Coming March 23, 2020 – Equimax enhancements include 60 months of flexibility to make extra deposits
![Coming March 23, 2020 – Equimax enhancements include 60 months of flexibility to make extra deposits](/advisor/getattachment/9c001f47-d2de-46fe-a779-c63db817e2b6/Equimax-Wealth-Equinet-NewsV2ENG.png)
The following features will be available on Equimax Estate Builder® and Equimax Wealth Accumulator® plans!
60 months of Excelerator Deposit Option (EDO) flexibility
- Up to 60 months to make initial EDO payment or resume stopped or reduced payments. No additional underwriting required.
- For approved EDO amounts exceeding $150,000 annually ($12,500 monthly), clients have up to 12 months from the date the EDO application was signed or the date of the last EDO payment to make an EDO payment before a contribution cap may apply.
- Available on all policies with an effective date of March 23, 2020 or later.
![Image-2-EDO-Prelaunch-Whatsnew.jpg Image-2-EDO-Prelaunch-Whatsnew.jpg](/advisor/getattachment/485ea594-cb2b-48f3-81ad-2de6668054c5/Image-2-EDO-Prelaunch-Whatsnew.jpg?width=120&height=136)
EDO available on case ratings of 300% or less
- If a policy already in effect has a rating over 200% and up to and including 300%, the owner can apply to add EDO provided the policy was issued under the 2017 tax rules.
- Additional underwriting and submission of satisfactory evidence may be required.
![Image-3-EDO-Prelaunch-Whatsnew.jpg Image-3-EDO-Prelaunch-Whatsnew.jpg](/advisor/getattachment/7b05b49f-32e9-417b-a864-8256fa2efdec/Image-3-EDO-Prelaunch-Whatsnew.jpg?width=120&height=132)
- If a life insured becomes disabled from a severe mental or physical impairment as defined in the policy contract, the owner may apply for a tax-free,* lump sum payment of up to 100% of the policy’s cash value.
- Exclusions apply. See sample policy contract for full details, including the qualifications for the disbursement.
- Available on all policy issued under the 2017 tax rules.
* Tax laws are subject to change. The payment of the disability benefit disbursement may affect the adjusted cost basis (ACB) of the policy as it is considered payment of a capital benefit. Changes in ACB can affect the future taxation of the policy.
Processing your Application
To make the transition as smooth as possible, please take a moment to review the following transition rules.