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  1. Digital Payment Options for Your Client’s First and Subsequent Annual Payments for Individual Life a This article has been updated to reflect changes to the Pre-Authorized Debit (PAD) for new business annual premiums – see below #2.

    To enhance the ease of doing business with Equitable Life, we have added some additional payment methods to help your clients make their first and subsequent annual premium payments easily.
     
    Three digital payment options for annual premium payments:

       1. Online bill payment - Your client can pay their annual premium easily and quickly by using the online bill payment option through their financial institution. On your client’s banking website, they must set up “EQUITABLE LIFE-INDIVIDUAL LIFE & CI” as a “PAYEE”. Use the 9 (or 7) digit policy number as the “account number” then pay this new “bill”. This is the preferred option for annual payments.  

       2. Pre-Authorized Debit (PAD) - For policies where annual premiums are $2,500 or greater, your client now has the additional option of an annual PAD payment. Your client needs to provide a signed PAD authorization form, or a signed letter of direction that indicates they have read and agree to the terms of the PAD. This is a one-time authorization and needs to be repeated for subsequent annual payments.  

       3. Electronic Funds Transfer (EFT) or Wire Transfer - If online bill payment or a one-time PAD will not meet your client’s needs, such as when transferring funds from another financial institution or business to Equitable Life, and the annual premiums are $20,000 or greater, then an EFT is now an option that is available. A wire transfer is available on an exception basis only and is subject to approval.  

    Please contact your Regional Sales Team or customer service team for further questions.
     
  2. Roll out the red carpet for a refreshed Term! We are pleased to announce that updates to our Term life insurance solution are now live! We believe that Term life insurance can deliver value to clients at every stage of their life journeys. Be it at renewal or at conversion, Term is a flexible and affordable life insurance solution for clients today and into tomorrow.

    On February 3rd, 2024, we refreshed our Term life insurance solution. Some of the existing and new updates with our Term offering include:
    ●  More targeted, competitive pricing,
    ●  Benefits re-aligned under the KIND™ program,
    ●  Yearly renewals. After the initial term of level premiums, Term life insurance will now renew yearly with premiums gradually increasing each year. This will help clients keep their Term protection longer without large premium increases.

    With these updates and more, our Term solution doesn’t just “do the job,” it’s what clients want!

    Visit our splash page and watch our informative video to learn more and start selling today!
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    View our Transition Rules for all the details on processing your applications.
     
    We’ve also updated our illustration tool:
    ● New Desktop illustration software

    Want to learn more?
    Contact your Equitable wholesaler anytime!
     

    ® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
  3. Summer is here and so is our new dividend scale

    Equitable’s Board of Directors has approved a new dividend scale for the period of July 1, 2024, to June 30, 2025.

    ● The interest rate* we use for the dividend scale will change. It will go from 6.25% to 6.40% on July 1, 2024.
    ● Other factors used to decide the dividend scale will remain the same.
    ● The interest rate for policies with dividends on deposit will change. It will go from 2.25% to 3.50% on July 1, 2024.
    ● The interest rate for most policy loans will remain at 6.50%. This applies to both new and existing policy loans, and automatic premium loans. It specifically applies to Equimax® policies with a 9-digit policy number that starts with either "3" or "8". Older policies may have different loan rates as they are based on the prime interest rate.

    Learn more:
    ● 2024 Advisor Dividend Scale Notice
    ● 2024 Client Dividend Scale Notice
    ● Dividend Information Page 





    Did you miss our Spring update & 2024 Dividend Scale announcement? Watch it now: 
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    (*The French and Chinese events will be partially in English, with sub-titles on screen).








    *The dividend scale interest rate (DSIR) is different from the participating account (PAR) rate of return. The PAR rate of return is the return on the investments in the participating account over the calendar year. The DSIR smooths out the ups and downs of the participating account experience.
  4. Open doors with our updated CI & UL solutions! Have you heard the news? On October 8th, we rolled out several updates to our competitive Equitable® product lineup—including our Critical Illness (CI) and Universal Life (UL) plans. 

    These updates are all about cost savings for clients and helping advisors like you grow your business. And the response has been fantastic!


    What’s new for CI and UL?

    1. Lower monthly costs for new EquiLiving® critical illness (CI) policies paid monthly – hello savings!

    •    The monthly modal factor for CI decreased from 0.09 to 0.0867.
    •        The monthly policy fee decreased from $4.50 to $4.34.

    *Note:  EquiLiving premium rates and annual policy fees have not changed. 

    2. Lower monthly costs for UL policies with CI riders added – now it’s more affordable to add CI coverage when selling UL!



    Commissions got a makeover too

    Good news! Commissions on Term and EquiLiving CI policies are now calculated based on the total premium paid for the policy year—even if clients opt for monthly payments. No more annual premium commission calculations!

    Learn more! 

    Questions? Contact your Equitable wholesaler for all the details.

    Cheers to savings and growing your business with Equitable!





    ® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.

  5. Here is what our advisors are saying about Equitable’s EZtransact

    You asked US to make EZtransact™ even easier, so we did. We asked YOU to tell us what you think, and you are! Here is what our advisors are saying about Equitable’s EZtransact:

    thumbup-up-thumb-shine-like.png“EZtransact puts Equitable above all our product partners! This was so easy! Thank you!” - Michelle Rolston


    handshake.png“You've done an amazing job with the forms that are so easy to deal with now! Thank you”. - Jane Hanson

    group-team-people.png“You've got this thing running brilliant” - Gerald Kottke

    icon-heart-give-love-hand.png“Love the ease of this!” - Bradley Radke

    In case you missed the most recent updates to EZtransact, advisors can now help clients make segregated fund withdrawals for all account types, and transfer from one fund to another digitally using our self-serve tool. Comments from our advisors since these enhancements were made have been overwhelmingly positive. Thank you!

    Get to know EZtransact and fast-forward your sales process. If you have any questions, please contact your Director, Investment Sales, or 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.

    Date posted: August 22, 2024 

  6. Did you miss our Equimax update in December?
    Equimax – a better and stronger solution!

    Discover the latest Equimax updates


    Great news! We’ve made further updates to our Equimax® insurance solution to better serve clients.  

    Here are some of the changes:

    ● A new guaranteed 10 pay premium option for Equimax Wealth Accumulator®. 
    ● You can now add an Excelerator deposit option (EDO) on Equimax Estate Builder® and Wealth Accumulator plans with a 10 Pay premium option (term rider not required at issue of the policy). 
    ● We increased our flexibility with EDO. This will make it easier for clients to stop and start EDO contributions without losing their maximum approved contribution room. On top of that, these changes will apply to all inforce policies. A single set of EDO rules will apply to every Equimax policy whether it’s issued tomorrow or 10 years ago, making it simpler to help clients manage their policies. 
    ● We increased the maximum amount of Equimax coverage that can be applied for without a special quote from $20M to $25M.
      




    Equimax is now an even better and stronger solution. For a full breakdown of these product updates visit our splash page.

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    *Video available in English with French and Chinese sub-titles.

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    Please refer to our Transition Rules for all the details on processing your applications.

    Need more information? Please contact your Equitable wholesaler.

  7. [pdf] myFlex Options Overview
  8. [pdf] Now it’s even easier to grow your savings online!
  9. [pdf] Investing in technology to make benefits easier