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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
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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
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| Premium payment options: |
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- Paid in cash 4. Paid-up additions (PUAs)
- Premium reduction 5. Enhanced protection (choice of enhancement guarantees: 10 year or lifetime)
- On deposit
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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)
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| 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
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| Expiry: |
Lifetime coverage |
| Minimum sum insured: |
- Single life: basic Equimax - $10,000, Equimax with Enhancement - $11,000
- Joint life: $25,000
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| 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
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| 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)
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| 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.
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