Additions and Increases


Additions and Increases not available on the following plan types.

 
  • Final & Living Protection
  • Term
  • Equimax Participating Whole Life Plans
  • Equiliving Critical Illness
  • Equation Generation IV
  • Equimax Whole Life
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 - G2 #374G2
 
*Refer to Evidence of Insurability #1343









Application for Change - G2 #374G2

Application for Change - G2 #374G2


Application for Change - G2 #374G2
 
Refer to form #374G2 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, Equilife
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 #374G2 Pg#2 for sections required

**Available on Level Pay and 20 Pay Plans
Refer to form #374G2 Pg#2 for sections required
 
Disability Waiver Application for Change - G2 #374G2
 
*Refer to Evidence of Insurability #1343 
Refer to form #374G2 for sections required.
Children's Protection Rider (CPR)  Application for Change - G2 #374G2
 
*Refer to Evidence of Insurability #1343 
Refer to form #374G2 for sections required.
Only Available on Stand Alone Individually Owned Term Policies.
Not available on Whole Life,
Critical Illness or Universal Life Plans.
Total CPR coverage on policy can not exceed $30,000
Additional Accidental Death Benefit Rider Application for Change - G2 #374G2
 
Refer to form #374G2 Sections 1, 8 & 9
Not available on Equiliving Critical Illness or Whole Life 20 Pay
 
 

Changes not available on G2 policies

(The Original Policy will remain unchanged and retain the G2 Status)
  • Adding Coverage must be requested with a new application through New Business
  • Additional Coverage on same or different life
  • Adding Term Rider Coverage
  • Increases to Coverage
  • Change to the Death Benefit Options requiring underwriting
  • Increases or Adding Excelerator Deposit Option (EDO)
  • Children’s Protection Rider after Issue available on Individually owned Term Policies. Not available on CI, Whole Life or Universal Life

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.  
Note: Before proceeding with the Conversion the signed illustration must be submitted.
 
Please 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.

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 (non-refundable and applied to premiums on the new policy)
on the portion being converted as follows:
Issue date prior to June 1, 2006 - 25% of the last 24 months premium paid on the term
Issue date June 1, 2006 to December 31, 2007 - 25% of the last 12 months premium paid
on the term.
Issue date January 1, 2008 to June 22, 2008 - 25% of the last 4 months premium paid
on the term.
Issue date June 23, 2008 and after - NO conversion credits

Deletions and Decreases

Product/Plan Requirements Comments/Instructions
All Products
(Excluding Final & Living Protection)
Application for Change - G2 #374G2
Will also accept Letter of Direction that indicates policy number,
clear instructions and is signed and dated by all policy owners.
Refer to form #374G2 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: Please refer to your policy contract.
Final & Living Protection Final Protection & Living Protection Application for Change form #1318  Refer to form #1318 for section required

 

Exchanges

All Products Requirements Comments/Instructions
Change Privilege: Critical Illness Application for Change - G2 #374G2 For availability and policy specifics, please refer to policy contract. 
 
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 Individual Quotes Department for an illustration.
No increases permitted after issue
For Living Protection, only Level to Age 75 available, form #374G2
or form #1318 can be used
Term to 100 coverage to any permanent plan Application for Life and/or Critical Illness Insurance #350 
 
Signed illustration
For availability and policy specifics, please refer to policy contract. 
Note:
The new policy must have a higher premium per thousand of insurance
than the comparable premium payable for the Term to 100
(based on original age of the Term to 100) - Tax status will be a G3 on
new plan.

 

General Information

This section of our Admin Guide for Life & Health Policy Changes applies to G2  policies only.

What is a G2 policy?
A G2 Policy is generally described as a policy contract with an issue date before 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 an 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 - G2 #374G2 Refer to form #374G2 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 - G2 #374G2
Beneficiary Change Request Form (fillable/savable) #671BCF 
Ownership Change Form #671OC  
Pre-Authorized Debit Form (fillable / savable) #378 & void cheque 
Universal Life to current product at attained age and rates.
Complete Sections 1, 8 & 9 on Form #374G2.
Term/CI: Complete Sections 1, 8 & 9 on Form #374G2.

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 processed 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.
Please 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:
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:
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 - G2 #374G2
Evidence of Insurability:
Urine
Refer to form #374G2 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 
The planned premium on Universal Life policies remains
unchanged unless instructed otherwise.
Age 16 Non-Smoker Declaration -All products 
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 374G2 for sections required. 
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 - G2 #374G2 Level to YRT (at attained age and original rates):
Complete sections 1, 2, 3, 4, 5, 6, 8 and 9 on form #374G2.
(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 #374G2 

Note:
YRT to Level at attained age and original rates, minimum age 16;
if over age 75 contact individual Quotes Department for an illustration.
Not applicable on Direction 2000 or EquiLife policies.
Change in Cost of Insurance -
EquiLife Only
Application for Change - G2 #374G2 Complete sections 1, 2, 3, 4, 5, 6, 8 and 9 on form #374G2.
(section 7 if Insured is under exact age of 16) 
Note:
Change in COI can only occur to a longer premium-paying period:
can not occur after the 5th anniversary.
Change must take effect on a policy anniversary
COI Types:
  • Level for 10 Years
  • Level for 15 Years
  • Level for 20 Years
  • Level to Age 65
Change in Death Benefit Option Application for Change - G2 #374G2 Available Death Benefit Option Changes:
  • Account Value Protector to Level
  • Inflation Protector to Level
  • Premium Protector to Level
Complete sections 1, 8 and 9 form #374G2
Note: Changes in Death Benefit are only available to a
Level Death Benefit Option.

 

Whole Life

Type of Change Requirements Comments
Reduced Paid Up Application for Change - G2 #374G2 Complete sections 1, 8 & 9 on form #374G2 
Note:
For Final Protection, form #374G2 (français) or form #1318 ( 1, 4, 5) can be used
Tax implications may apply
Excelerator Deposit Option (EDO)
(Equimax Participating Whole Life only)
  Note: Not Available: Additions of EDO on G2 policies -
Resuming EDO after 60 months from stop date

Note: Stopping or Decreasing existing EDO:
Call/Email/Letter of direction from owner confirming decrease/stop date
(if paying by 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 within the
allowable contribution period.
Requests can also be made by servicing advisor. 
After 60 months from EDO stop date: Not Available

EDO Limits:
Payments are limited to the highest amount paid annually to the policy in the
previous 36 month period.