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  1. [pdf] Verification of Identification (Remote Signer)
  2. Repositioned Wealth Accumulator available

    Repositioned Equimax Wealth available now

    As we continue to grow to meet the needs of various market segments, our product options for your high net worth (HNW) clients have also been improved. Equimax Wealth Accumulator® has been repositioned to meet the needs of your high net worth clients by providing more deposit room and competitive early cash values.

    Equimax Wealth is now repositioned for your high net worth clients

    Equimax Wealth Accumulator is now targeted for clients ages 45 to 65 with an insurance need but also looking for tax advantaged growth as an alternative to traditional investments. It allows your clients to achieve both while diversifying their portfolio and saving taxes, particularly for corporations.
    image_for_wa.jpg

    Highlights of the repositioned Equimax Wealth Accumulator:

    • More deposit room - Allows for significantly more deposit room by reducing the initial death benefit. This means more money can be paid into the policy to promote the tax-advantaged investment growth.
    • Higher early cash surrender values - We are more competitive on total cash value in years 1 to 10 in the target market ages of 45-65. The higher extra deposit room and early surrender cash value allows the illustration to show an earlier premium offset, which is key for the HNW market.
    • More competitive on life pay - Improvements to life pay more notable than 20 pay. Reduced premiums for most male and female non-smokers in our target market (ages 45-65) as well as 2, 3, and 4 year improvement in illustration of premium offset.
    • More competitive at older ages - A shift in the target market means you can support older clients in the HNW market. The Equimax Wealth Accumulator is now more competitive at ages 45-65.

    Learn more

    For full details on the transition, please see our transition rules.

    For more information on this product, please visit the Equimax page on Equinet.

  3. Equitable Life Group Benefits Bulletin - October 2022

    Introducing new Gender Affirmation Coverage for group benefits plans

    Providing an inclusive benefits plan can play a critical role in fostering a workplace culture that welcomes diversity and helps employees thrive. While most provinces cover the cost of gender-affirming surgery, each person has unique needs. Some may require procedures that are not publicly covered.

    That’s why we’re pleased to introduce a new coverage option for gender affirmation surgical procedures that are not covered by provincial health plans. Gender Affirmation Coverage helps plan sponsors to close the gap where provincial health coverage ends. 

    Coverage details and eligibility

    Gender Affirmation Coverage can be added to any Equitable Life plan with an in-force Extended Health Care plan. It provides coverage for gender-affirming procedures that are not covered by provincial health plans. This might include tracheal (Adam’s apple) shaving and voice surgery. It will also cover some additional procedures to further align the plan member’s features to the transitioned gender, such as facial bone reduction and cheek augmentation. This makes a wider variety of gender-affirming surgeries accessible to plan members and helps minimize their out-of-pocket costs.

    Plan members are eligible for coverage with a diagnosis of gender dysphoria from a qualified health care professional. 

    Offering a more inclusive benefits plan

    The coverage provides one more way for your clients to offer more inclusive coverage and to offer holistic support to their plan members undergoing a gender transition. We have developed this coverage as a complement to our existing coverage options, including Health Care Spending Accounts (HCSAs), Taxable Spending Accounts (TSAs), Extended Health Care and drug coverage, and Employee and Family Assistance Programs, all of which can provide support to plan members undergoing gender affirmation.

    We regularly review our products to ensure that they’re meeting your clients’ needs, and we’re committed to offering products that support diversity, equity and inclusion.

    We also continue to review our forms, documents and processes to make them more inclusive. This includes reviewing our online plan member enrolment (OPME) tool to allow for more flexibility with the way plan members identify their gender. 

    Gender affirmation and mental well-being

    Gender affirmation procedures can lead to improved mental health outcomes for those with gender dysphoria, as most report an improvement in their quality of life following the procedures. Gender dysphoria may occur when a person’s assigned sex at birth does not match their identity, and people experiencing gender dysphoria typically report psychological and emotional distress, including symptoms of depression or anxiety. By offering coverage where provincial health coverage ends, your clients can support plan members as they seek procedures that align their body presentation with their self-identified gender.
     

    Advantages at a glance

    Advantages for plan members include:
    • Reimbursement for some procedures and expenses, leading to fewer out-of-pocket costs
    • May experience improved mental health outcomes after surgery
    Advantages for plan sponsors include:
    • A benefits plan that promotes a culture of diversity, equity and inclusion, which may build employee loyalty
    • Support for plan member mental health to help those with gender dysphoria thrive
    For more information about how Equitable Life benefits plans can support the needs of those seeking gender affirmation surgery view our resources:  You can also contact your Group Account Executive for more information. If you have clients with myFlex plans who are interested in Gender Affirmation Coverage, please contact your myFlex Sales Manager to determine eligibility. 
     

    The Benefits Canada 2022 Health Care Survey results are in!

    Equitable Life is proud to be a Platinum sponsor for The Benefits Canada 2022 Health Care Survey, Canada’s leading survey on workplace benefits plans. This year’s survey report highlights many fascinating insights across a wide variety of benefits topics, including:
    • A focus on mental health for both plan sponsors and plan members
    • The repercussions of the "shadow" pandemic due to health care delays 
    • Trends in plan members' overall perceptions of their health benefits plans
    • The types of benefits getting more attention from plan members
    • The role of remote work in plan member satisfaction
    By surveying plan members and plan sponsor representatives across Canada each year, Benefits Canada works with its Advisory Board to provide timely insights on the employee benefits issues that are most important to Canadians. This year, our Group Vice-President of Western Sales, Meghan Vallis, has provided her expertise as an Advisory Board member.

    We’re committed to helping you and your clients navigate the evolving landscape of employee benefits in Canada by contributing to this vibrant industry community. To read the full report, visit Benefits Canada.
     

    HCSA and TSA manual allocation reminder

    If your clients’ Health Care Spending Account (HCSA) and/or Taxable Spending Account (TSA) have manual allocations, they need to allocate these amounts to plan members each year. Clients should review their plan members’ profiles on EquitableHealth.ca to ensure they have received their allocation(s) for the current benefit year. Your clients may also order HCSA and TSA forfeiture reports on EquitableHealth.ca. 
     
    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 12/31/2022
    • 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. 

     
  4. Disability Waiver of Premium Requirements
  5. [pdf] Limited Trading Authorization
  6. Special 5% rate for clients until Pivotal Select FHSA is available  

    Great news for clients saving for their first home! For a limited time, clients who intend on setting up a First Home Savings Account (FHSA) with Equitable Life® can deposit money to a Guaranteed Interest Account (GIA) now and enjoy a special rate of 5.00%.1 
     
    The special rate applies only if the client transfers the funds to an FHSA by December 28, 2023; otherwise, the standard Daily Interest Account (DIA) rate will be applied to those funds.
     
    Here’s how to take advantage of this special rate:
     
    For New Clients:

    • Complete an application for a non-registered GIA. On the application select “Daily Interest Account” as the investment instructions and write the amount to be deposited (minimum $500, maximum $8,000).
    • In the Special Instructions section of the application, write “FHSA”.
    • The GIA application form (799) can be found here
     

    For Existing Clients - must have a GIA (Compound Interest Only) policy:
    • Submit a letter of direction or complete the Investment Direction form requesting to deposit funds to the DIA for the FHSA promotion (minimum $500, maximum $8,000)
    • Complete sections 1, 3, 4, 12 and 13 of the Investment Direction form, and in the Special Instructions area, write “FHSA”.
    • The Investment Direction form (693ANN) can be found here
     Although DIA is selected, the funds will be deposited to and displayed in EquiNet® and Equitable Client Access® as a special 1-year Guaranteed Deposit Account (GDA). Only new lump sum deposits are eligible for the special rate of 5.00%.1
     
    The GDA will be a non-registered account and any interest earned will be taxable.
     
    Once the Equitable Life FHSA is available:
    • Submit a Pivotal Select™ FHSA application, and request to transfer the funds from the GDA to the Pivotal Select policy.2 No Market Value Adjustment fees will be charged.
    • In the Special Instructions section, indicate the source of funds to be “FHSA promotion funds” and provide instructions on where to direct any excess funds in the GIA if applicable.
    • The funds will be transferred to the FHSA.3
    • Any excess funds over $8,000 will be returned to the client as a direct deposit, a cheque, or the client can keep the GIA open.
    Additional information about this promotion
    This is a great opportunity for clients to start saving for their first home today while earning an excellent rate. The advisor receives a reduced upfront commission4 for the pre-FHSA deposit to the GDA, in addition to the commission that will be earned by moving the funds to the Pivotal Select FHSA.
     
    This special savings rate promotion is available until the launch date of Equitable Life’s FHSA unless the promotion is ended on an earlier date at Equitable Life’s discretion. The maximum amount on which a client can receive the special savings rate is $8,000.
     
    Clients who do not transfer funds to the FHSA on or before December 28, 2023 will not receive the promotional rate. We will transfer the funds from the special GDA to the DIA account effective as of the date of deposit. As a result, the interest received by the client from the date of deposit to December 28, 2023 will be the DIA rate rather than the promotional rate.

    Questions? Please see our FAQ

    For more information, please contact your Regional Investment Sales Manager. Additional details about the FHSA can be found on the Government of Canada’s website.

     
    ® denotes a trademark of The Equitable Life Insurance Company of Canada.
     
    1 The pre-FHSA special saving rate of 5.00% per year compounds daily and takes effect from the date Equitable Life receives the deposit and will end on the date the FHSA Pivotal Select segregated fund product is launched later this year (December 28, 2023 at the latest). In the unlikely event Equitable Life’s Pivotal Select FHSA is unavailable in 2023, the funds subject to the promotion will earn the 5.00% rate for 1 year from the date of deposit through maturity in 2024.
     
    2 The FHSA promotion will only be available as a Pivotal Select Segregated Fund policy. Clients can open a FHSA only if they meet the eligibility criteria when they sign the application.
     
    3The funds in the Guaranteed Interest Account will be transferred to the FHSA in the form of a contribution of up to $8,000 on or after the date the client signs the FHSA application form. Clients must open a FHSA to receive the special bonus interest.
     
    4 Commission of 0.20% paid upfront for money received and deposited to the policy by September 29, 2023. 0.05% paid upfront for money received and deposited after September 29, 2023, and the earlier of the promotion termination or December 28, 2023.  Commissions are paid through an adjustment to our current 40bps commission on our one-year GDA by way of a chargeback reducing the commission to the rate stated in this note.

    Posted June 1, 2023
  7. [pdf] Equitable GIF Registered Application
  8. Equimax® Participating Whole Life – A whole life solution for everyone Recently, we made some exciting changes for Equimax Estate Builder® and Equimax Wealth Accumulator®.

    These enhancements, launched in February, make Equimax the preferred solution for clients and their families. In particular, buying a whole life solution for children gives them a head start for tomorrow. Life insurance on a child gives them:
    - Permanent insurance at children’s rates
    - A stable tax-advantaged investment option
    - A boost in financial planning














    Watch our new Equimax for Children video to learn more. View on Vimeo or YouTube.

    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.
     

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

  9. Market Comments - October 2024
    Key Takeaways for Q3
    · Central banks eased monetary policy by reducing their target interest rates.
    · Bond markets performed very well during the quarter as interest rates fell.
    · Risk markets experienced some volatility, but stock markets had robust returns.
    · Canadian stocks outperformed U.S. stocks in Q3, while the sources of returns in the U.S. market were more balanced and diversified than in the first half of the year.
     

    Views From the Frontline

    Bond Markets: During the third quarter, interest rates in both Canada and the U.S. moved significantly lower as markets anticipated that the Bank of Canada would continue – and the Federal Reserve would start – cutting rates. Additionally, the expectation became that the central banks would end up lowering rates more aggressively than previously assumed. That’s because inflation data has softened sufficiently to give the central banks the scope to ease policy, and other economic data, especially from the labour market, indicated the need for them to ease policy in order to prevent economic activity from cooling too much. For instance, in Canada, inflation slowed to the Bank of Canada’s 2% target, while the labour market showed warning signs with the unemployment rate rising to 6.6%. The Bank of Canada cut its target interest rate by 0.25% at each of its July and September meetings. Governor Macklem indicated that if growth does not materialize as expected, “it could be appropriate to move faster on interest rates”. In the U.S., the Federal Reserve kicked off its easing cycle by cutting its target rate by 0.50% in September. The growing signs of a cooling labour market amidst slowing inflation motivated the larger-than-typical move. That said, consumer spending in the U.S. continued to be strong, and GDP is still tracking a healthy growth rate.

    While interest rates fell, bonds returns were also boosted by solid behaviour of corporate bonds. Credit spreads (i.e. the risk premium for corporate bonds versus government bonds) continued to grind lower over the quarter. Tightening credit spreads reflected the generally positive risk-on tone to the market, despite some volatility.  Lower-rated BBB bonds performed better than higher-quality A-rated bonds.  Credit spreads have now generally fallen back to levels that are largely consistent with the tight post-pandemic levels experienced in 2021.  The on-going appetite of investors for the extra yield offered by corporate bonds over government bonds is indicated not just by falling credit spreads, but also by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continues to be very robust, with $29B (billion) in new issuance during the quarter, resulting in an impressive $119B issued year-to-date, a new record.  Nonetheless, on balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward trade-off as being more favourable.

    Stock Markets: In the U.S., we continue to caution against heavily concentrated sources of market returns and emphasize a diversified portfolio. Last quarter, diversification proved essential as a multitude of factors heightened market volatility. These factors – which included the unwind of the yen carry trade, investor reactions to mixed mega-cap earnings, and concerns of a slowing labour market – drove investors away from mega-cap technology names and into defensive areas of the market. Following the Federal Reserve’s decision to reduce interest rates by 0.5%, sources of investment returns continued to broaden as investors rotated into economically-sensitive baskets. Underpinned by decelerating inflation and easing monetary policy, we believe the rotation away from the mega-cap tech names is likely to persist and we continue to emphasize portfolio diversification. In Canada, high-quality, high-yielding businesses – composed of the financial sector and non-financial dividend payers – outperformed over the quarter as investors rewarded companies that demonstrated a strong ability to sustain dividends, as well as greater efficiency generating profits. While we continue to favour these businesses, we have taken profit on our financial sector dividend exposure after a sharp reversion in the premium between value creation and current yield. In addition, Chinese officials introduced a wave of stimulus to revitalize growth, bringing life back to the metals and luxury goods sectors. Accordingly, Canadian and European equities have benefitted recently.

    Market Update
    chart1.pngRates & Credit: In Q3, interest rates in both Canada and the U.S. decreased significantly, with front-end interest rates declining faster than long-end interest rates amid cooling inflation and a weakening labour market. As a result, the FTSE Canada Universe Index posted a positive return of 4.7%. Coincidentally, Canadian corporate bonds and government bonds each also generated returns of 4.7%, totally in-line with the Universe index. On the other hand, despite short-term interest rates falling much more than long-term interest rates, the higher price sensitivity of long-dated bonds had them outperform shorter-dated bonds, with the Long-Term bond index up 5.8% while the Short-Term bond index gained 3.4%.  Similarly, within corporate bonds, industries that have longer-dated debt (e.g. energy and infrastructure) outperformed those that tend to have shorter-dated debt (e.g. real estate and financials).

    Chart2.pngEquity Overview: Underpinned by decelerating inflation data and easing monetary policy – including the outsize 50-basis cut from the Federal Reserve – prospects for an economic soft landing increased over the quarter. That favourable outlook spurred global equity markets to all-time highs, with previously lagging areas of the market narrowing the performance gap compared to the U.S. mega-cap technology names that had led returns in the first half of the year. Canadian equities outperformed their U.S. counterpart last quarter, rising 10.5% as strength in the banking and materials sectors pushed the index higher. Major developed markets from Europe, Australasia, and the Far East (EAFE) were more subdued, gaining 0.9% (in local currency terms) last quarter. That said, grand expectations for further interest rate cuts in the U.S. pushed the greenback to its lowest level in over a year, boosting EAFE returns to over 7% in U.S. dollar terms. Within the U.S., sources of market returns broadened as well, with investors rotating out of concentrated AI companies and into more economically sensitive businesses.  

    U.S. Fundamentals: Outside of the Magnificent 7, investors are interpreting downside earnings surprises as a normalization of financial performance rather than a deterioration. For example, McDonald’s share price rallied over 17% into quarter-end following its earnings release despite announcing declining sales and contracting earnings per share. Within the AI-ecosystem, investors are beginning to look for opportunities beyond chip manufacturers, such as nuclear energy providers. At an index level, our work shows that members of the Russell 1000 index, excluding the Mag-7, posted a median earnings growth of nearly 9% year-over-year, expanding from the ~6% witnessed in Q2. Furthermore, the number of companies from this group reporting positive earnings growth grew to approximately 67%, up from 60% in the prior quarter. In our view, the ongoing broadening of earnings strength outside of the Mag-7 can provide tailwinds to current market rotations into previously left-behind companies. Within the mega-cap tech space, investors have become more discriminant than in prior quarters, rewarding businesses with greater success monetizing their AI-investments. This trend was evident through the divergence of returns from IBM and Alphabet (Google’s parent company) following their quarterly earnings.

     
    U.S. Quant Factors: Decelerating U.S. inflation data prompted a rotation out of highly concentrated areas of the market (growth) and into more economically-sensitive companies (value). Then, concerns of a slowing U.S. labour market and the unwind of the yen carry trade increased market volatility, leading investors to shelter their positions by reallocating to low volatility. As the quarter progressed, expectations of easing monetary policy and stabilizing employment data helped calm return to the market and the rotation from mega-cap tech sector resumed, albeit at a lesser pace. Notably, this “catch-up” trade also benefitted dividend-paying companies, particularly those with a lengthy and established history of increasing dividends, as investors favoured those more mature operations.

    Canadian Fundamentals: Investors returned to the Canadian market after Canadian companies showed signs of recovery last quarter with earnings expanding by more than expected. With inflation showing clearer signs of deceleration and the outlook regarding the path of monetary policy increasingly implying lower interest rates going forward, investors are allocating toward high-quality, dividend-paying companies. From a sector level, surging gold prices provided a tailwind for Canadian miners, helping the materials sector outperform over the quarter. More recently, the materials sector has benefitted from elevated base metal prices following the arrival of Chinese stimulus. In contrast, oil prices declined over 16% last quarter as fears of an oversupplied market swelled following speculation that OPEC+ would look to dial back production cuts. As a result, investors looked past lingering geopolitical risks and the energy sector underperformed.

    Canadian Quant Factors: Amid an improving Canadian macroeconomic backdrop and clearer outlook on the trajectory of monetary policy, dividend-yielding businesses became sought after. More specifically, investors continued to emphasize dividend sustainability last quarter, rewarding dividend-paying businesses that demonstrated strong financial performance and the ability to support future payouts. For example, the major Canadian banks sharply outperformed in Q3 after reporting earnings growth that mostly exceeded expectations. In essence, investors have become more constructive on this high-yielding group as their ability to create value relative to financing costs improves.

    Downloadable Copy

     
    Mark Warywoda, CFA
    VP, Public Portfolio Management    		 Ian Whiteside, CFA, MBA
    AVP, Public Portfolio Management    		 Johanna Shaw, CFA
    Director, Portfolio Management    		 Jin Li
    Director, Equity Portfolio Management
     
    Tyler Farrow, CFA
    Senior Analyst, Equity    		  
    Andrew Vermeer
    Senior Analyst, Credit    		  
    Elizabeth Ayodele
    Analyst, Credit    		  
    Francie Chen
    Analyst, Rates
    ADVISOR USE ONLY

    Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

     
  10. DBRS Morningstar reaffirms Equitable Life’s Financial Strength Rating and Issuer Rating
    DBRS Morningstar confirms Equitable Life’s Financial Strength Rating and Issuer Rating at A (high) with Stable Trends. Equitable Life of Canada is pleased to be able to maintain the confidence of the global credit rating agency DBRS Morningstar.
     
    A Financial Strength Rating is DBRS Morningstar’s assessment of an insurance company’s ability to make timely and full payment of its obligations on policyholder claims and benefits as well as financial contract guarantees and benefit obligations. An Issuer Rating reflects DBRS Morningstar’s assessment of that issuer’s likelihood of default and considers the issuer’s fundamental creditworthiness and business and financial risks.
     
    For more information, please see the DBRS Morningstar Media Release.