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Crunch the numbers with Equitable Life’s Tax Free Savings Account Comparison Calculator
Whether helping your client determine net worth or reviewing to see if your client’s retirement plan is on track, Equitable Life® is here to help with our online calculators. These number crunching tools can help you answer some of those challenging questions you get asked by your clients. From an RSP loan calculator to home budgeting to even figuring out if your client will be a future millionaire, check out our latest tools.
Each week in March, we will be sharing an online calculator from our list.
Share calculators using your Facebook, Twitter or LinkedIn account.
-------------------------------------------------------------------------------------------------------Fei Hong and Yu Yan want to set up an emergency fund that will provide some growth and allow them to take out money when they need it. Does such a thing exist? If so, what is the catch?
Did you know?
With a TFSA, you can make tax free withdrawals at any time for any purpose. Check out Equitable Life’s Tax Free Savings Account Comparison Calculator -
Equitable Life Savings & Retirement Webinar Series welcomes Franklin Templeton
In 2021, Equitable Life’s® S&R team will spotlight various aspects of our competitive fund lineup and product offerings. Each webinar in the series will feature a new topic. This 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.
Join your host Joseph Trozzo, Investment Sales Vice President and Franklin Templeton. Equitable Life is pleased to highlight access to the Bissett Monthly Income and Growth Fund Select, Bissett Canadian Equity Fund and Bissett Dividend Income Fund in the Pivotal Select™ segregated fund line-up.
Learn More
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New marketing material! 10-Pay Equimax Estate Builder - Enhanced Protection Dividend
Let's take a second look at the Enhanced Protection dividend option
Do you have clients who need a permanent plan with no out-of-pocket premiums payable after 10 years? Are they looking for a long-term permanent insurance solution for estate needs, but also would appreciate having some extra initial coverage for outstanding loans or other obligations?
If so, it might be time to take a second look at the Enhanced Protection dividend option with a 10-pay Equimax Estate Builder® plan.
Learn more by checking out our new marketing piece -
Universal Life Product Fund Changes
In September 2022, we will be changing the underlying securities being tracked for several universal life funds, listed below.* These changes apply to our current Equation Generation IV universal life insurance product and to any legacy products that offer these same UL funds.
If your client would like to transfer money currently invested in any of the above UL funds to a different UL fund and/or change the investment option for their future deposits, please submit a request well in advance of September 2022 using form 693UL.
Please contact your Equitable Life® Regional Sales Manager for more information.
UL Fund Currently Tracked Upcoming Change* European DJ Euro STOXX 50 Total Return Index STOXX Europe 600 Paris-Aligned Index (ESG) Canadian Bond Sun Life MFS Canadian Bond Equitable Life Active Canadian Bond Fund Internal Linked Global Fixed Income Mackenzie Global Tactical Bond Invesco Global Bond Canadian Value Stock Mackenzie Cundill Canadian Security Franklin Bissett Canadian Equity Large Cap Canadian Equity Mackenzie Ivy Canadian Dynamic Equity Income Global Balanced Templeton Global Balanced Mackenzie Ivy Global Balanced
*Underlying security changes will occur in September 2022. Exact effective date has not yet been determined.
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Regulator Reviews of Advisor Business Practices
The Financial Services Regulatory Authority of Ontario (FSRA) began targeted life agent examinations in 2021 as part of its Market Conduct: Life and Health Insurance Agent Supervision Framework. In March 2022, FSRA released its industry report which included a summary of the top regulatory violations or business practice gaps identified during those reviews, which included:
● Agent Disclosure – failure to ensure proper disclosure to clients regarding the insurers that the agent is authorized to represent, conflicts of interest or potential conflicts of interest and agent compensation;
● Continuing Education Credits – failure to complete CE credits as required or misrepresentation to the regulator regarding completion;
● Failure to complete the Life Insurance Replacement Declaration with clients when replacing an existing insurance policy;
● Missing or inadequate financial needs analysis and/or risk assessment (wealth) and insurance needs analysis;
● Missing or inadequate Reasons Why Letters for insurance recommendations;
● Missing evidence of policy illustrations;
● Missing or inadequate AML/ATF programs; and
● An overall lack of adequate notes to document client conversations and support recommendations made.
While these reviews are focused on agents licensed in Ontario, the review findings are helpful for all licensed advisors to ensure your business practices are aligned with regulatory and industry standards. Following these standards also helps you meet Equitable Life’s Advisor Code of Conduct. FSRA’s full report includes a copy of the Insurance Agent Market Conduct Questionnaire and can be viewed at https://www.fsrao.ca/newsroom/new-life-and-health-agent-supervisory-framework-enhances-consumer-protection.
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Crunch the numbers with Equitable Life of Canada
Whether helping your client determine net worth or reviewing to see if your client’s retirement plan is on track, Equitable Life® is here to help with our online calculators. These number crunching tools can help you answer some of those challenging questions you get asked by your clients. From an RSP loan calculator to home budgeting to even figuring out if your client will be a future millionaire, check out our latest tools.
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Elijah welcomed a new baby to his family and needs to reduce the amount of money he is saving for retirement. Is he still going to be able to retire at age 60 like he planned, or will he need to extend his working years until age 65?
Did you know?
Investment returns, unexpected expenses and inflation can all affect your retirement savings. Check out Equitable Life’s How Long How Long Will My Retirement Savings Last Calculator.Share calculators using your Facebook, Twitter or LinkedIn account.
® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
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Taking the guess work out of market volatility with Equitable Life
Investing during market highs and market lows can leave even the most seasoned investors scratching their heads. Knowing when to buy and when to sell is not easy, but disciplined investing can be.
Dollar cost averaging with Equitable Life® is designed to provide a long-term investment solution. This strategy helps take the guesswork out of knowing when to get into the market. It can also provide consistency for a long-term financial plan regardless of whether there is a lot or a little to invest.
And for a limited time only, we’ve increased the initial commission for the CB5 sales option from 5.6% to 7.0% on Pivotal Select™ segregated funds*, effective from May 20 to August 31, 2022.** During this time, advisors earn the increased full initial commission even if funds are placed into Equitable Life Money Market Fund to start the PAC.
For more information on dollar cost averaging, please contact your Equitable Life Regional Investment Sales Manager.
* Applies to FundSERV trades occurring between May 20 and August 31, 2022. Initial commission on non-FundSERV trades occurring between May 20 to August 31, 2022 increases from 4% to 5%. Initial commission is subject to a chargeback.
** Equitable Life reserves the right to end the campaign at any time and without notice.
™or ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
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Crunch the numbers with Equitable Life of Canada
Whether helping your client determine net worth or reviewing to see if your client’s retirement plan is on track, Equitable Life® is here to help with our online calculators. These number crunching tools can help you answer some of those challenging questions you get asked by your clients. From an RSP loan calculator to home budgeting to even figuring out if your client will be a future millionaire, check out our latest tools.
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Gloria and Nigel just launched their small business and have dreams of becoming millionaires. What will it take for them to join the millionaire’s club?
Did you know?
There are many factors to consider including inflation, taxation and rate of return. Check out Equitable Life’s Cool Million Calculator.
Share calculators using your Facebook, Twitter or LinkedIn account. -
Updated Temporary Resident Guidelines
We are excited to announce that we have liberalized our Temporary Resident Guidelines.
● The validity period requirement of the supporting documentation for all Temporary Residents has been lowered to three months
● Student Visa holders attending post secondary educational institutions may qualify for a total coverage of $500,000, and – if employed – even for $1,000,000
We will now ask for the following information:
● Information regarding the educational institution and programme for all amounts over $250,000 (typically includes online validation)
● A maximum of $500,000 may be available for students enrolled in professional programmes, as defined in our Student Financial Guidelines (e.g., medical, law, etc.)
● A maximum of $1,000,000 may be available for students who are legally and gainfully employed. For this, we require proof of current employment and the CRA Notice of Assessment for the previous year. Should both be satisfactory, the allowable face amount will be calculated according to the published Work Permit guidelines. If applying for over $500,000, a minimum one-year period after arrival to Canada is required.
● Students enrolled in elementary or secondary school are eligible for a total coverage of $250,000. Exceptions may apply if the parents are insured or applying for minimum $1,000,000. We will confirm the parents’ respective occupations, incomes, and residency statuses
Read more about the details of the changes in the updated Residency Guidelines form 1530.
Please contact your Regional Sales Manager for more information. -
A New Universal Life Solution for the 21st Century – Coming Soon
Introducing a new Universal Life solution built for the 21st century: Equitable Generations™ universal life insurance will be available for sale September 26, 2022.
Check out our Equitable Generations universal life splash page: www.equitable.ca/ul
Our new Equitable Generations
Equitable Generations is a Universal Life product that offers investment options that resonate with today’s 21st century client while reducing every fee possible. It also reduces the cost of insurance to help clients maximize their opportunity to purchase coverage and build tax-advantaged wealth.
Features of Equitable Generations:- 34 fund options, including 18 new investment options, tracking funds managed by Fidelity™, Dynamic™, Invesco™ and more.
- 3 sustainable investment “ESG” (Environmental, Social & Governance) options – because today’s buyer cares as much about impact as they do about returns.
- Target date funds that auto-rebalance over time so that as a client approaches retirement, the fund adjusts its risk automatically.
- A lower cost insurance with no policy fee, with the opportunity to purchase insurance protection, more opportunity to build wealth, or both.
Supporting you at claim time with KIND™This service will include the following components:
● Living Benefit
● Bereavement Counselling benefit
● Snap Advance*
● Compassionate Advance** Snap Advance and Compassionate Advance are non-contractual and may be altered or terminated by Equitable Life at any time without notice.
New illustration software available
The updated illustration software will be available for download after 9 a.m. ET on Tuesday, September 6, and will include the new Equitable Generations product. See the Equitable Sales Illustrations Update for information on how to download the software or check for updates.
Learn more
Transition rules are availableCheck out our Equitable Generations universal life splash page: www.equitable.ca/ul
Watch for more information and get ready to sell Equitable Generations universal life as it becomes available on September 26.
Please contact your Regional Sales Manager for more information.Invesco® and all associated trademarks are trademarks of Invesco Holding Company Limited, used under licence. Invesco is a registered business name of Invesco Canada Ltd.
Dynamic Funds is a registered trademark of its owner, used under license, and a division of 1832 Asset Management L.P.
Fidelity is a registered trademark of 483A Bay Street Holdings LP. Used with permission.
Equitable Life, Equitable Life of Canada, KIND and Equitable Generations are registered trademarks of The Equitable Life Insurance Company of Canada.