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Deposits to the Fidelity Special Situations mutual fund are being limited but the segregated fund is
Fidelity Investments® recently said they would no longer accept deposits from new investors into the Fidelity® Special Situations Fund. This notice however does not affect Equitable Life® clients.
The Special Situations Fund will continue to be open to new and existing Equitable Life clients. This includes clients with Pivotal Select™, Pivotal Solutions* or Personal Investment Portfolio segregated funds contracts.
Why is Fidelity limiting access to the mutual fund?
This award-winning mutual fund has grown significantly and now has $3.6 billion of managed assets. To preserve the integrity of the fund’s investment strategy, Fidelity® decided to limit inflows to the fund. Limiting the amount of managed assets held within the fund allows the fund’s portfolio manager to focus on what he does best - finding special situation investment opportunities and capitalizing on positive change within companies and industries across Canada and around the world.
If you like the Special Situations mutual fund, you will value the Equitable Life Fidelity® Special Situations segregated fund. Segregated funds are similar to mutual funds but offer different features and guarantees. To learn about these features, check out the Investment Advantage. To learn more about the Special Situations segregated fund, click here.
For more information about Equitable Life’s segregated funds, speak to your Regional Investment Sales Manager or visit our segregated funds page on EquiNet®.
References:
Fidelity’s press release announcing the limited fund closure
Fidelity® Special Situations portfolio management strategy, webinar featuring Mark Schmehl, Portfolio Manager.
*No Load, Deferred Sales Charge, Pivotal Solutions II
® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada, except as noted below.
Fidelity and Fidelity Investments are registered trademarks of 483A Bay Street Holdings LP. Used with permission. -
NEW MARKETING MATERIAL! Flexibility for supplemental income with Equimax
Equitable has created a new piece to help you understand our new Equimax® illustration feature, Paid-Up Additions (PUA) to Cash Dividends, now available!
Did you know Equimax clients can switch from the PUA dividend option to the cash dividend option by simply requesting a dividend option change?1,2
You can illustrate this for paid-up 10 pay and 20 pay Equimax plans! Show clients how they can build in added flexibility and use their policy to create a source of future supplemental income by simply changing the dividend option to cash.3
Illustration Considerations:
● Works with Equimax Estate Builder® or Equimax Wealth Accumulator®.
● Illustrate the Excelerator Deposit Option (EDO) to help build the policy values while the PUA dividend option is in effect. EDO payments can’t be made once the policy is switched to the cash dividend option.
● If a client needs temporary insurance coverage – like mortgage protection - illustrate term riders for how long they are needed to meet the specific goal.3
● If critical illness coverage is needed our competitively priced 20 pay critical illness riders are a great fit to provide paid-up critical illness coverage.3
Clients should apply for the coverage they need. This concept is about flexibility to create a future source of supplemental income.
Want to learn more? Check out our new marketing piece: Flexibility for supplemental income with Equimax (2077).
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 To request a change to the dividend option complete and submit form 558 (Request for Withdrawal of Dividends, Change in Option, or Premium Offset). A client can request a change to the cash dividend option from any other dividend option regardless of the premium type or whether premiums continue to be payable, subject to our current administration rules and guidelines. Some dividend option changes are subject to underwriting. Underwriting is not required to change from the PUA to cash dividend option, however, underwriting is required to change from the cash dividend option to the PUA dividend option.
3 This concept is intended to illustrate a one-time switch to cash dividends once premiums are no longer payable for the policy (including premiums for riders). Premiums are paid with after-tax dollars and dividends paid in cash are subject to taxation. If premiums are payable there will be tax savings for the client to use the before-tax cash dividend to reduce the premium instead of taking it entirely as a cash payment. This concept is intended for longer term planning, not to meet short term cash needs by switching back and forth between the PUA and cash options. Clients should consider a policy loan or a cash withdrawal to meet short-term cash needs; policy loans and cash withdrawals may be subject to taxation.
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Product Enhancements - Critical Illness
Equitable Life has exciting product enhancements that will help you offer more options to clients.
Access our Virtual Product Launch NOW. Grab a coffee and get ready for this exciting news! Hear from our leaders and learn about our exciting product enhancements.
NEW! EquiLiving plans and riders enhanced with:- 20 pay options with coverage to age 75 or coverage for life
- Support from Cloud DX to help monitor a client’s well-being from treatment to recovery.
- Added Acquired Brain Injury as a covered critical condition
- 30-day survival period removed for all non-cardiovascular covered conditions
- No age restriction to claim for Loss of Independent Existence (LOIE)
- EquiLiving Benefit now pays the higher of the EquiLiving Benefit or the Return of Premium Rider Benefit (not including Return of Premium on Death)
- And so much more …
The updated illustration software will be available for download after 9 a.m. ET on Friday, February 11, 2022, and will include all the Equimax and EquiLiving enhancements.
See the Equitable Sales Illustrations Update for information on how to download the software or check for updates.
Please review updates to the commission schedule A for these new enhancements.
Learn more- Transition rules are available
- Watch our virtual launch event video now! (Approx. 20 minutes)
- Watch our product launch intro video here
- Visit our launch event page with product change details and more here
- Marketing Materials
Please contact your Regional Sales Manager for more information. - Product at a glance- Children
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Making it easy to do business with us
Online Term illustration now auto-populates the application
We have added a new online illustration for Equitable® Term life insurance illustrations that automatically populates the fields in your Term application.
We’ve designed the online illustration to be intuitive so you can fill in client details with ease.
● Select term plans and coverages of choice, then get an illustration report in minutes.
● You can save your web illustration progress at any time and view it from the online application dashboard.
● We’ve combined the illustration with our online application to make the process seamless. The illustration details you provide will auto-populate in the fields needed to complete the application.
New: You can create a term illustration without logging in to EquiNet.
We are taking another step in the journey towards enhancing the ways we do business.
Check out this update on the new Illustrations page on EquiNet®!
Learn more
Have further questions? Your Equitable Wholesaler is here to help!
® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
- Par Whole Life Summary
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Announcing Equitable Life's National Biosimilar Program
Beginning March 1, 2024, we are expanding our biosimilar switch program nationally** to protect all our clients and to make our coverage consistent across Canada.
Our national biosimilar initiative will simplify drug plan coverage, replacing our provincial programs with one program across the country.
Why now?
Over the past few years, most provinces have introduced policies to delist some originator biologic drugs. They require most patients to switch to biosimilar versions of those drugs to be eligible for coverage under their public drug plans. Soon, it is expected that all provincial drug plans will cover only biosimilars.
In response, we have implemented biosimilar switch initiatives in BC, Alberta, Saskatchewan, Ontario, Quebec, New Brunswick and Nova Scotia to align with these provincial changes. Our initiatives are designed to protect our clients from additional drug costs that may result from these government policies while providing access to equally safe and effective lower cost biosimilars.
How will this affect clients’ drug plans?
Because we have already introduced biosimilar switch initiatives in most provinces, the impact of this change will be minimal. It will primarily affect plan members in provinces or territories where we haven’t already required the switch to biosimilars, and plan members who are taking biosimilars that were not originally included in the switch initiative for their province.
Regardless of where they live, plan members across Canada 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. Plan members already taking the originator biologic will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable plan. We will support their transition with education, personalized communication, and resources.
Will this change affect clients' rates?
Any cost savings associated with the change will be factored in at renewal.
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.
What is the difference between biologics and biosimilars?
Advance notice
We will be communicating with affected claimants in early December to allow them ample time to change their prescription and avoid any interruptions in their treatment or their coverage.
If you have any questions about this change, please contact your Group Account Executive or myFlex Account Executive.
**Excludes plan members in Quebec who participate in a separate provincial program. - Product at a glance
- Product at a glance- Adults