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Term vs permanent life insurance: helping clients choose the best solution for them
Most people understand why life insurance matters. What they’re often unsure about is which type of coverage is right for them. As an advisor, you’re in a unique position to do more than present options, you can help clients feel confident they’re making an informed choice.
Start with the client, not the product
Before discussing insurance solutions, you can start by asking three important questions:
1. What do you need to protect today?
2. What are you trying to achieve for the future?
3. What is your budget?
By asking these questions you will get a better understanding of which solution fits the client’s needs.
Matching the solution to the client
Term life insurance may be ideal for clients who have budget considerations and need coverage for:
• Helping to replace income
• Helping cover a mortgage or other debts
• Business protection
• A specific period of time (10 – 30 years)
If a client wants lifetime coverage but can’t afford it right now, term insurance is a good option. It gives them affordable coverage today that they can later choose to convert to permanent insurance when their income increases.1
Permanent life insurance (whole life and universal life) is an option for clients looking for lifelong coverage and added long-term value. It’s a good option for clients who want to:
• Build an inheritance
• Preserve their estate
• Build tax advantaged cash value growth
Permanent life insurance is also an excellent way for parents or grandparents to help give children or grandchildren some lasting financial security. It secures lifetime protection at a lower cost when the child is young and healthy. It also offers the potential for cash value growth that they can access if needed.
Helping clients make confident choices
By focusing on what the client needs now—and what they might need later—you can help them pick life insurance that fits their changing life and financial goals. Share this client‑friendly piece that outlines some of the things that clients should consider to make an informed decision:
Which life insurance solution is right for you?
Reminder: Clients’ needs can change; it’s a good idea to review their coverage regularly.
For any questions, contact your Equitable wholesaler.
1See contract for details on conversion limitations and eligibility. - S&R - Tax-Free Savings Account
- Forms
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Important changes are coming to the Equitable Life segregated funds contract.
Fund changes are coming on June 7, 2021 to Equitable Life’s® segregated fund lineup. These fund changes will appear on the June 2021 semi-annual client statement and will be reflected in the 2021 Pivotal Select™ and Pivotal Solutions Fund Facts.
Clients holding these funds received a letter in the mail. To view a copy of these letters, refer to the links below.
- Pivotal Select Special Note
- Pivotal Solutions II Special Note
- Personal Investment Portfolio and Pivotal Solutions Special Note
If you have any questions about these fund changes, please contact your Regional Investment Sales Manager or Advisor Services Team Monday to Friday from 8:30 a.m. to 7:30 p.m. ET at 1.866.884.7427 or email savingsretirement@equitable.ca -
Equitable Life Welcomes Donna Carbell as Senior Vice President, Individual Insurance
Donna Carbell joins the executive leadership team as Senior Vice President, Individual Insurance, overseeing product development, distribution, marketing and client service for the line of business. With more than 20 years' experience, Donna brings a wealth of cross functional industry knowledge to Equitable Life.
Donna is passionate about supporting the health and wellness of Canadians and it is through the insurance and service we offer, that we provide support to families when they need it most during a health event. Donna is looking forward to working closely with our partners to support all aspects of delivering a best-in-class experience for you and your clients.
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Tune in to our latest Equitable Insights Videos on EquiNet
Our new Equitable Insights Video Series page on EquiNet® hosts all of our latest videos in one convenient place, including:
● Our Large Case Experts, featuring Scott Morrow, Individual Insurance Sales Vice President, MGA East, Equitable Life
● EZcomplete Makes Submission to Commission Easy, featuring Chris Marrese, Individual Operations Vice-President, Equitable Life
● Our Investment Approach featuring David Irwin, Director, Portfolio Management and Client relations
● Our Financial Strength, featuring Sheila Hart, Chief Financial Officer, Equitable Life
Watch our Equitable Insights Video Series to learn more about Equitable Life and the solutions we offer to meet our customers’ needs. -
Step Up Your Wealth Sales with Equitable Life!
Welcome to the Step Up Your Wealth Sales program with Equitable Life® . You will be rewarded with a growth bonus for doing more business with Equitable Life in 2023!
The program rewards advisors who promote Equitable Life’s Savings & Retirement products to existing and new clients as part of an overall investment strategy based on client needs.
Commission Bonus Calculation:
Gross deposits into segregated funds
+ Gross deposits into Guaranteed Interest Account (GIA) contracts
+ 25% of payout annuity sales
- Segregated fund redemptions
- GIA redemptions
= 2023 Net Deposits
All deposits, sales, and redemptions occurring between January 1 and December 31, 2023, will be used to calculate an advisor’s 2023 net deposits.
Tier 2023 Net Deposits Bonus Rate* 1 Less than $250,000 $0 2 $250,000 - 499,999 .25% 3 $500,000 – 749,999 .50% 4 $750,000+ .75% 5 Elite Advisor re-qualifiers1 1.00%
* The bonus amount will be calculated at the end of 2023 based on net deposits. The bonus will be paid within 90 days following December 31, 2023. Maximum bonus payable is $100,000 for Elite Advisor re-qualifiers; $75,000 otherwise.
For more information, download our flyer or contact your Equitable Life Regional Investment Sales Manager.
Equitable Life is committed to offering advisors and clients product, service, and feature choices that best suit their needs. We offer multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds to align with clients’ unique needs.Posted:June 26, 2023
™or ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
1 Elite Advisor re-qualifiers are advisors who attained Elite status as of end of 2022 and maintain Elite status at the end of 2023. To attain 2023 Elite Advisor status, an advisor must have $1,250,000 in gross deposits in at least 5 policies or $10,000,000 in assets. -
Equitable Life Webcast Series featuring Equitable Life Dynamic Asia Pacific Equity Fund Select
Benjamin Zhan and Bruce Zhang will discuss the Equitable Life Dynamic Asia Pacific Equity Fund Select along with the fund's people, philosophy, process and performance.
Equitable Life® continues to spotlight various aspects of our competitive fund lineup and product offerings. This series gives advisors an opportunity to:
• learn more about products and product features,
• hear from industry professionals,
• learn about investment strategies; and so much more.
Join your host, Joseph Trozzo, Investment Sales Vice President, MGA, Equitable Life of Canada along with Dynamic Funds.Learn More
Continuing Education Credits
This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.
® denote a registered trademark of The Equitable Life Insurance Company of Canada
Posted May 31, 2023 -
Like a summer breeze – Applying for LIFE insurance just got easier!
What has changed?
A resting electrocardiogram (ECG) is no longer required for most LIFE cases.
• That’s right! We eliminated the resting ECG as a routine age/amount requirement for most life insurance applicants.
• Of course, we may still request an ECG in certain cases at our underwriters’ discretion – for example, if the client has a history of diabetes or smoking.
It’s simple – Equitable® is dedicated to continually enhancing the client and advisor experience. By eliminating the ECG step for routine applications, life insurance clients can obtain the coverage they need more quickly and with less effort.
Why did we do this?
The tools below are being updated shortly to reflect the above change:
Updated resources coming soon!
• Our age/amount schedule for Life insurance products
• The underwriting requirements built into our illustration tool
• Our paramedical service providers’ ordering system
Until then, if you see an ECG as a listed requirement for your client in any of the above, there is no need for you to order the ECG unless we specifically ask for it.
Questions? Please contact your local Equitable wholesaler to learn more.
View our Evidence of Insurability Schedule (#1343) – (see p.1 chart for Life products).
® and ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
- [pdf] EquiLiving Claims Experience