued with a preferred risk class and the remaining amount of
insurance is less than the amount that was needed to qualify for preferred rates for
when the coverage was first issued, standard non-smoker or smoker rates will apply.

 
Change Privilege: Critical Illness  Application for Change - G3 #374G3 For availability and policy specifics, please refer to policy contract. 
Note
For Living Protection, only Level to Age 75 available, form #374G3 (français) or form #1318 can be used
IMPORTANT: Effective February 12, 2022
We will no longer be continuing our current administrative process of allowing old CI plans to be
able to get a current Equiliving plan design without full underwriting.
Old Plans will now change to the version of the CI plan that was available at the time
their original CI plan was put in effect.
For policies that were put in effect prior to February 12, 2022, you will need to
contact the individual Quotes Department for an Illustration.
No increases permitted after issue

 

General Information

This section of our Admin Guide for Life & Health Policy Changes applies to G3 policies only.

What is a G3 policy?

A G3 Policy is generally described as a policy contract with an issue date on or after January 1, 2017. Please check the Tax Indicator, on the Coverage Tab on our
Equinet Policy Inquiry - Details section of the Individual Inquiry (Policy) section of Equinet to confirm the tax status (G2/G3) of your policy before proceeding.
Assignments: If the policy is assigned, the assignee's release or signature authorizing the change is required.
Beneficiary: If preferred or irrevocable, the beneficiary's signature is required, as well as the policy owner's signature.
COD: A change to an existing policy is a continuation of the existing plan.  Therefore; policy changes are not available on a COD basis.
Premiums: If on annual billing, we require the prorated premium for the addition. If on monthly PAD (pre-authorized debit) we will withdraw the additional premium.
The planned premium on Universal Life policies remains unchanged unless instructed otherwise.
 
Evidence: When determining evidence requirements, include any additional coverage issued within 6 months with Equitable.
Original Documents: Original Documents are not required when sending applications/requirements electronically.
Fees: No Charges apply for change processing. A $50 charge will apply to reverse the change. Where permitted, the reversal of a policy change is only available within 21 calendar days from the date the change was processed.
 
 

Miscellaneous

Type of Change Requirements Comments
Rating Reconsideration &
Removal of Exclusion Clause
Application for Change - G3 #374G3 Refer to form #374G3 for sections required.
Note:
For Joint Policies all lives insured must complete sections 2, 3, 4, 5, 6 & 8 of the
Application for Change.
The planned premium on Universal Life policies remains unchanged
unless instructed otherwise.
Evidence Of Insurability:
To be determined by Underwriting
Separate Policy Option

The Ownership, Beneficiary change and Pre-authorized
banking information forms are not required if the
separate policy option is on the same life.

Application for Change - G3 #374G3

Beneficiary Change Request Form #671BCF 

Ownership Change Form #671OC  

Pre-Authorized Debit Form #378 & void cheque 

Complete Sections 1, 8 & 9 on Form #374G3. Base coverage and any riders
not being separated will remain as is on the original policy.
Provide a new signed illustration for the coverage that is being moved to a
separate policy (illustration for UL plans only).

Note:This option is for separating an individual line of life insurance
coverage to a new policy.
Term at original age and rates
Critical Illness riders on Universal Life policy can be split off at original age
and rates.
Only available on riders issued with a 2005 plan code or later.
All others must be process as a Replacement.
 
Option to Elect Individual Policies Application for Life and/or Critical Illness Insurance #350 
Ownership Change Form #671OC 
Signed Illustration for Equimax Participating Whole Life
and Universal Life
Note:
This option is for Joint Policies with Special Options Rider; this allows each
insured to take a new policy equal to or less than the original face amount
at attained age and rates.

See policy contract for eligibility. Evidence of Material Change of Relationship
may be required; refer to the policy contract

Evidence required in the event of a marriage/common law relationship change,
would typically include a copy of a separation agreement or divorce certificate. 

Evidence in the event of a business relationship change would include
official documentation indicating the partnership no longer exists.
Section 11 on form #350 must indicate  Option to Elect Individual Policies
from policy # __________

Term:
Complete Sections 1, 2, 3, 7, 9, 10, 11, 17 & 20 on Application #350

Equimax Participating Whole Life:
Complete Sections 1, 2, 3, 4, 9, 10, 11, 17 & 20 on Application #350

Equation Generation IV, Generations:
Complete Sections 1, 2, 3, 5, 6, 9, 10, 11, 17 & 20 on Application #350
 
Guaranteed Insurability Option
or Flexible Guaranteed Insurability Option
- Exercising on option date
Application for Life and/or Critical Illness Insurance #350 
Signed illustration (for Equimax Participating Whole Life
or Universal Life)
Ownership Change Form #671OC  
(see notes if applicable)
Term:
Complete Sections 1, 2, 3, 7, 9, 10, 11, 17 & 20 on Application #350
Equimax Participating Whole Life:
Complete Sections 1, 2, 3, 4, 9, 10, 11, 17 & 20 on Application #350
Equation Generation IV, Generations:
Complete Sections 1, 2, 3, 5, 6, 9, 10, 11, 17 & 20 on Application #350
Notes
If Insured was a juvenile at issue of the Guaranteed Insurability option
complete sections 14.3 and 14.4:
Only available on the dates specified in the client's contract.
If ownership is changing, please complete form 671 OC (Ownership Change),
otherwise all existing owner(s) must sign form 350 in order to proceed
with existing ownership.

For GIO options less than $50,000, the coverage must be issued as an Equimax
Whole Life or a Generations Universal Life coverage that allows for
face amount less than $50,000.

These restrictions are in place due to the current coverage minimums
on each product.

 

Replacements

   Requirements:
 
        Products Requirements       Comments/Instructions
        All Products          Termination for Internal Replacement #1609
Life Insurance Replacement Declaration (LIRD)
(not required for replacement of CI Coverage
or replacing with CI Coverage).



 
     The Termination for Internal Replacement form is used to surrender a policy (or coverage under a policy)
      and replace it with a new policy or coverage from Equitable.

      
The New Policy will be issued by the New Business department and the Original Policy
      to be replaced will be terminated upon receipt of the Termination for Internal Replacement form.

     The New Business department will send out the new contract and include the
      Termination for Internal Replacement form to be completed and returned to our office.


      To qualify for a refund of overlapping premiums we must receive this form within
      30 days of the issue date of the new policy or coverage.
 

Smoker to Non Smoker

Product Requirements Comments
All Products Excluding Final
& Living Protection 
Application for Change - G3 #374G3
Evidence of Insurability:
Urine
 
Refer to form #374G3 for sections required.
Note, all lives insured must complete the application for
change on Joint policies
For smoker definition by product type please refer to the
Pg. #23 in our Guide to Individual Underwriting #1024 
he planned premium on Universal Life policies
remains unchanged unless instructed otherwise.
Age 16 Non-Smoker Declaration 
Whole Life 
Universal Life 
Critical Illness 
Signed non-smoker declaration by insured and owner(s)
 
Note: if request is received more than 60 days from
the policy anniversary after the Insureds 18th
birthday refer to form 374G3 for sections required.
The non-smoker declaration will not be sent out on
UL Generation Product.
Final & Living Protection Final Protection & Living Protection Application for Change form #1318 Refer to form #1318 for sections required

 

Universal Life

Type of Change Requirements Comments
Change in Cost of Insurance -
Universal Life
Application for Change - G3 #374G3 Level to YRT (at attained age and original rates):
Complete sections 1, 2, 3, 4, 5, 6, 8 and 9 on form #374G3.
(section 7 if Insured is under exact age of 16) 
YRT to Level (at attained age and original rates, minimum age 16):
Complete sections 1, 8, and 9 on form #374G3 
YRT to Level at attained age and original rates, minimum age 16;
if over age 75 contact individual Quotes Department for an illustration.
The change to a Level COI is not available on UL Generations
Change in Death Benefit Option Application for Change - G3 #374G3

Available Death Benefit Option Changes:

Account Value Protector to Level (Complete sections 1, 8 and 9 on form #374G3)

Level to Account Value Protector
(Complete sections 1, 2, 3, 4, 5, 6, 8 and 9 on form #374G3 and
section 7 if Insured is under exact age of 16)


 

Whole Life

Type of Change Requirements Comments
Reduced Paid Up Application for Change - G3 #374G3 Complete sections 1, 8 & 9 on form #374G3 
Note:
For Final Protection, form #374G3 (français) or form #1318 (sections 1, 4, 5) can be used
Tax implications may apply


Policies with an Issue Date of March 22, 2020 and Prior:
Excelerator Deposit Option (EDO)
(Equimax Participating Whole Life only)
Application for Change - G3 #374G3 
(if applicable - refer to comments section):
Adding/increasing EDO after 12 months from application date.
Ratings above 200% and up to and including 300%
Resuming EDO after 60 months from EDO stop date
Note:
Adding EDO or Increasing existing EDO:
With a rating above 200% and up to and including 300%:
Sections 1, 2, 3, 4, 5, 6, 8, 9 on form #374G3
**Additional evidence if required to be determined by Underwriting
EDO cannot be added to policies with a flat extra rating subject to maximum
EDO amounts

Stopping or Decreasing existing EDO:
Call/Email/Letter of direction from owner confirming decrease/stop date
(if monthly PAD,notice must be provided to head office a minimum of
10 business days prior to withdrawal date)
Decreases are subject to minimum EDO amounts

Resuming EDO:
Within 60 months from EDO stop date:
Call/Email/Letter of direction from owner confirming amount and reactivation date
After 60 months from EDO stop date:
Complete sections 1, 2, 3, 4, 5, 6, 8, 9 on form #374G3
**Additional evidence if required to be determined by Underwriting

EDO Limits:
Payments are limited to the highest amount paid to the policy in the previous
36 month period as determined by Equitable Life.
 
 
 
 
 
Policies with an Issue Date of March 23, 2020 and After:
Excelerator Deposit Option (EDO)
(Equimax Participating Whole Life only)
Application for Change - G3 #374G3 
(if applicable - refer to comments section):
Adding/increasing EDO after Issue
Resuming EDO after 60 months from EDO stop date
Note:
Adding EDO or Increasing existing EDO:
Complete Sections 1, 2, 3, 4, 5, 6, 8, 9 on form #374G3
** Additional evidence if required to be determined by Underwriting
EDO can be added to policies with a rating of 300% or less
(cannot be added to policies with a flat extra rating)
Subject to maximum EDO amounts

Stopping or Decreasing existing EDO:
Call/Email/Letter of direction from owner confirming decrease/stop date
(if monthly PAD, notice must be provided to head office a minimum of
10 business days prior to withdrawal date)
Decreases are subject to minimum EDO amounts

Resuming EDO:
Within 60 months from EDO stop date:
Call/Email/Letter of direction from owner confirming amount and reactivation date
After 60 months from EDO stop date: Complete sections 1, 2, 3, 4, 5, 6, 8, 9
on form #374G3
** Additional evidence if required to be determined by Underwriting EDO Limits:
Payments are limited to the highest amount paid to the policy in the
previous 5 years as determined by Equitable.