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  1. 2023 is here and we are here for you! Equitable Life® would like to wish everyone a Happy New Year and we are looking forward to doing more business together in 2023!
    Just a reminder, we made some changes in 2022 to make doing business with Equitable Life easier. Some of the most recent enhancements include:

    Opt in for text messages on new applications
    ● Upon submission of an application, you can opt-in to receive text message updates for your new business applications. That’s a text message when the application is received, when a decision is made, when it’s ready for delivery and when the commissions have been triggered.

    Cloning pages on EZcomplete®
    ● You now have the ability to clone an application on EZcomplete. A whole family or a spouse can have a lot of duplicate information and the ability to clone an application can save tremendous amounts of time and make for a much more pleasant client experience.

    Jump around on EZcomplete
    ● Jump from one part of the application to another and back again. You no longer have to complete the application one section after another in order. This will allow a lot more flexibility when submitting a policy application.

    To learn more about these great enhancements contact your local wholesaler.

    Continue watching for news from Equitable Life for more great launches and enhancements in 2023!
     

    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
     
  2. Are your clients looking for more Tax-Free Savings Account contribution room?

    Good news!  With the start of the new year comes new additional contribution room. And to make it even better the Government of Canada­­­ increased the annual contribution limit. Effective January 1, 2023, the annual limit goes from $6,000.00 to $6,500.00.   
      
    A Tax-Free Savings Account is a great option for clients to grow their savings with the flexibility to access their money when they need it, before or during retirement. Encourage your clients to start saving today!­

    For more information on the options available, please click here.


    Posted: January 3, 2023
  3. Updated Temporary Resident Guidelines – Student Permit Requirements We are pleased to announce that we have clarified the student permit requirements of our Temporary Resident Guidelines.
    ● The guidelines for Student Visa holders attending elementary and secondary school students have been outlined in further detail.
    ● The guidelines for Student Visa holders attending post secondary educational institutions have been enhanced with additional details regarding professional programs, as well as post-secondary programs not included in the professional program category. 

    Read more about the details of the changes in the updated Residency Guidelines form 1530.

    We have also added an additional note to the 1343 Evidence of Insurability to specify the following:
    ● If in Canada for less than 1 year, Paramedical, Blood Profile with Hepatitis screens and Urinalysis tests are required for applicants of attained age 17 or over.

    Read more about the details of the change in the updated Evidence of Insurability 1343.

    Please contact your local wholesaler for more information. 
     
  4. More time to complete and view applications on EZcomplete


    You asked for more time, we listened!
     
    Effective January 14, 2023, you will have more time to complete and view in-flight and completed applications on the EZcomplete® dashboard.  

    You will now have,
    image-(1).jpg

    There are no changes to EZcomplete’s Sandbox.  Applications in the Practice Site will continue to be deleted after 10 calendar days.

    Take me to the Sandbox

    Take me to EZcomplete

    Play around in the Sandbox with a demo client account.

    Submit your applications today.


    If you have any questions, contact your Regional Investment Sales Manager or Advisor Services Team Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427, or email savingsretirement@equitable.ca.

     
     
    *Insurance applications currently offer 30 calendar days
    ** In-flight applications created prior to January 14, 2023, will maintain the existing 10-day submission timeline.
    ® denote a trademark of The Equitable Life Insurance Company of Canada.
    Posted: January 14, 2023
  5. Step Up Your Wealth Sales with Equitable Life! Welcome to the Step Up Your Wealth Sales program with Equitable Life® . You will be rewarded with a growth bonus for doing more business with Equitable Life in 2023!

    The program rewards advisors who promote Equitable Life’s Savings & Retirement products to existing and new clients as part of an overall investment strategy based on client needs.  

    Commission Bonus Calculation:
    Gross deposits into segregated funds
    + Gross deposits into Guaranteed Interest Account (GIA) contracts
    + 25% of payout annuity sales
    - Segregated fund redemptions
    - GIA redemptions
    = 2023 Net Deposits

    All deposits, sales, and redemptions occurring between January 1 and December 31, 2023, will be used to calculate an advisor’s 2023 net deposits. 
     
    Tier 2023 Net Deposits Bonus Rate*
    1 Less than $250,000 $0
    2 $250,000 - 499,999 .25%
    3 $500,000 – 749,999 .50%
    4 $750,000+ .75%
    5 Elite Advisor re-qualifiers1 1.00%


    * The bonus amount will be calculated at the end of 2023 based on net deposits. The bonus will be paid within 90 days following December 31, 2023.  Maximum bonus payable is $100,000 for Elite Advisor re-qualifiers; $75,000 otherwise.

    For more information, download our flyer or contact your Equitable Life Regional Investment Sales Manager.

    Equitable Life is committed to offering advisors and clients product, service, and feature choices that best suit their needs. We offer multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds to align with clients’ unique needs.  

    Posted:June 26, 2023
     
    ™or ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    1  Elite Advisor re-qualifiers are advisors who attained Elite status as of end of 2022 and maintain Elite status at the end of 2023. To attain 2023 Elite Advisor status, an advisor must have $1,250,000 in gross deposits in at least 5 policies or $10,000,000 in assets. 

  6. January 2023 eNews

    Responding to Saskatchewan’s biosimilar switch initiative*

    We are changing coverage for some biologic drugs in Saskatchewan in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 

    Saskatchewan’s provincial biosimilar initiative
    Announced in October 2022, the Saskatchewan Biosimilars Initiative ends coverage of ten biologic drugs beginning on April 30, 2023.

    Patients in the province who are using these drugs will be required to switch to biosimilar versions of these drugs by April 30, 2023, in order to maintain their Saskatchewan Drug Plan coverage.
     
    Equitable Life’s response
    To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Saskatchewan for most biologic drugs included in the provincial initiative.

    Beginning April 30, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  

    Communicating this change to plan members
    We will inform any affected plan members in early February of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 

    What is the difference between biologics and biosimilars?
    Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions. 

    Questions?
    If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

    **The list of affected drugs is dynamic and will change as Saskatchewan includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
     

    Ontario announces 2023 biosimilar switch program*

    The government of Ontario recently announced the launch of a biosimilar initiative to switch patients from eight originator biologic drugs to biosimilar versions of the drugs.

    Patients in Ontario using affected originator biologic drugs will have until December 29, 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans.

    We are actively monitoring and investigating the impact of this new policy on private drug plans in Ontario. We plan to implement changes to coverage of biologic drugs in the province in 2023 to help prevent this change from resulting in additional costs for our clients’ drug plans. We will provide more details in the coming months.

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
     

    Dental fee guide updates*

    Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable Life® uses these guides to help determine the reimbursement limits for dental procedures. For your reference, below is the list of the average dental fee increases for general practitioners that will be used by Equitable Life for 2023.*** 

    Dental fee guide increases over 2022***



    ***Data for all provinces and territories was not available at the time of publication. This chart will be updated on EquitableHealth.ca as more information becomes available.
     

    Equitable Life ranks high with Canadian group advisors*

    Equitable Life ranked second nationally and first in Ontario among major insurers in a recent survey of Canadian group benefits advisors.
     
    NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 130 leading group consultants, brokers and third-party administrators across the country between May and August 2022 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.

    Nationally, Equitable Life ranked either first or second in four of the six main categories:

    Advisors in Ontario, in particular, scored Equitable Life very favourably. We ranked #1 overall in the province, finishing first in four of the six overall categories, including: Relationship Management, Operational Management, Underwriting and Claims Management and Technology.
     
    “The fact that advisors regard us so highly in so many categories is a testament to our mutual status and our ability to focus exclusively on our clients and advisors,” said Marc Avaria, Senior Vice President of Group. “We are truly working together to build strong, enduring and aligned partnerships.”
     
    “While we are happy with these results, we won’t rest on our laurels,” added Avaria. “We will continue to dedicate ourselves to providing our clients and advisors with a better benefits experience.”

    Here are more of the highlights from this year’s results:
     
    Nationally, we ranked first in all 10 subcategories in Operational Management, including:
    • Overall service to intermediaries,
    • Overall service to plan sponsors,
    • New quote process,
    • Plan implementation,
    • Renewal process,
    • Information shared at renewal,
    • Accuracy and timeliness of reporting and billing,
    • Administration quality and responsiveness,
    • Taking ownership and
    • Management information quality and availability.
    We also ranked first in Relationship Management, getting top marks in 7 of 10 subcategories, including:
    • Company relationship management,
    • Ease of doing business,
    • Account executive capability,
    • Market knowledge,
    • Visit/call quality,
    • Effective coordination and
    • Advice.
    We ranked second in Underwriting and Claims Management, finishing in the top three for all subcategories, including:
    • Fairness and timeliness of disability claims (1st)
    • Fairness and timeliness of health claims (2nd)
    • Fraud management (2nd)
    • Competitiveness of pooling charges (2nd)
    • Group underwriting flexibility (3rd)
    • Health and dental TLR competitiveness (3rd)
    And we ranked second in Technology, finishing in the top three for:
    • Overall technology – Intermediary (2nd)
    • Member experience (2nd)
    * Indicates content that will be shared with your clients.
     
  7. Join us for our first Equitable Life Master Class webcast


    We’re pleased to introduce the Equitable Life Master Class webcast series.  These webcasts offer compelling topics and unique ideas from leading experts to help you manage and grow your business.


    Join Equitable Life along with guest speaker Rob Kochel, Director, Invesco Consulting Group to learn:

    · The ESG client connection opportunities.

    · The optimal language to use when introducing ESG to a client.

    · Four universal communication principles for better client conversations.

    · Words to use and words to lose.


    You don't want to miss it!

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    ® denote trademarks of The Equitable Life Insurance Company of Canada.

    Posted January 25, 2023
  8. This year’s RSP contribution deadline is March 1, 2023


    The RSP deadline is fast approaching so whether you are using paper or EZtransact™ here are some important things to remember.

    Issuing New Policy with EZcomplete®

    • All online applications must be digitally signed and submitted and have a date stamp no later than March 1, 2023.


    Issuing New Policy using Paper Application

    • For contributions to qualify for the first 60 days, all paperwork must be completed and signed by March 1, 2023. Equitable Life must receive all paperwork by March 7, 2023.



    Deposits to Existing Policy

    • Advisors can setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place using EZtransact. Online deposits must be made and have a date stamp by March 1, 2023, to qualify for a 2022 tax receipt. 

    • Clients can make online deposits to Equitable Life® through their financial institution’s online banking service. Online deposits must be made and have a date stamp by March 1, 2023, to qualify for a 2022 tax receipt. 

    • Clients can also make a new deposit to an existing policy by cheque. The cheque must be dated and signed by March 1, 2023. Equitable Life must receive the cheque no later than March 7, 2023.


    If online banking is being used to fund the policy – either topping up an existing policy or opening a new policy – the online banking transaction must be completed by March 1, 2023, to receive a 2022 tax receipt.


    Please note that cheques and other paperwork cannot be backdated.  They must be completed and signed by March 1, 2023, to qualify for a 2023 tax receipt.


    Don’t forget about the Equitable Life RSP Grow Your Future Contest. We hope you have a great RSP season! 

    ® denotes a trademark of The Equitable Life Insurance Company of Canada.

  9. New year tune-up for Equimax participating whole life
    It’s a new year and time for an Equimax® tune up! We have made some exciting changes for new sales of Equimax Estate Builder® and Equimax Wealth Accumulator® effective February 11, 2023.

    These exciting enhancements make Equimax even more robust, simpler and cost effective, to ensure it continues to be the preferred participating whole life solution for clients and advisors alike.

    Watch our informative video to learn more.
     
    Check out our Equimax splash page for complete details on all the enhancements, our transition rules, and much more.
     








    What’s new?
    • All new children’s policies will now be issued as non-smoker for life – we will no longer request a non-smoker declaration for new children's policies.
    • We have also removed the policy fees on new Equimax sales, reducing total premium payments – allowing clients to buy even more coverage for the same payment.
    But there’s more to our Equimax tune-up!
    The following enhancements add more value, making it easier for you to recommend Equimax as your preferred whole life solution.
    • Monthly Excelerator Deposit Option(EDO) payments and EDO payments received off anniversary will now buy more paid-up additional insurance,
    • Dividends earned on EDO payment paid-up additions, and credited on the base policy, can now buy even more paid-up additions,
    • New clients now have the option to elect individual policies on joint last to die (JLTD) plans if their personal situation changes,
    • We have also changed the way we calculate monthly premiums – resulting in lower premium payments across the board,
    • And we have added our KIND™ benefit program to Equimax, as we did for our newest Generations Universal Life  solution last September – making it easier for families and beneficiaries at claim time.
    • And, finally, we are introducing some new sales illustration features, a Web-based software and more to help you market Equimax!
    Visit our splash page and watch our informative video to learn more and start selling the enhanced Equimax today.
     
    Plus, visit our Equimax product page on EquiNet®, then click on the Marketing Materials tab for the latest Equimax marketing materials.
     
    Need more information? Please contact your local wholesaler.
     
     ® and ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
  10. February 2023 eNews

    Responding to Nova Scotia’s biosimilar switch initiative

    We are changing coverage for some biologic drugs in Nova Scotia in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 

    Nova Scotia’s provincial biosimilar initiative

    Announced in February 2022, the Nova Scotia Biosimilar Initiative ends coverage of seven biologic drugs for residents enrolled in Pharmacare programs.

    Pharmacare patients in the province using these drugs will be required to switch to biosimilar versions of these drugs by February 3, 2023, in order to maintain their Nova Scotia Pharmacare coverage. 

    Equitable Life’s response

    To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Nova Scotia for most biologic drugs included in the provincial initiative.

    Beginning June 1, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  

    Can my client maintain coverage of these biologic drugs?

    Traditional groups who wish to opt out of this change and maintain coverage of these originator biologics for Nova Scotia plan members can submit a policy amendment. Amendments must be submitted no later than April 1, 2023. Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for Nova Scotia plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.

    Groups that choose to maintain coverage of these originator biologics for existing claimants will also maintain coverage for any originator biologics that we subsequently add to our Nova Scotia biosimilar initiative.  

    Will this change impact my clients’ rates?

    The rate impact of this change in coverage will be relatively insignificant. Any cost savings associated with the change will be factored in at renewal.

    If plan sponsors opt out of these changes and maintain coverage for the originator biologics, it may result in a rate increase. Any rate adjustment will be applied at renewal.

    Communicating this change to plan members

    We will inform any affected plan members in April of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 

    What is the difference between biologics and biosimilars?

    Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions. 

    Questions?

    If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

    **The list of affected drugs is dynamic and will change as Nova Scotia includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
     

    Changes to New Brunswick drug interchangeability rules

    We are introducing changes to help ensure that your clients with voluntary or mandatory generic pricing for their drug plans will benefit more from the cost savings of these two features, regardless of the province where the drugs are dispensed.

    Currently, when determining whether a lower-cost alternative is available for a brand-name drug, most insurers only consider drugs that the provincial drug plan identifies as interchangeable.

    However, the public drug plan in New Brunswick does not identify a drug as interchangeable if the drug is not listed on its formulary – even if Health Canada has deemed the drug interchangeable.

    As a result, plans with mandatory or voluntary generic pricing have continued to reimburse some drugs in New Brunswick based on the cost of the brand-name drug, even if a lower-cost generic alternative is available.

    Effective March 20, 2023, if your clients have drug plans with mandatory or voluntary generic pricing, we will adjudicate any drug claims in New Brunswick using the lowest cost alternative that Health Canada approves as bioequivalent. This will occur even if the public drug plan has not identified the drug as interchangeable.

    To benefit from this more robust drug plan control, plan sponsors must have mandatory or voluntary generic pricing in place.

    For more information about this change or about implementing mandatory or voluntary generic pricing for your clients, please contact your Group Account Executive or myFlex Sales Manager.
     

    New template: plan members eligible for additional coverage

    Often, based on salary, some plan members may become eligible to apply for extra Life, Accidental Death & Dismemberment (AD&D), Short Term Disability or Long Term Disability coverage. If this occurs, your clients receive a notification from Group Benefits Administration. We have now developed a template that your clients can provide to applicable plan members if they become eligible for extra coverage. The template makes it simpler for your clients to pass on these details to their plan members efficiently.

    The new template is available for download under the Quick Links section of EquitableHealth.ca. It is a fillable PDF form that your clients can complete and provide to their plan members when necessary. The document is called Over the Non-Evidence Limit for Plan Members Notification.

    If you have any questions about the template, please contact your Group Account Executive or myFlex Sales Manager.