Mutual insurer offers enhanced claims support for new UL product, as well as enhanced digital tool for advisors
Equitable Life has announced a new universal life insurance offering, which comes with a new program that offers additional support during the claims process.
The new universal life (UL) offering, Equitable Generations, provides investment options that can cater to client needs and lower insurance costs, which helps increase the likelihood that people will buy coverage and amass wealth that can be taxed advantageously.
“We are committed to supporting Canadians’ financial, mental and physical health by offering solutions that provide meaningful coverage and support throughout the claims process while building wealth,” said Donna Carbell, Senior Vice-President, Insurance at Equitable Life.
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She added, “As a mutual, our duty and priority rests solely with our clients so we can provide additional benefits like supporting beneficiaries throughout the claims process with counselling reimbursement and giving policy owners access to cash that can assist with an unforeseen illness or disability diagnosis.”
Meanwhile, the newly announced KIND Program provides customers with extra benefits that offer assistance when they most need it, such as living benefits in the event of a disability, bereavement counselling for benefit recipients, quick access to a portion of the death benefit through a snap advance program, and a compassionate advance program that gives the insured access to cash if they contract a terminal illness.
Equitable Generations Universal Life also provides the opportunity to get investment exposure to a variety of asset classes, diversity, and ESG (environmental, social, and governance) options through 34 different investment options.
Those include target-date funds, which rebalance automatically to adjust their risk exposure as a client gets closer to retirement.
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Equitable Life has also introduced a new digital tool, EZstart for UL, for advisors.
The mobile-friendly advisor tool is designed to spark discussion and offer a potential answer to the universal problem of life in less than one minute.
It’s also goals-based, allowing advisors to see how Equitable Generations universal life insurance will perform at various points in a client's life. The app links directly to the EZcomplete online application to create a convenient digital experience.
Advisors can now also opt in to receive real-time application and commission updates for new business applications when they submit a client's application.
Text messages are triggered when an application is received, Equitable Life has made a decision, the policy is ready for delivery, and commissions have been triggered.