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Access more fund performance information faster and easier
Welcome to a new and improved Fund Overview & Performance website for Equitable Life® segregated funds.
A central location for:-
fund performance and quartile rankings
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daily and historical unit prices
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fund information (available in web and PDF)
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Fund Facts documents
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MERs
Highlights:-
Save your favourite funds for easy access.
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New fund search and filter tools by product, guarantee, asset class and sustainability.
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Share features allow you to easily share fund information with clients.
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Ability to compare fund performance of Equitable Life segregated funds.
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Simulated backcasted returns for funds with less than five years of performance history.
Check out the new Fund Overview & Performance webpage today to see how Equitable Life is making fund information faster and easier to access. Speak to your Regional Investment Sales Manager to learn more!
® denote a trademark of The Equitable Life Insurance Company of Canada.
Posted February 27, 2023
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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
- 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
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
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
- 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
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Get the Straight Talk on Equitable’s par account performance
Real answers to big questions
At Equitable, we understand how important it is to make confident decisions when dealing with large cases. When you have questions, you need concise, direct insights from leaders and subject matter experts.
Introducing the Straight Talk video series
Today, we are thrilled to share the first episode of Straight Talk. This episode features Mark Arruda, VP of Individual Insurance Pricing and Finance.
Mark talks about how Equitable’s par account is built to perform in all kinds of conditions, with strong governance, disciplined risk management, and prudent capital practices that ensure stability even when large life insurance claims are paid out.
Watch Straight Talk for straight answers to the questions that matter most.
Contact your Equitable Wholesaler to learn more about Equimax.
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Levelizing taxes on fixed income investments
A smart strategy to promote with clients
Many clients choose fixed income investments because they are more stable and predictable than other investment types. However, there is a downside to this approach that many don’t think about – taxes, which increase as the investment grows. As an advisor, you can help clients reduce some of the money they pay in taxes by suggesting a different approach.
In most cases, fixed income investments are taxed yearly. To pay these taxes, clients usually take out some of the interest income earned, and leave the rest invested. This in turn increases the tax that must be paid on the interest earned the next year. As a result, a large amount of the investment income earned each year goes straight to taxes with a growing amount of tax that must be paid each year. You can show clients a solution that can help lower total taxes they pay on their fixed income investments.
The tax challenge
Using participating whole life (WL) insurance as part of a financial solution, you can help clients levelize their annual tax payment. And lower the cumulative tax they must pay on their fixed income investments.
The solution: levelize the tax
Each year the client takes out the full amount of the interest earned on the fixed income investment. They leave only the principal amount. Part of the interest income withdrawn is used to pay the taxes on the fixed income investment. The remaining amount is used to pay premiums for a participating WL policy. Because the client is leaving only the principal amount invested, the tax they pay each year is a levelized amount. This reduces the cumulative taxes they pay over the life of the fixed income investment.
How it works
With this solution, the value of the fixed income investment along with the potential value provided by the participating WL policy, can mean a higher estate value. And a lower cumulative tax bill than what can be achieved through only the fixed income investment.
The participating life insurance not only provides valuable life insurance coverage, but also offers tax-advantaged growth and the potential for dividends.
To help explain this concept to individual clients, feel free to share Levelize the tax on your fixed income investments with participating whole life (1799).
This concept also works with corporate owned participating whole life policies. Feel free to share Levelize the tax on fixed income investments with corporately-owned participating whole life (1874).
This solution isn’t just about lowering taxes. It’s about helping clients grow their money, plan for their future, and protect what matters most. As an advisor, guiding clients toward solutions that address both immediate and future needs can set you apart and help build trust.
Why it matters
Contact your wholesaler to learn more. -
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 - [pdf] Corporate Preferred Estate Transfer® using whole life
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Stay connected with a NEW Web Illustration tool for Equimax
Equitable Life® is pleased to announce the launch of our web illustration tool starting with Equimax® participating whole life insurance.
This web illustration tool for Equimax is another way that Equitable Life is modernizing your experience and allowing you more flexibility to keep your business going while you’re on the road or meeting clients. This new illustration site is accessible on a web browser, so you can access it from a mobile device such as your phone, tablet, or iPad, and with MAC or Windows-based PCs or laptops.
Access the new web illustration tool for Equimax by logging in to EquiNet® and clicking the button in the ribbon called Sales Illustration that now has a Web Illustrations option. Note that you have the option to continue running Equimax illustrations in the desktop illustration software, as it remains unchanged at this time.
For future enhancements, we plan to integrate with EZcomplete®, to continue to make it easy to do business with Equitable Life.
Visit the New Web illustration tool for Equimax® now.
Questions? Please see our FAQ or contact your Regional Sales Manager.
® denotes a trademark of The Equitable Life Insurance Company of Canada -
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
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.
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 -
Guides for completing Individual Insurance forms now on EquiNet
We have recently added guides to provide detailed instructions on how to fill out forms on EquiNet. You can find them on the Individual Forms page, directly underneath the applicable form. In the coming weeks, we will be adding more guides for additional forms, so make sure to check the Forms page for solutions that help you work smarter.
View our newly posted guides:- 671OC Guide (Guide to Completing an Ownership Change Form)
- 594 Guide (Guide to Completing Business Information Form)
- 1710 Guide (Guide to Completing Verification of Identity for Policy Owners)
Additional guides for the following forms will be available soon: - [pdf] Path to Success - Overcoming Objections: Maybe Later