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  1. Manage your business virtually with Equitable Life

    As an advisor, we know that physical distancing and self-isolation are proving to challenge the business as usual practise. The good news is that Equitable Life® is here to help. Our self-serve and online tools and resources for Savings and Retirement advisors can assist in maintaining a certain degree of daily activity.

    Online Banking
    Help your clients during this time of isolation and self-distancing by letting them know about banking online. Online banking is an easy and convenient way for your clients to make additional contributions to non-registered savings plans, Tax-Free Savings Accounts or even last-minute contributions to a Retirement Savings Plan.

    Deposits will be made according to the instructions on file. Advisors will receive the regular commissions for any deposits made. Please note that all deposits must originate from the policy owner's bank account.

    For more information on using online banking including financial institutions currently registered for direct deposit with Equitable Life, click here.

    EZcomplete for non face to face
    We know that business still needs to happen, even in times of uncertainty. EZcomplete® can help with that. With our non face-to-face functionality, EZcomplete allows you to remotely connect with your clients. Once the online application is complete, EZcomplete sends your client a passcode that gives secure access to review documents and allows your client to provide an electronic signature. You only need to provide your client’s email address.

    EZcomplete makes the process of completing non face-to-face applications more convenient and doing business with Equitable Life EZ. For more information on EZcomplete, click here.
     
    Limited Trading Authorization
    Need to make some fund adjustments for your client? Limited Trading Authorization (LTA) is built into the Pivotal SelectTM and Guaranteed Interest Account applications to simplify the process of submitting client requests. Alternatively, the Limited Trading Authorization Form # 14 can be completed. Discretionary trading is not permitted. The advisor must have documented the client’s instructions in the client file. To learn more, click here.
     
    Client Access
    Does your client need to make changes to a pre-authorized deposit or beneficiary information, address or banking information? Does your client have a Client Access® account? Client Access is Equitable’s secure online client site that connects clients to tools and policy information. To create a new Equitable Client Access account, your client will need to reference the policy number(s). By registering for Equitable Client Access, policyholders and annuitants can make changes and view information such as:

    Details of investment holdings including:

    • Up-to-date market value of investments;

    • Guaranteed Interest Account (GIA) maturity dates and values;

    • Premium amounts, death and maturity guarantees and beneficiary information; and

    • Recent account activity.

    Details of Payout Annuities including:

    • Next payment date;

    • Annual income and payment guarantee details; and

    • Beneficiary and Annuitant information.

    There is also a secure inbox where copies of statements and other correspondence are available. To learn more, click here. 
     

    Need help with any of these resources? Contact our Advisor Services team Monday to Friday 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or email savingsretirement@equitable.ca, or your local Regional Investment Sales Manager.

  2. Group Benefits - Premium relief for Dental and Extended Health Care benefits

    We know this is a difficult time for Canadian employers and that many of your clients are facing financial hardship as a result of the COVID-19 pandemic. We continue to look for ways to help employers manage while still supporting their employees.

    With many health practitioners closing their offices due to the pandemic restrictions, plan member use of dental benefits and some health benefits has declined.

    So, we are pleased to announce that we are offering premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits, as follows:

    • A 50% reduction on Dental premiums; and
    • A 20% reduction on vision and extended healthcare rates (excluding prescription drugs), which equates to an 8% reduction on Health premiums. 

    These reductions are retroactive to April 1, 2020 and will appear as a credit against the next available billing. We will assess the situation monthly and expect to continue with monthly refunds for as long as the current crisis period continues.

    We expect that claims experience and premiums will return to normal once the current pandemic restrictions are lifted.

    In the meantime, plan members will continue to have full access to their benefits coverage throughout the pandemic. In many cases, dental offices remain open for emergency services, and a variety of healthcare providers are available virtually.

    Commissions

    We know the pandemic has put financial strain on your business as well, so we will continue to pay full compensation. Although your overall commission will be unaffected by these premium reduction adjustments, you may see a temporary reduction in your commission payments if you are on a pay-as-earned basis while we put through mass changes. If so, we will then make an additional top-up payment to cover that shortfall as soon as we are able.

    Communication

    We will be communicating this premium relief program to your clients April 21st at 8:00am EST.

    A PDF of the communication is also available here.

    Questions?

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. In the meantime, we have provided some Questions and Answers below.

    Will the premium reduction on Health and Dental benefits have an impact on the renewals that were deferred?
     
    No. Renewals will proceed as normal, with rate adjustments based only on months where full premium was paid. For most clients, we anticipate “normal” rate adjustments at renewal compared to rates paid prior to refunds taking effect.
     
    Does this adjustment apply equally to clients who have had their renewal deferred?
     
    Yes, these adjustments apply to all Traditional and myFlex insured, non-refund customers for Health and Dental benefits.
     
    How does this affect clients who have terminated or amended a plan?
     
    If a benefit is in-force during the month of April, the adjustment will be credited to the next available billing. For clients who have temporarily terminated all benefits, this will be applied against the first bill once benefits have been reinstated. No cash refunds will be paid.
     
    Will you recover any of the adjustment at a future point in time?
     
    No, we will not recover this adjustment.
     
    Instead of this premium reduction adjustment, can a client cancel or adjust some of the benefits on their plan?
     
    Yes, you and your clients always have the option of changing the coverage on a plan, such as reducing or removing a benefit to help control costs. Please speak to your Group Account Executive or myFlex Sales Manager about the options available.
     
    Are TPAs and self-administered groups eligible for the premium reduction?
     
    Yes. TPAs and self-administered groups are eligible for the premium reduction. However, timing for the credit will be dependent on the billing practices of the TPA or self-administered group. We will apply these credits as soon as we are able.

  3. [pdf] Equitable GIF Product at a glance
  4. [pdf] B2B RSP Loan Product Brochure
  5. Welcome EZtransact from Equitable Life
    On July 28, 2021, Savings & Retirement is launching online transactions for segregated funds. A new way to make managing your client’s policies quick and convenient. With a growing need for digital solutions, Equitable Life’s new EZtransact eliminates the hassle of filling out forms, facilitating signatures yourself, submitting copies to your MGA and being tied down to business hours for submitting transactions.

    Available on EquiNet's secure website, EZtransact’s first service will allow advisors to setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place. In just five simple steps, EZtransact:
    1. Collects the deposit details,
    2. Pre-populates pre-existing relevant details,
    3. Alerts you to any missing information,
    4. Facilitates the signing process and
    5. Sends a copy of the transaction to your MGA, eliminating any need for duplicate copies, or additional steps.

    “We are excited to be able to launch a new digital solution for our advisors”, said Vice-President, Savings and Retirement, Judy Williams. “We feel this new application complements our existing highly rated EZcomplete® online application process. With both solutions available to advisors, we are making it even easier to do business with Equitable Life”.

    If you are already registered with EquiNet, go online today, and give EZtransact a try. If you are not registered, contact your local Regional Investment Sales Manager or, call our Advisor Services Team to have a Regional Investment Sales Manager in your area contact you.
     

    To learn more, click here. 


    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada
  6. [pdf] Equitable Guaranteed Investment Funds – Estate Class
  7. GIA Coming to the Equitable FHSA Many clients have already taken advantage of Equitable’s First Home Savings Account (FHSA), available on Pivotal Select™ Investment Class (75/75) and Pivotal Select Estate Class (75/100).
     
    And now, we’ve got some more great news. We’re working to expand the Equitable® FHSA to include our Guaranteed Interest Account (GIA). But clients don’t need to wait to start earning tax-free income in a FHSA.
     
    If clients want to open a FHSA now but may be interested in an Equitable GIA,  simply choose the No-Load Equitable Money Market Fund Select investment option while we work on including the GIA on FHSA. The current yield to maturity is 5.41% gross.1
     
    We will let you know when the GIA is available in FHSA in the coming months. Once it is available, advisors can speak to clients about the GIA options available in the FHSA and select what best suits their needs.

    Don’t forget, clients who make a contribution to their FHSA, RRSP or TFSA between January 1 and February 29, 2024, could win $5,000 and you could win $1,000 in Equitable’s New Year’s Resolution, New Year’s Contribution Contest.2
     
    For more information, please contact your Regional Investment Sales Manager.
     
    1 As of January 16, 2024, 4.06% net after deducting the management expense ratio. Yield to Maturity: the market value weighted-average yield to maturity includes the coupon payments and any capital gain or loss that the investor will realize by holding the bonds to maturity.
     
    2 Equitable’s New Year’s Resolution, New Year’s Contribution Contest: No purchase necessary. Contest period January 1, 2024, to February 29, 2024.  Enter by making a deposit to an Equitable FHSA, TFSA or RRSP during the contest period or by submitting a no-purchase entry. One prize for a total value of $5,000 CAD to be drawn on March 8, 2024, will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $5,000 prize, the client’s servicing advisor wins a $1,000 prize.  Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible Entries received during the Contest Period.  For full contest rules, including no-purchase method of entry, see the full contest rules.

    Posted January 17, 2024

  8. [pdf] Equinet FAQ
  9. EquiNet-FAQ
  10. January 2023 eNews

    Responding to Saskatchewan’s biosimilar switch initiative*

    We are changing coverage for some biologic drugs in Saskatchewan in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this new government policy while providing access to equally safe and effective lower-cost biosimilars. 

    Saskatchewan’s provincial biosimilar initiative
    Announced in October 2022, the Saskatchewan Biosimilars Initiative ends coverage of ten biologic drugs beginning on April 30, 2023.

    Patients in the province who are using these drugs will be required to switch to biosimilar versions of these drugs by April 30, 2023, in order to maintain their Saskatchewan Drug Plan coverage.
     
    Equitable Life’s response
    To ensure this provincial change doesn’t result in your clients’ plans paying additional and avoidable drug costs, we are changing coverage in Saskatchewan for most biologic drugs included in the provincial initiative.

    Beginning April 30, 2023, plan members in the province will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.  

    Communicating this change to plan members
    We will inform any affected plan members in early February of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 

    What is the difference between biologics and biosimilars?
    Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions. 

    Questions?
    If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

    **The list of affected drugs is dynamic and will change as Saskatchewan includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
     

    Ontario announces 2023 biosimilar switch program*

    The government of Ontario recently announced the launch of a biosimilar initiative to switch patients from eight originator biologic drugs to biosimilar versions of the drugs.

    Patients in Ontario using affected originator biologic drugs will have until December 29, 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans.

    We are actively monitoring and investigating the impact of this new policy on private drug plans in Ontario. We plan to implement changes to coverage of biologic drugs in the province in 2023 to help prevent this change from resulting in additional costs for our clients’ drug plans. We will provide more details in the coming months.

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
     

    Dental fee guide updates*

    Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable Life® uses these guides to help determine the reimbursement limits for dental procedures. For your reference, below is the list of the average dental fee increases for general practitioners that will be used by Equitable Life for 2023.*** 

    Dental fee guide increases over 2022***



    ***Data for all provinces and territories was not available at the time of publication. This chart will be updated on EquitableHealth.ca as more information becomes available.
     

    Equitable Life ranks high with Canadian group advisors*

    Equitable Life ranked second nationally and first in Ontario among major insurers in a recent survey of Canadian group benefits advisors.
     
    NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 130 leading group consultants, brokers and third-party administrators across the country between May and August 2022 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.

    Nationally, Equitable Life ranked either first or second in four of the six main categories:

    Advisors in Ontario, in particular, scored Equitable Life very favourably. We ranked #1 overall in the province, finishing first in four of the six overall categories, including: Relationship Management, Operational Management, Underwriting and Claims Management and Technology.
     
    “The fact that advisors regard us so highly in so many categories is a testament to our mutual status and our ability to focus exclusively on our clients and advisors,” said Marc Avaria, Senior Vice President of Group. “We are truly working together to build strong, enduring and aligned partnerships.”
     
    “While we are happy with these results, we won’t rest on our laurels,” added Avaria. “We will continue to dedicate ourselves to providing our clients and advisors with a better benefits experience.”

    Here are more of the highlights from this year’s results:
     
    Nationally, we ranked first in all 10 subcategories in Operational Management, including:
    • Overall service to intermediaries,
    • Overall service to plan sponsors,
    • New quote process,
    • Plan implementation,
    • Renewal process,
    • Information shared at renewal,
    • Accuracy and timeliness of reporting and billing,
    • Administration quality and responsiveness,
    • Taking ownership and
    • Management information quality and availability.
    We also ranked first in Relationship Management, getting top marks in 7 of 10 subcategories, including:
    • Company relationship management,
    • Ease of doing business,
    • Account executive capability,
    • Market knowledge,
    • Visit/call quality,
    • Effective coordination and
    • Advice.
    We ranked second in Underwriting and Claims Management, finishing in the top three for all subcategories, including:
    • Fairness and timeliness of disability claims (1st)
    • Fairness and timeliness of health claims (2nd)
    • Fraud management (2nd)
    • Competitiveness of pooling charges (2nd)
    • Group underwriting flexibility (3rd)
    • Health and dental TLR competitiveness (3rd)
    And we ranked second in Technology, finishing in the top three for:
    • Overall technology – Intermediary (2nd)
    • Member experience (2nd)
    * Indicates content that will be shared with your clients.