Fall into savings with Equitable Life TermWith fall around the corner, change is in the air with cooler evenings and the leaves starting to turn colour. It’s also a natural time for clients to reflect on the changes in their life and their family’s financial future.Now’s the time to fall into savings – don’t miss out! For a limited time, Equitable Life® is offering a 15% reduction on first year standalone Term Insurance premiums.*
Fall into Savings promotion details*• Available for standalone Term plans from September 7, 2021 to December 31, 2021.
• A credit of 15% will be calculated based on the first year premiums for all term coverages (including substandard ratings) on the Term plan, including the policy fee.
• The 15% credit will be applied to the policyholder’s account for the first policy year and will be used to pay premiums due.
• Your compensation will still be paid on the full premium (not the discounted premium).
• The reduction does not apply to riders available on Term or to Term riders on Whole Life, Universal Life, or Critical illness Insurance.
• The 15% reduction does not apply to other riders available on Term or to term riders on Whole Life, Universal Life, or Critical illness Insurance.
If your client makes a TIA (Temporary Insurance Agreement) payment with their application, and they will be paying:
•Annually: the credit will be used towards any remaining annual premium payment due for the first policy year
•Monthly: the credit will be used towards subsequent monthly premiums
What’s next?Connect with your clients who have had a life change or need a temporary top up to their current insurance needs. We have created an email that you can send to your clients to encourage them to reach out to you if they have had a life change. As well, we will be highlighting this promotion with a banner on our Equitable.ca page and some information about the promotion on our Term Insurance page.
Transition rules can be found here.
Want more information?
Contact your Regional Sales Manager for further information or questions.
UPDATE: Our Fall into Term Savings promotion launched on September 7, along with a LifeGuide and InsurFact update in which we illustrated the total premium your client would pay in the first year. Some advisors have expressed a preference to not see the Fall Into Savings promotion reflected in the premiums on LifeGuide and InsurFact. Equitable Life has heard your feedback. Starting today, LifeGuide and InsurFact will be changed back to show regular Term coverage rates. You will need to manually calculate the 15% reduction to total first-year premium that your client would qualify for on their Equitable Life Term coverage.
There is no change required on your part for your client to qualify for the Fall into Savings with Term promotion. Any Term application that qualifies for the Fall into Term promotion will automatically be issued with a 15% reduction in first-year premium. This reduction is applied in total to the policy premium payments for the first couple of months (if paying annually it will reduce the first year annual payment amount required).
* Promotion is for standalone term applications received from September 7, 2021 until December 31, 2021. Does not include riders on the term insurance plan or term insurance riders on par whole life or UL plans
® Denotes a trademark of The Equitable Life Insurance Company of Canada.