G2 Policy Change

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

(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

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

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.

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.

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.

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.

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

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.

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.