Payment Handling & Restrictions
This type of cheque should not be encouraged due to processing risks.
What is a post-dated cheque?
These are the two billing modes currently offered by Equitable Life.
What are monthly pre-authorized payment and annual direct billing?
This method calculates insurance age based on the nearest birthday.
What is Age Nearest?
This form is also known as the amendment form and must be signed before settling the policy.
What is Form 251?
If a client wants a cheque returned, they should take this action instead.
What is place a stop payment at their bank?
These two billing modes are no longer offered to new policies but are still honored for existing ones.
What are quarterly and semi-annual billing?
Backdating allows clients to lock in lower rates by doing this.
What is saving age?
This form confirms the client’s banking information for monthly PAD payments.
What is Form 378?
Online payments for life and CI policies should be directed to this payee name.
What is “Equitable Life – Individual Life & CI”?
This form must be submitted with a VOID cheque or bank letter for monthly PAD setup.
What is Form 378 (Pre-authorized Debit)?
Life policies can be backdated up to this many days from issue.
What is 364 days?
This form confirms delivery of the insurance policy and may prevent settlement if not signed (non-WFG).
What is Form 1523 (E-Delivery Receipt)?
This type of payment must be accompanied by proof of account ownership.
What is a bank draft or money order?
This payment option is available for annual premiums of $2,500 or more and requires a signed authorization each year.
What is Annual PAD?
Critical Illness policies can be backdated up to this many days from issue.
What is 90 days?
This form is required for business policies and must include the Business Information Number for issue.
What is Form 594?
Advisors may only pay premiums on behalf of clients under this condition.
What is if the advisor is also the policy owner/payor?
This payment method is only considered for inforce annual premiums over $20,000 when all other options are exhausted.
What is Wire Transfer or EFT?
Contracts can be forward dated up to this many weeks without underwriter approval.
What is 3 weeks?
This document confirms the insured’s health status hasn’t changed and is typically used when a file is reopened.
What is the Health Certificate?