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  1. 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.


     
  2. EXCITING NEWS! Digital Transactions for Universal Life Plans Now Available We are happy to announce a major update to our digital systems that makes managing Equitable Universal Life (UL) policies easier than ever. Starting now, you can use digital transactions to submit your clients’ instructions to change their UL deposit allocations and transfer funds between accounts.
     
    This update builds on the recent launch of our digital policy loan request on EquiNet® and is another step towards making your Equitable® experience easier and more convenient.

    What's New?
    In the past, you had to submit written requests for UL deposit allocation changes and account value transfers using the Universal Life Form 693UL (you can still use this method if you prefer).
     
    Now, you can manage these transactions directly through the secure EquiNet advisor portal. This new process also allows clients to securely approve their requested changes by email.
     
    To get started, simply log into your account on EquiNet and go to the Policy Inquiry tab.
    We have provided a brief user guide to help you through the steps.
     
    We trust that this digital upgrade will enhance the way you work with Equitable. Stay tuned for more digital enhancements in the near future!
     
    Thank you for your continued support and partnership.
     
    Questions? For more information, please reach out to your wholesaler or our customer service team.
     
     
    ® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.
     
  3. New! Digital Beneficiary Change Request option for clients (Individual insurance) Great news! Equitable® has introduced a new Digital Beneficiary Change Request option for life insurance clients on Client Access. 

    Clients with eligible plans can now choose to make beneficiary changes directly online. It is another step in Equitable’s journey of enhancing the client experience.

    Which plans are eligible?

    Eligible
    • Individually owned plans with revocable beneficiary designations.
    • Plans with policy owners not living in Quebec.

    Not eligible
    • Plans with irrevocable or preferred beneficiaries.
    • Plans with policy owners living in Quebec.

    Our previous process, using form (#671BCF), has not changed. It continues to be available for those who prefer that option.


    Note: The new Digital Beneficiary Change Request is currently only available to clients. We will be launching an advisor online option soon. Going forward, we will not make self serve transactions available to clients ahead of advisors.

    Learn more: Please contact your local Equitable wholesaler. 
  4. Advisor Guide
  5. Financial planning concepts & tools
  6. NEW MARKETING MATERIAL! Equimax Participating Whole Life, Strong and Stable Dividends Participating whole life policyholders can get some of the participating account earnings back as dividends.1

    Dividend scales change over time. This new marketing piece shows how the actual values of policies look like against those that were estimated. It looks at two sample policies and compares them to the original sales illustrations. One example shows an Equimax Estate Builder® policy. The other example shows an Equimax® Wealth Accumulator® policy.

    We are proud of our strong and stable dividend results. We have paid dividends to our participating policyholders every year since 1936. And we’re still going strong!

    We want to make sure that we can continue to provide long-term income and growth to support the dividend scale and meet the product guarantees. We do this with constant focus on how we invest and manage risk to support the participating account.

    As a mutual life insurance company, we are owned by our policyholders who count on us and our services. Their trust in our knowledge, experience, and financial strength helps us keep our commitments to them—now and in the future.

    Dividend scales may change.2 But with a balanced approach, Equitable Life’s Equimax® Participating Whole Life continues to deliver excellent value. It gives guaranteed life insurance protection with the potential for earnings.

    Want to learn more? Check out our new marketing piece: Equimax Participating Whole Life, Strong and Stable Dividends (2075).

    For more information, reach out to your local wholesaler.
     
     

    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
    1 Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the participating account as well as mortality, expenses, lapse, claims experience, taxes, and other experience of the participating block of policies.
    2 If low interest rates continue, investment returns will be lower, and this may mean decreases in the dividend scale in the future. Dividend payments are not guaranteed, but they will never be negative.
  7. IMPORTANT NOTICE: FUNDS WITH DEFERRED SALES CHARGE OPTIONS

    The Canadian Council of Insurance Regulators require all insurance companies to discontinue the sale of segregated funds with Deferred Sales Charge (DSC) effective June 1, 2023*.  

    PIVOTAL SELECT™ SEGREGATED FUND PRODUCTS 

    On May 29, 2023, funds with a DSC or Low Load (LL) sales charge option will be allocated to the No Load (NL) sales charge option of the funds available within the policy. 

    • Any existing amounts held in DSC or LL funds will retain the existing DSC schedule, outlined in the client’s contract. The annual 10% available (20% for RIF policies) for withdrawal without fees continues to apply through to the expiry of the fee schedule. 
    • If the default deposit instructions and/or pre-authorized scheduled deposits the client previously provided include funds with DSC or LL, these instructions will automatically update to NL of the same fund for all future deposits. 

    In alignment with Equitable's current administrative rules, if the client has DSC or LL funds, the client will not be able to deposit No Load Chargeback funds (NL-CB and NL-CB5) within the same policy. 

    For more information, please click here.

    LEGACY SEGREGATED FUND PRODUCTS 

    Ongoing deposits to DSC funds continue when a segregated fund product does not have an alternative sales charge option available within the contract. This applies to the following products: 

    • Personal Investment Portfolio 
    • Pivotal Solutions II 
    • Pivotal Solutions DSC 

    Clients may continue to make new deposits to the DSC funds within the policy. Any new segregated fund deposits, as well as any existing segregated fund amounts within the policy, will retain the DSC schedule outlined in the contract. 

    For more information, please click here.

    Equitable's Advisor Services Team is available Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or by email at savingsretirement@equitable.ca. You can also contact your Regional Investment Sales Manager. 
     

    *Draft regulation in Quebec is currently under review which may affect Equitable Life’s approach for clients in the Province of Quebec with legacy segregated fund products. We will continue to monitor provincial regulatory developments. 

    ™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada. 

    Date posted: May 4, 2023
     

  8. A New Universal Life Insurance Solution for the 21st Century – Available NOW! Introducing a new universal life solution built for the 21st century: Equitable Generations™ universal life insurance is available for sale NOW!


    Check out our Equitable Generations universal life splash page: www.equitable.ca/ul

     
    Our new Equitable Generations universal life insurance
    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.

    NEW: EZstartTM Generations
    Today we are launching EZstart Generations which is:
     
    • A mobile-optimized tool for advisors
    • Designed to start a conversation and provide a possible universal life solution in under one minute
    • Goals based - you can see how Equitable Generations™ universal life insurance can perform at different stages of a client’s life.
    Give it a try and use this tool as you are starting the conversation about universal life solutions with clients. EZstart links directly to the EZcomplete® online application for an easy digital experience.
     
    NEW: SMS
    Effective today, September 26, 2022 when you submit 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,
    • A decision has been made by Equitable Life,
    • The policy is ready for delivery, and
    • The commissions have been triggered.
    Please note, this number is not monitored for incoming texts. Please contact Customer Service with any questions.
    Learn more

    Find all the exciting details on our virtual launch splash page (www.equitable.ca/ul) and watch our informative videos to get all the information you need to start selling Equitable Generations universal life.


    Check out our Equitable Generations universal life splash page: www.equitable.ca/ul


    Click on the Marketing Materials tab on EquiNet® for all of our new Equitable Generations marketing materials.

    Please contact your Regional Sales Manager for more information. 

     
    TM and ® denote trademarks of The Equitable Life Insurance Company of Canada. 
     
     
  9. 5 Things You Need to Know About Equitable Generations Universal Life

    Here are five things you need to know about Equitable Generations™ Universal Life

    1. Affordability

    Because Equitable Life is owned by its policyholders, we don’t have to worry about paying shareholders. That means we can focus on offering competitive pricing!

    2. Investments

    Equitable Generations Universal Life is built for the 21st century with investment options that matter to today’s buyer including Target date, Environmental, Social, and Governance (ESG) funds for sustainable investing.

    3. Fees

    Equitable Generations has eliminated most universal life fund administration fees as well as the policy administration fee.

    4. KIND™

    Equitable Generations has a suite of contractual and non-contractual claims features we call KIND, designed to help your family navigate the claims process with ease.

    5. Flexibility

    With such competitive pricing, fantastic investment options and minimal fees. Equitable Generations Universal Life provides a level of flexibility rarely seen in the Universal Life space.


     

    See Equitable Generations Universal Life for yourself within one minute - try the EZStart quick quote software for advisors, available on EquiNet!

    Please contact your local wholesaler for more information. 

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

  10. What you should know about Equitable Generations Universal Life

    Here are five things you need to know about Equitable Generations™ Universal Life

    1. Affordability

    Because Equitable Life is owned by its policyholders, we don’t have to worry about paying shareholders. That means we can focus on offering competitive pricing!

    2. Investments

    Equitable Generations Universal Life is built for the 21st century with investment options that matter to today’s buyer including Target date, Environmental, Social, and Governance (ESG) funds for sustainable investing.

    3. Fees

    Equitable Generations has eliminated most universal life fund administration fees as well as the policy administration fee.

    4. KIND™

    Equitable Generations has a suite of contractual and non-contractual claims features we call KIND, designed to help your family navigate the claims process with ease.

    5. Flexibility

    With such competitive pricing, fantastic investment options and minimal fees. Equitable Generations Universal Life provides a level of flexibility rarely seen in the Universal Life space.

    View our video on Vimeo or YouTube!

    See Equitable Generations Universal Life for yourself within one minute - try the EZStart quick quote software for advisors, available on EquiNet!

    Please contact your local wholesaler for more information. 



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