We continue to review our life product portfolio to offer the most comprehensive and competitive product lineup while maintaining profitability standards. Accordingly, we are making changes to Term Series 160.
Effective May 2, 2022, changes will apply to Level Term 10, 15, 20 and ART.
Minimum Face Amount Increase
The minimum face amount will be raised to $1,000,000 except for applications signed in New York or Puerto Rico.
Conversion Period Changes are as Follows
- Level Term 10: New Conversion Period = 5 years
- Level Term 15: New Conversion Period = 7 years
- Level Term 20: New Conversion Period = 10 years
- ART: New Conversion Period = 5 years
All inforce policies will remain unchanged.
- Changes Cases in Equitable Life eApp must be locked and signed by the client on or before Friday, April 29, 2022 to be allowed.
- Cases in a started status but not locked before Friday, April 29, 2022 will be subject to the new face amount minimum and conversion periods.
- Cases that are reopened after Friday, April 29, 2022 will be subject to the new face amount minimum and conversion periods.
- Paper applications for face amounts under $1,000,000 must be signed and submitted on or before Friday, April 29, 2022 to be considered.
- Applications received on or after May 2, 2022 with a face amount of $999,999 or lower will be withdrawn unless there is confirmation that the proposed Owner wishes to request the minimum face amount.
- The application will be amended accordingly, if approved.
Find out more about these changes from Equitable…