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New! Digital Beneficiary Changes – for advisors
In July, Equitable® launched a new Digital Beneficiary Change Request option for life insurance clients using Client Access.
We have just updated this process for advisors. You can now submit digital beneficiary change requests for eligible clients using Policy Inquiry. No forms needed!
It’s easy! Just log in to EquiNet®, then select Policy Inquiry from the Menu bar.
This simple process is another step in our journey towards enhancing your experience of working with us.
Which plans are eligible*?
Eligible Not eligible Individually or jointly owned plans with revocable beneficiary designations. Plans with irrevocable or preferred beneficiaries. Plans where all policy owners are living outside Quebec. Plans with policy owners living in Quebec.
*These eligibility rules apply to requests made online by both clients and advisors.
Our previous ‘manual’ process (using form #671BCF) continues to be available for those who prefer that option.
Learn more
Please contact your Equitable wholesaler for more details.
® or TM denotes a trademark of The Equitable Life Insurance Company of Canada. - Replacement Procedures- LIRD and Written Analysis
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Backdating of insurance applications – New rule now in effect
Great news! We are making it even easier for you to do business with Equitable Life®. We now allow backdating of life insurance applications by up to 364 days. Previously, the maximum backdating period was six (6) months.
Backdating can result in lower total premiums for the client over the life of a policy based on their younger age at time of application. But clients must pay all the premiums due for the backdated period up front. Thus, backdating is only beneficial when the total premium savings over the life of the policy are greater than the premium due for the backdated period.
To request backdating beyond six (6) months (up to 364 days)
No special approval is needed. Simply add a note to the Advisor Sheet requesting backdating or contact us at any time prior to policy issue. This step is only necessary when backdating beyond six (6) months as the application will automatically prompt to save age within the 6-month period.
Note: The maximum backdating period for critical illness (CI) applications remains unchanged at three (3) months.
Questions? Please contact your Equitable Life Regional Sales Manager for more information.
- Policy Change eDelivery
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This year’s RSP contribution deadline is March 1, 2022
Does your client want to contribute or open a new policy this Retirement Savings Plan (RSP) season? Whether using paper or our recent EZtransact online platform, here are some important things to remember.
Issuing New Policy with EZcomplete®
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All online applications must be digitally signed and submitted and have a date stamp no later than March 1, 2022.
Issuing New Policy using Paper Application-
For contributions to qualify for the first 60 days, all paperwork must be completed and signed by March 1, 2022. Equitable Life must receive all paperwork by March 7, 2022.
Deposits to Existing Policy
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Advisors can setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place using EZtransact. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt. New to EZtransact? Try our EZtransact Practice Site to see how EZ it is to use.
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Clients can make online deposits to Equitable Life® through their financial institution’s online banking service. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt.
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Clients can also make a new deposit to an existing policy by cheque. The cheque must be dated and signed by March 1, 2022. Equitable Life must receive the cheque no later than March 7, 2022.
If online banking is being used to fund the policy – either topping up an existing policy or opening a new policy – the online banking transaction must be completed by March 1, 2022, to receive a 2021 tax receipt.
Do not miss your opportunity to have your contributions count for 2021!
Please note that cheques and other paperwork cannot be backdated. They must be completed and signed by March 1, 2022, to qualify for a 2021 tax receipt.
® denotes a trademark of The Equitable Life Insurance Company of Canada.
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- [pdf] Policy Loan Agreement
- [pdf] Corporate Preferred Estate Transfer® using whole life
- Resources
- Convertibility - The Power of Term
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The top five benefits of choosing the 10-pay premium option
As part of our December 2024 Equimax® update, we launched a new guaranteed 10-pay premium option for Equimax Wealth Accumulator®. This option is a great way for clients to fund their life insurance policy.
The top 5 benefits of the 10-pay premium option:
1. Short Payment Period: After just 10 years, the policy will be completely paid-up, and clients won’t have to make any more payments while still having coverage.
2. Growing Cash Value: By completing payments in a shorter time, clients can see their cash value grow faster. They can later access this value through policy loans or cash withdrawals if needed.
3. Level Premiums: The premiums for the 10-pay option stay level over time. This makes it easier for clients to budget.
4. Estate Planning: A fully paid-up life insurance policy can be a great planning tool for clients who want to leave a legacy for their loved ones.
5. Tax Benefits: The cash value in a whole life policy grows tax-deferred, and the death benefit is paid out tax-free to beneficiaries.
To learn more about our Equimax 10 pay premium option, visit our splash page:
Need more information? Contact your local Equitable wholesaler with any questions.
® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.