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  1. Short and long-term income solutions from Equitable Life
    Do you have clients without a company pension plan, close to retiring and worried about outliving their savings? Have you talked to them about annuities? Maybe it’s time you did. 
     
    A payout annuity from Equitable Life® provides regular guaranteed income in retirement. Your clients can choose from
     
    • Life Annuity – guaranteed income for life
    • Joint Life Annuity – guaranteed income for two lives
    • Term Certain – guaranteed income for a specific period of time (5 to 30 years)
    • Term Certain to Age 90 – guaranteed income until age 90
     
    There’s no need for your clients to worry about stock market fluctuations or changing interest rates, what better time to add an annuity to your client’s retirement savings strategy.
     
    Payout annuities are an excellent solution for

       
    For more information on payout annuities, please click here.
     
     
  2. Equitable Life Welcomes Donna Carbell as Senior Vice President, Individual Insurance Donna Carbell joins the executive leadership team as Senior Vice President, Individual Insurance, overseeing product development, distribution, marketing and client service for the line of business. With more than 20 years' experience, Donna brings a wealth of cross functional industry knowledge to Equitable Life. 
     
    Donna is passionate about supporting the health and wellness of Canadians and it is through the insurance and service we offer, that we provide support to families when they need it most during a health event. Donna is looking forward to working closely with our partners to support all aspects of delivering a best-in-class experience for you and your clients.
     
  3. Ways to reduce net income after age 71 with Equitable Life
    Your client is contacting you to ask how to reduce net income after age 71. While each client’s situation is unique, here are a few options to consider.
     
    1. Clients with a spouse under the age of 71 can contribute to a spousal Retirement Savings Plan (RSP) up until December 31st of the year the spouse turns 71; provided contribution room is available. This option can also work for those clients over the age of 71 with employment income. This can be useful for small business owners who are still making money over the age of 71 and forced to convert their RSP to a Retirement Income Fund (RIF) or Life Income Fund (LIF).
     
    1. For clients with a RIF or LIF, they can strategically elect to use their spouses’ age to calculate the minimum RIF income payment (minimum and maximum for LIF). The idea being that if there is an age gap between spouses:
    • Your client makes a RIF/LIF minimum payment lower by using the age of the younger spouse. This is beneficial to clients who do not need a lot of income from their RIF/LIF.
    • Your client makes a LIF maximum payment higher by using the age of the older spouse. This is beneficial to clients who want to withdraw as much as possible from their LIFs each year.
     
    To learn more, contact your Regional Investment Sales Manager.
     
     
     
    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada
     
  4. Tune in to our latest Equitable Insights Videos on EquiNet Our new Equitable Insights Video Series page on EquiNet® hosts all of our latest videos in one convenient place, including:

    ●  Our Large Case Experts, featuring Scott Morrow, Individual Insurance Sales Vice President, MGA East, Equitable Life
    ●  EZcomplete Makes Submission to Commission Easy, featuring Chris Marrese, Individual Operations Vice-President, Equitable Life
    ●  Our Investment Approach featuring David Irwin, Director, Portfolio Management and Client relations
    ●  Our Financial Strength, featuring Sheila Hart, Chief Financial Officer, Equitable Life

    Watch our Equitable Insights Video Series to learn more about Equitable Life and the solutions we offer to meet our customers’ needs.
  5. Equitable Life Group Benefits Bulletin – November 2021 In this issue: *Indicates content that will be shared with your clients

    Reminder: Deadline to opt out of New Brunswick biosimilar program*

    Earlier this year, we announced via eNews that on Feb. 1, 2022, we are ending coverage for some originator biologic drugs in New Brunswick in response to the province’s Biosimilar Initiative.* These changes will help protect your clients’ plans from additional drug costs while still providing access to equally safe and effective biosimilars.
     
    Do my clients need to take any action?
    No action is required if employers want to have the originator biologics excluded from their plan. Plan members taking these targeted originator biologics will be contacted directly to allow them ample time to transition to the biosimilar. Any cost savings associated with the change will be factored in at renewal.
     
    All groups, except myFlex clients, who wish to opt out of this change and maintain coverage of these originator biologics for existing claimants in New Brunswick can submit a policy amendment. Amendments must be submitted no later than Nov. 30, 2021.
     
    Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for New Brunswick plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.
     
    Groups that opt out of this change are also opting out of any future changes to our New Brunswick biosimilar initiative. This means that their drug plans will continue to cover any additional originator biologics for which we subsequently end coverage as part of the biosimilar program.
     
    Questions?
    If you have a question that isn’t answered here, please contact your Equitable Life Group Account Executive or myFlex Sales Manager.
     
    * The list of affected drugs or conditions is dynamic and may change.

    Web Reports Quick Reference Guide now available for plan administrators

    A Web Reports Quick Reference Guide is now available for plan administrators on EquitableHealth.ca. This new guide offers a listing of our newest reports available on the plan administrator web. It also provides instructions for plan administrators outlining how to pull the report using the plan administrator portal.
     
    The guide is available under the Quick Links section on both the advisor and plan administrator portals on EquitableHealth.ca.

    Reminder: Review manual allocations for HCSAs and/or TSAs*

    If your client’s Health Care Spending Account (HCSA) and/or Taxable Spending Account (TSA) has manual allocations, they need to allocate these amounts to plan members each year. Please review all your plan members’ profiles on EquitableHealth.ca to ensure they have received their allocation(s) for the current benefit year.
     
    If your clients have Plan Administrator update access on EquitableHealth.ca, they can update these amounts online by doing the following:
    • Select “View certificate”
    • Select “Health Care Spending Account” or “Taxable Spending Account”
    • Select “Update Allocation” in Task Center
    • Enter amount in “Revised Allocation Amount”
    • Override Reason – “Plan Administrator Request”
    • Select “Save”
    If your clients have Plan Administrator reporting access on EquitableHealth.ca, they can determine which plan members have a zero allocation by running the “HCSA Totals by Plan Member” report online by doing the following:
    • Select “Reports”
    • Select “New”
    • Select “Next”
    • Select “HCSA” or “TSA Totals by Plan Member”
    • Select “Next”
    • Enter end date of “12/31/2020”
    • Select “Next”
    • Select “Finish”
    • View “Report”
    To provide us with the amounts to be updated, please have your client contact our Group Benefits Administration Team at GroupBenefitsAdmin@equitable.ca.

    Help your clients take advantage of our convenient digital options*

    We have several digital options available to make it easier for your clients to do business with us and for their plan members to access and use their benefits plan. Over 71% of plan administrators are managing their plan online and 78% of plan members are already using our digital tools.
     
    For plan administrators:
    • Online Plan Member Enrolment tool – allows all groups to add new plan members without the need for paper forms
    • Plan Administrator Portal (EquitableHealth.ca) – plan administrators can easily manage their plan anytime and anywhere
    • Digital Welcome Kits – personalized welcome kits are delivered to plan members via email
    • Easy automated payments – plan administrators can avoid missed payments by setting up pre-authorized debit or electronic funds transfer
    For plan members:
    • Plan Member Portal (EquitableHealth.ca) – plan members get secure, 24/7 access to their claims history, coverage details and health and wellness resources
    • Electronic Claim Payments and Notifications – plan members can get claim updates sooner in their email inbox and payments right into their bank account
    • EZClaim Mobile App – submitting claims from a mobile device is fast, easy and secure
    • Digital Benefits Cards – plan members no longer have to dig through their wallet – they can download their benefits card on their mobile device
    We can help
    We’ve created a brochure and a video guide to help plan members access and use their digital resources. For further assistance, plan members can visit www.equitable.ca/go/digital. They can also contact our Web Services team at 1.800.265.4556 ext. 283 or groupbenefitsadmin@equitable.ca.
  6. NEW Process for Applications for Term Conversion to Equimax with Excelerator Deposit Option (EDO) Great news! We are now allowing term conversions to Equimax with EDO with no additional underwriting provided the maximum net amount at risk (NAAR) for the new Equimax policy does not exceed the Term coverage amount being converted. 
     
    We have created an easy-to-use Excel worksheet (1616 worksheet) to help you confirm that the conversion to Equimax with EDO satisfies the NAAR requirement and will assist you with properly completing the Application for Term Conversion (Form 1616). This worksheet is only for use in situations where the term coverage is to be converted to Equimax with EDO and must be submitted along with the signed illustration and completed Application for Term Conversion. The maximum NAAR can be found on the Underwriting page of the illustration report.
     
    The signed Equimax illustration, application and term conversion worksheet should be sent to: inforcelifemail@equitable.ca.
     
    Resources can be found on Equinet:
  7. 2022 Holiday Hours The Holiday season brings thoughts of gratitude, and there is no better time to express our thanks and sincere appreciation for your dedication and commitment to Equitable Life.
     
    Thank you for your support this past year and for trusting Equitable Life with your Individual Insurance and Savings & Retirement business. Happy Holidays!

    Customer Service Holiday Hours
    • Friday, December 23, 2022 - 8:30 a.m. – 7:30p.m. ET
    • Monday, December 26, 2022 – CLOSED
    • Tuesday, December 27, 2022 – CLOSED
    • December 28, 29 and 30, 2022 - 8:30 a.m. – 7:30 p.m. ET
    Individual Insurance
    • We will continue to process business as usual on all regular business days up to year end.
    Savings & Retirement
    • To settle on December 23, 2022, the transaction must be received that day by 11:00 a.m. ET
    • To settle on December 30, 2022, the transaction must be received that day by 11:00 a.m. ET
    Please note that all requirements must be received in Head Office by the above dates to guarantee settlement for year end.
  8. Excelerator Deposit Option – maximum payment limit changes

    The Excelerator Deposit Option (EDO) gives your client the option to make additional payments, subject to specified limits and our current administrative rules and guidelines, above the required guaranteed policy premium. EDO payments can help grow the long-term values in your client’s policy.  This change is regarding the maximum EDO payment limit that applies to the policy.
     
    For Equimax policies with an Owner Signature Date of June 26, 2021 or after where a term rider has increased the maximum EDO payment limit on the policy

    ● NEW! If a request is received to terminate, convert, or reduce the term rider and the term rider has been in effect for 10 years or longer, the EDO maximum for the policy will not be reduced.
    ● If a request is received to terminate, convert, or reduce the term rider and the term rider has been in effect for less than 10 years (it has not reached the 10th policy anniversary), the EDO maximum for the policy will be reduced accordingly.

    Current rules as to when underwriting is required for EDO payments continue to apply, as do current rules surrounding acceptance of EDO payments and maintaining the tax-exempt status of the policy and can be found in the Equimax Product Admin Guide.

    Want more information?  Contact your Regional Sales Manager for more information on these changes
     
  9. Equitable Life Savings & Retirement Webinar Series featuring Invesco Europlus

    In 2021, Equitable Life’s S&R team will spotlight various aspects of our competitive fund line up and product offerings. Each webinar in the series will feature a new topic. The series will also give advisors an opportunity to:

    • learn more about various products and product features,

    • hear from industry professionals,

    • learn about investment strategies; and so much more.

    This month, Equitable Life welcomes Invesco Canada to highlight Invesco’s Europlus Fund. Join your host, Joseph Trozzo, Investment Sales Vice President as he welcomes Matt Peden, Portfolio Manager, and Kimberley West, Client Portfolio Manager.
     
    Learn More
     




    Continuing Education Credits
    This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.
  10. ALERT! Temporary Suspension of Ground Service – British Columbia
    The British Columbia government has declared a provincial state of emergency following severe flooding and landslides, causing widespread damage and road closures preventing ground access into and out of the province.
     
    Please be advised that we are not accepting courier shipments traveling by ground into and out of British Columbia.  Any printed materials ordered from Equitable Life will be held until the situation in BC is resolved. In the meantime, please feel free to use our digital copies.
     
    If you have any questions or concerns, please contact your Regional Sales Manager.