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 the following changes to
Term Series 160.Effective May 2, 2022,the following changes will apply to Level Term 10, 15, 20 and ART:
The minimum face amount will be raised to $1,000,000 except for applications signed in New York or Puerto Rico.
The conversion period will be shortened in all jurisdictions as outlined below:
All inforce policies will remain unchanged.
Partial term conversions will continue to be allowed so long as the remaining term face amount is $500,000 or more.
The new minimum face amount is not applicable to TermOne®.
When: Effective with applications signed on May 2, 2022 and later. Please see the following page for transition guidelines.
Transition Guidelines for Term Series 160 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 Applications received on or after May 2, 2022 with a face amount of $999,999 or lower will be withdrawn unless there is confirmation that the proposed Owner wishes to request the minimum face amount.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.