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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. 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
     

  6. Financial planning concepts & tools
  7. 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.
  8. Important Updates to Policy Settle requirements and Commissions  
    • If you are part of the WFG channel, please login  to review important updates here.
     
    • If you are part of the MGA / National Accounts channel, please login to review important updates here.
  9. [pdf] Policy Owner Request for New Advisor
  10. Equitable Life Group Benefits Bulletin - Group Advisor Bonus Enhancement Announcing our Enhanced Group Advisor Bonus Program
     
    We have enhanced our Group Advisor Bonus program to make it more competitive and to help support you in building your business with Equitable Life in 2022. We have updated the structure of the bonus program to make it easier for you to qualify, as well as increased the amounts we pay.
     
    Beginning for sales effective in 2022 we have:
    • Decreased the minimum premium required to qualify for the Sales Bonus to $35,000 from $150,000.
    • Moved away from using Graded Annualized Premium for both the Sales and Persistency Bonus and are using actual Annualized Premium instead, up to a maximum of $500,000 per policy. This simplifies the program and aligns us with the rest of the industry.
    • Increased the Sales Bonus payout to up to 5% of Annualized Premium for Traditional Sales and up to 3% of Annualized Premium for myFlex sales. 
    • Changed the minimum annual premium threshold for the Persistency bonus to $500,000 of capped Annualized Premium from $500,000 of Graded Annualized Premium to make it easier for you to qualify.
    Premiums associated with benefits on retention accounting or Administrative Services Only (ASO), Equitable HealthConnector® services, Group Critical Illness and Health Care Spending Accounts will no longer be counted towards the Sales Bonus.
     
    These enhancements do not apply to advisors who are not part of our standard Advisor Bonus program and who have special bonus arrangements in place. If you have a special bonus arrangement in place and would like to switch to the standard program, please contact your Group Account Executive or myFlex Sales Manager.
     
    Below is a table comparing the current Sales Bonus structure and payout. For full details, please refer to the Group Advisor Compensation and Recognition brochure.
     
    Enhanced Sales Bonus
    For the new Sales Bonus, the Payout Band is based on total combined Traditional and myFlex Benefits new annualized premium (capped at $500,000 per policy). The Sales Bonus Rates for both Traditional sales and myFlex sales are shown in the table below:
     
    New Sales Bonus Rates
    Payout Band Capped Annualized Premium* Sales Bonus Rate
    (from first dollar)
    Traditional Sales myFlex Sales
    1 $34,999 and under 0% 0%
    2 $35,000 to $99,999 3.5% 1.5%
    3 $100,000 and over 5% 3%
    *Total Traditional and myFlex new business sales combined, capped at $500,000 per policy.
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    If you have any questions about the Advisor Bonus enhancements, please contact your Group Account Executive or myFlex Sales Manager.