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Equitable Life Group Benefits Bulletin – October 2020

In this issue:

Group benefits enrolment just got a lot easier*
Critical Illness added to myFlex Benefits® selection tool**
ASO dental available down to 3 lives
QDIPC updates terms and conditions for 2021*

*Indicates content that will be shared with your clients
**Indicates content that will be shared with myFlex Benefits groups only

Group benefits enrolment just got a lot easier*

Our Online Plan Member Enrolment tool now makes it simple to add new employees to the benefits plan.

Enrolling new plan members can be overwhelming – for both you, your clients and their employees. It’s challenging to ensure plan members complete the necessary paperwork before the enrolment deadline, and time consuming to manually load new members.

That’s why we’re updating our plan member enrolment experience. Beginning November 2^nd, 2020, all Equitable Life groups will be able to easily enrol new employees in the benefits plan with our Online Plan Member Enrolment Tool.

Benefits of Online Plan Member Enrolment

Our Online Plan Member Enrolment tool offers a more secure and efficient option to traditional paper enrolment. Employees are able to enrol in their benefits plan in just minutes from their computer or mobile device.

The user-friendly interface was built with the plan member in mind. They can easily enter all their enrolment information, including dependent details, banking information for direct deposit of claim payments and details for coordination of benefits. They can even designate their beneficiary electronically.

The online enrolment tool also lessens the effort for plan administrators to onboard new hires. The tool reduces errors and rework that can occur due to spelling mistakes or missing information on paper forms. And the days of chasing plan members for their paper enrolment forms are gone. Once they enter a few employee details, our system will automatically send out an email to each plan member, inviting them to enrol in their benefits program. And there will be no need to send reminders or follow up with employees about their benefits enrolment. It’s all done automatically.

Online plan member enrolment is available to all traditional and myFlex Benefits plan administrators with update access beginning November 2^nd, 2020. Plan administrators just choose “New” from the “Certificate” view in EquitableHealth.ca to get started.

This enhancement is for plan administrators who have update access on EquitableHealth.ca. If your clients are not sure if they have update access, they can contact their Equitable Life Client Relationship Specialist or myFlex Benefits Team for support.

Learn More

We’ve created Online Plan Member Enrolment User Guides to support your clients and their plan members with this new tool:

We’re also offering a series of webinars to help your clients learn about Online Plan Member Enrolment. Plan administrators will receive an invitation with links to register for the time that best suits their schedule.

Help your clients spend less time administering group benefits. Contact your Group Account Executive or myFlex Sales Manager to learn more about our enhanced online plan member enrolment.

Critical Illness added to myFlex Benefits selection tool*

For many employers, mandatory Critical Illness (CI) coverage is an important part of their group benefits package. It provides proactive protection against life-altering illness, helping give plan members and their families a sense of security.

While CI is available on myFlex Benefits plans, it was not built into our benefits selection tool since there is no action required by the plan member.

Beginning November 2^nd, 2020, we are adding a CI page to the myFlex Benefits selection tool that appears when this coverage is included as part of the plan. There are no options to choose – plan members simply review their CI coverage and carry on with the benefits selection process. It keeps the process smooth, while ensuring plan members fully appreciate their employer’s contributions.

Adding CI to the benefits selection tool also simplifies the budgeting process for employers. Now that CI is included in the selection tool, employers no longer need to break out the amount billed for CI from their contribution per employee when loading flex allocations.

To learn more about our myFlex Benefits selection tool or Critical Illness coverage for myFlex Benefits, contact your myFlex Sales Manager.

ASO dental available down to 3 lives

Beginning November 2^nd, 2020, groups with as few as three full-time employees will be able to self-insure their Equitable Life dental benefits with an Administrative Services Only (ASO) funding arrangement.

Currently, dental benefits are only available on an ASO basis for groups with 20 lives or more.

In an ASO arrangement, Equitable Life administers the benefits plan but does not insure it. The plan sponsor pays for all eligible claims, as well as the expenses of administering the plan.

Why ASO?

Choosing an ASO funding arrangement allows plan sponsors to save on premiums. With a traditional insured funding arrangement, a portion of every premium dollar includes a charge for the risk that the insurer is assuming to cover the claims.

With an ASO arrangement, the plan sponsor assumes all risk, so they avoid the risk charge. And since dental claims are usually more predictable than other benefits, there is typically less risk involved in covering those claims.

For more information, contact your Group Account Executive or myFlex Sales Manager.

QDIPC updates terms and conditions for 2021*

Every year, the Quebec Drug Insurance Pooling Corporation (QDIPC) reviews the terms and conditions for the high-cost pooling system in the province. Based on its latest review, QDIPC is revising its pooling levels and fees for 2021 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims.

Size of group (# of certificates)	Threshold per certificate 2021	Annual factor (without dependents)	Annual factor (with dependents)
Fewer than 25	$8,000	$251.00	$691.00
25 - 49	$16,500	$165.00	$455.00
50 - 124	$32,500	$94.00	$258.00
125 - 249	$47,500	$68.00	$187.00
250 - 499	$72,000	$49.00	$135.00
500 - 999	$95,000	$40.00	$111.00
1,000 - 3,999	$120,000	$35.00	$95.00
4,000 - 5,999	$300,000	$16.00	$44.00
6,000 and over	Free market - Groups not subject to Quebec Industry Pooling	Free market - Groups not subject to Quebec Industry Pooling	Free market - Groups not subject to Quebec Industry Pooling

We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.

Path to Success modules now available on EquiNet!
The Path to Success Critical Illness course module PDFs and videos are now available on the Critical Illness EquiNet page. The Path to Success program gives you access to specialized topics about Critical Illness Insurance, why it matters for your clients, and how to make an effective sale.

Learn about:
- Overcoming objections to Critical Illness Insurance
- Pivoting from other products to Critical Illness Insurance
- How to position and design the Critical Illness solution
…and more!

We have made the expert information from Path to Success available to you to review at anytime. However, if you wish to earn CE credits, you may continue to access the course through our Path to Success program website.

Questions about the program? Visit the Critical Illness page on EquiNet or contact your local wholesaler.
Now better than ever! The updated “Understanding participating whole life insurance” (#1038) is here Our most-viewed client guide has gone through a full update. It now features new Equitable^® branding and wording that makes all the difference.

We’ve rewritten it to help clients grasp concepts like dividends better. And to help clients understand how we invest their premium payments in the participating account. It will help you have conversations with clients about the ins and outs of their participating whole life insurance policies.

We’ve also refreshed the visuals throughout. The redone 1038 guide is another way we’re showing our wholehearted commitment to our participating policyholders.

See the EquiNet^® marketing materials page to find the updated 1038!

Want to know more?
Your Equitable Wholesaler is here to help!
Now is a great time to look at bonds Bonds have a place in every investment portfolio. They help preserve capital and they offer predictable income. They help diversify portfolios and offer protection from both inflation and a volatile stock market.

Over the past few years interest rates have been rising, which has created a great opportunity for bonds and bond funds. Rising interest rates have lowered the price of existing bonds and increased both the coupon rates for new bonds and yields on existing bonds. Plus, rising rates also create opportunities for capital gains if interest rates fall.

Pivotal Select™ offers four great bond funds to help you diversify client assets. Three of the funds cover North American bonds, and one has a global focus. Learn more about these funds by visiting Equitable’s Fund Overview and Performance website.

To learn why now might be the right time to revisit bonds for clients’ portfolios and more information about our funds, please contact your Director, Investment Sales.

Also, if you missed the Equitable webcast, “Is it time to revisit bonds?” catch up On-Demand.

Date posted: May 16, 2024
EZCOMPLETE TRAINING AND RESOURCES
[pdf] The Right Time To Buy And Sell
[pdf] Equitable GIF Registered Application
Make room for more EDO room
Effective June 26, 2021, a term rider added to an Equimax Estate Builder® or Equimax Wealth Accumulator® policy may allow for an increase to the maximum Excelerator Deposit Option (EDO) payment limit.

Highlights:

● This enhancement will apply to adult single life Equimax Estate Builder and Wealth Accumulator policies where the Owner Signature Date on the application for insurance is June 26, 2021 or after.
● For the term rider to increase the EDO payment limit, it must be issued at the same time as the Equimax coverage.
● Term rider EDO payment limit assumes the term rider is held at least 10 years.
● The illustration system and EZcomplete application will calculate the maximum EDO payment including any increase from a term rider.
● Policies already issued do not qualify.

Full details about the changes can be found in the transition rules.

Who can benefit from this product enhancement?
Your clients who have a temporary insurance need and add a term rider to their Equimax plan may be able to take advantage of the additional exempt room and higher EDO payment limits to build the policy values. Make Equimax® your first choice for your clients’ whole life insurance needs.

New Illustration software is now available
The updated illustration software will be available for download after 9 a.m. ET on Friday, June 25, 2021.

Want more information?

● Learn more about the changes and transition rules
● Contact your Regional Sales Manager for more information on these changes and other sales ideas

® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
The value of Equitable Life’s EZcomplete online application for Pivotal Select
Necessity is the mother of invention. And COVID-19 has taken Equitable Life’s® EZcomplete® online application to the next level. Prior to the pandemic, EZcomplete was touted as being convenient and easy to use. Well, it is. But now…it is so much more.

Whether secure in an office or safe at home, EZcomplete’s non face-to-face capabilities include an alternative to physical verification. EZcomplete simply requires verification of ID using a third-party service provider. The third-party service provider completes the verification behind the scenes using information that was already required to complete an application. By removing the physical ID requirements, the ID verification process has been automated and simplified.

EZcomplete’s electronic signature functionality is also easy and secure. To enable a remote signature, your client just provides an e-mail address. Your client will receive a link and security code that you provide. The client enters the code, reviews the application and e-signs the documents.

Step by step directions ensure you have the right details without any confusing or unnecessary questions. Highlighted fields alert you to any missing information, eliminating any extra work or effort. The immediate processing also helps make it an attractive resource.

Whether selling segregated funds face to face or from the comfort of home, Equitable Life’s EZcomplete online application and Pivotal Select™ segregated fund line up provide the solution for even the most rattled and weary investor. Learn more, visit EquiNet or contact your Regional Investment Sales Manager.
Updated Temporary Resident Guidelines We are excited to announce that we have liberalized our Temporary Resident Guidelines.

● The validity period requirement of the supporting documentation for all Temporary Residents has been lowered to three months
● Student Visa holders attending post secondary educational institutions may qualify for a total coverage of $500,000, and – if employed – even for $1,000,000

We will now ask for the following information:

● Information regarding the educational institution and programme for all amounts over $250,000 (typically includes online validation)
● A maximum of $500,000 may be available for students enrolled in professional programmes, as defined in our Student Financial Guidelines (e.g., medical, law, etc.)
● A maximum of $1,000,000 may be available for students who are legally and gainfully employed. For this, we require proof of current employment and the CRA Notice of Assessment for the previous year. Should both be satisfactory, the allowable face amount will be calculated according to the published Work Permit guidelines. If applying for over $500,000, a minimum one-year period after arrival to Canada is required.
● Students enrolled in elementary or secondary school are eligible for a total coverage of $250,000. Exceptions may apply if the parents are insured or applying for minimum $1,000,000. We will confirm the parents’ respective occupations, incomes, and residency statuses

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

Please contact your Regional Sales Manager for more information.