Adding the Excelerator Deposit Option (EDO) to an Equimax participating whole life policy just got easier!We are excited to share that we are liberalizing a part of our financial underwriting guidelines with relation to EDO payments making approvals fast and easy!
What is the change?
As of June 21, 2022, Equitable Life® will no longer consider planned EDO payment amounts for the purposes of financial underwriting. This is just another way that we make doing business with Equitable Life easy!
How will this impact you and our clients?
While we still need to ensure the legitimacy of funds, the new guidelines will mean fewer questions, faster and easier approvals, and increased business.
And don’t forget; clients who already have an Equimax Estate Builder® or Equimax Wealth Accumulator® policy can apply anytime to add the EDO or increase the planned EDO payment1. Clients with a qualifying policy1 who may have been previously declined EDO could choose to reapply and be underwritten based on the new guidelines. Note: completion of the Application for Change – G3 (374G3) is required.
TOGETHER – Protecting Today – Preparing tomorrow™
We believe in the power of working together with independent financial advisors across Canada to offer individual insurance solutions so you can help protect what matters today while preparing for tomorrow.
Speak with your Regional Sales Manager to learn more about this exciting change.
Did you know? Currently, 40% of all policies submitted are auto approved and issued immediately!2
1The Equimax policy must have a G3 tax status and the EDO payment amount will be limited to the maximum EDO payment limit that applies to the policy. EDO cannot be added to the policy after issue and the payment cannot be increased if the Equimax policy has a G2 tax status.
2As of June, 2022