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PAR whole life Highlights

EXCELERATOR DEPOSIT OPTION

Excelerator deposit option (EDO) allows clients to make extra payments2 above the required guaranteed premium to help grow the long-term cash values in their Equimax Estate Builder® or Equimax Wealth Accumulator® plan.

   
 
Plan summary:		 Equimax participating* whole life insurance provides permanent life insurance protection and the opportunity for savings accumulation. There are two plan types to meet your clients’ short and long-term goals.
  • Equimax Estate Builder® offers higher long-term value. Ideal for estate planning and covering taxes and fees at death
  • Equimax Wealth Accumulator® offers higher early cash values within the first 20 years
 
Target market:
  • Adults focused on estate planning and an effective means to ensure a tax-efficient transfer of their assets to their heirs
  • Those wanting to provide a child/grandchild with permanent adult insurance coverage at children’s rates, plus access to cash value they can use to help pay for education or other expenses
  • Adults wanting to supplement their future retirement income
  • Adults interested in charitable giving using life insurance
  • Business owners wanting to protect their business while having higher early cash value on their balance sheet
Premium payment options:
  • Life pay
  • 20 pay
 
  1. Paid in cash 4. Paid-up additions (PUAs)
  2. Premium reduction 5. Enhanced protection (choice of enhancement guarantees: 10 year or lifetime)
  3. On deposit
 
Additional deposits:		 Excelerator deposit option (EDO) (available with dividend options paid-up additions and enhanced protection)
can be used to increase the paid-up additions portion of the permanent coverage faster. Available on all plan types and issue ages. An 8% premium load is applied to all EDO deposits to cover compensation, premium tax and administrative expenses.
Availability:
  • Single life • Joint first-to-die (2 lives) • Joint last-to-die (2 lives)
Issue ages:
  • Life pay: Children: 0 -17 Adults/Joint life: 18 - 85 Single life: 0 - 85
  • 20 pay: Children: 0 -17 Adults/Joint life: 18 - 80 Single life: 0 - 80
Expiry: Lifetime coverage
Minimum sum insured:
  • Single life: basic Equimax - $10,000, Equimax with Enhancement - $11,000
  • Joint life: $25,000
Maximum sum insured: $20,000,000
Minimum premium: $150 per year, $15 per month
Rate bands: $10,000 - $49,999 $100,000 - $249,999 $500,000 +
$50,000 - $99,999 $250,000 - $499,999
Admin/ policy fees: $50 per year / $4.50 per month
Optional riders:
  • Additional accidental death benefit • Applicant’s death and disability waiver rider (children’s plans only)
  • Children’s protection rider • Flexible guaranteed insurability option rider (children’s plans only)
  • Disability waiver of premium provision • Term life insurance (on the life insured under a single life plan only)
  • EquiLiving® critical illness insurance
Built-in features:
  • Bereavement counselling benefit • Reduced paid-up insurance
  • Living benefit • Survivor benefit (joint first-to-die plans only)
  • Option to elect individual policies (joint first-to-die plans only)
Online applications:
  • EZcomplete® easily guides you through only the required sections of the application in face-to-face meetings.
  • InsuranceAssist walks you through an online version of the paper application in non face-to-face meetings.
  • Login to EquiNet®. Select the online application from the Online Tools & Information section.



For more information, refer to the Excelerator deposit option Q&A available on the Equimax page on EquiNet®.
FOR ADVISOR USE ONLY
1See the Equimax Admin guide for details. 2Limits will apply. 3Dividends are not guaranteed and may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, lapse, claims experience, taxes and other experience of the participating block of policies. ® denotes trademarks of The Equitable Life Insurance Company of Canada. This information does not constitute legal, tax, investment, or other professional advice.