G3 Policy Change | EquiNet Equitable Life's advisor site

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.