Policy Loan Procedure walk through – Equitable Life for August 2023
What This Covers
This training covers how to request a policy loan using the new digital features on Equitable Life’s Client Access system, alongside real advisor experiences, best practices, and updates from other insurers like Canada Life and Sun Life.
Why Clients Use It
Clients are increasingly using policy loans to:
Access liquidity from their whole life insurance policies.
Quickly fund new contracts or personal/business needs.
Avoid waiting for paperwork and manual processing.
The new digital loan process is now:
Faster and more intuitive.
Includes direct deposit and banking info update options.
Has enhanced security steps to prevent fraud.
Key Insights by Timestamp
(01:26 – 05:07) Step-by-Step: New Digital Policy Loan Feature
Presented by Stephanie:
Log into Equitable Client Access.
Navigate to the “Values” tab → Click “Request a Loan”.
View available loan amount, interest rate, and enter loan amount ($500 min).
Choose payment method:
Existing banking on file.
New banking (must match policy owner’s name).
Mailed check (slowest option).
Accept loan terms → Review → Submit.
A document is generated in your “Documents” tab once processed.
(05:28 – 09:55) Advisor Feedback & Experience
New system is much faster and simpler than the old method.
One advisor received funds in 5–6 days with direct deposit.
Old method involved scanning, mailing, and long waits.
Advisors appreciate time savings and transparency with new tech.
(09:31 – 10:47) Tracking Loans Digitally
Policy loan confirmation now appears under Documents tab in the portal.
Includes policy number, amount, and disbursement method.
(10:50 – 13:39) Inconsistent Processing Times at Other Insurers
Some insurers (e.g. Canada Life) are taking up to 30–45 days for loans.
Causes: staffing shortages, admin backlog post-COVID.
Advisors recommend requesting a check for faster service with Canada Life.
(14:18 – 16:35) Tips for Canada Life & Sun Life Policies
You can call Canada Life or Sun Life to request loans.
Canada Life may mail check within 3–4 business days.
Verbal verification via phone is possible.
(18:22 – 21:15) NEW Security Step: Equitable Life Loan Process
A security PIN code must now be created during loan request.
You’ll receive:
Email 1 – Loan request confirmation.
Email 2 – E-signature request via OneSpanSign (input PIN to sign).
Loan isn’t processed until the e-signature step is completed.
This change adds fraud protection and transparency.
Final Takeaways
Equitable Life’s loan process has improved dramatically in speed and usability.
Advisors should educate clients on new PIN + email signature step.
For Canada Life or Sun Life, calling in loans may be faster than submitting forms.
Always check Documents tab to confirm loan status.
Ensure clients check spam/junk folders for follow-up e-signature emails.