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Changes to Equimax Wealth Accumulator® compensation

effective June 1, 2015 (français)

Equitable Life® is making changes to the first year commission and charge back schedules.

For Equimax Wealth Accumulator policies with an effective date of June 1, 2015 or later:

  • First year commission will increase from 50% to 55%,
  • The charge back schedules that apply to first year commission and override will increase from 24 months to 61 months as outlined in the table below.
Policy terminates during monthPercentage of First Year Commission and override charged back and debited
1 to 36 100%
37 to 48 75%
49 to 61 50%
62+ 0%

Please refer to the Producer Commission Schedule posted to Equitable Life's secure advisor site, EquiNet®, for details on commissions and charge back schedules that apply to Equitable Life's individual life and health products.

To make the transition as smooth as possible, please take a moment to review these rules. See full transition rules for more details.

PROCESSING YOUR APPLICATION

The first year commission and charge back schedules that apply to your approved cases will depend on the Equimax Wealth Accumulator policy effective date set out in the table below.

Policy effective date...What commission rate and charge back schedules will apply?
Before June 1, 2015 If the policy has an effective date prior to June 1, 2015 the 50% first year commission and 24-month charge back schedules will apply.
On or after June 1, 2015 If the policy has an effective date of June 1, 2015 or later the new 55% first year commission and 61-month charge back schedules will apply.

NEW ILLUSTRATION SOFTWARE WILL BE AVAILABLE ON MONDAY JUNE 1, 2015

The updated illustration software will be available for download after 9:00 a.m. EDT on Monday June 1, 2015.

BACK-DATING ON EQUIMAX WEALTH ACCUMULATOR

Back-dating up to 6 months to save age is permitted for new business and policy changes depending on when the application for the Equimax Wealth Accumulator policy is received at our head office in Waterloo, Ontario.

Application received at Head Office...Can the policy be back-dated?
Before June 1, 2015 If the application is received before June 1, 2015 the policy can be back-dated up to 6 months to save age and the table above will apply based on the effective date of the policy.
On or after June 1, 2015 If the application is received on or after June 1, 2015 the policy can be back-dated up to 6 months to save age provided the policy has an effective date of June 1, 2015 or later. Back-dating the policy to an effective date prior to June 1, 2015 is not allowed. The new 55% first-year commission and 61-month charge back schedules will apply.

The above table does not apply to applications for Equimax Estate Builder policies.

WHO CAN YOU CONTACT FOR MORE INFORMATION?

Contact your Regional Sales Manager for more information on these changes and other sales ideas.

If you require clarification on other administrative details related to Equitable Life products, please contact your Equitable Life Regional Service Representative.