Site Search

951 results for life policy 300109556

1. Reminder: Deadline to opt out of Alberta biosimilar coverage changes

   In November 2020, we announced via eNews that on March 15, 2021, we are changing coverage for some biologic drugs in Alberta in response to the province’s Biosimilar Initiative. These changes will help protect your client’s plans from additional drug costs while still providing access to equally safe and effective biosimilars.

   Do my clients need to take any action?

   Traditional groups who wish to opt out of this change and maintain coverage of these originator biologics for Alberta plan members can submit a policy amendment. Amendments must be submitted no later than January 15, 2021.

   Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for Alberta plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.

   Otherwise, no action is required on their part. Plan members taking these biologics will be contacted directly to allow them ample time to change their prescription. Any cost savings associated with the change will be factored in at renewal.

   Questions?

   We have compiled a list of frequently asked questions to help you understand Alberta’s Biosimilar Initiative. If you have a question that isn’t answered here, please contact your Equitable Life Group Account Executive or myFlex Sales Manager.

2. Saving time with our fully digital group benefits application On May 1, 2023, we are launching Equitable BenefitsApply™, our fully digital group benefits application.
    
   This enhancement to the benefits application process will help both you and your clients save time when applying for an Equitable Life group benefits policy. We designed and developed BenefitsApply with input and feedback from several advisors and clients, who tested the tool for themselves.
    
   In most cases, BenefitsApply will replace our traditional paper implementation process.*
    
   BenefitsApply eliminates the need for clients to complete and sign multiple, lengthy paper forms. Time-saving features for you and your clients include:
   • A fully digital online application that you can access wherever and whenever you need it,
   • Pre-filled standard fields,
   • Only one signature required from plan sponsors,
   • A smart application that only includes the sections relevant to the client and the plan design they have chosen, and
   • Automatic notifications of any missing fields. 
   Your Client Relationship Specialist is available to support you, provide a demo and provide training on how to use BenefitsApply.
    
   We will continue improving BenefitsApply’s features based on feedback from the people who use it—you and your clients. We encourage you to share any feedback you have with your Group Account Executive or your Client Relationship Specialist.
    
   *BenefitsApply is currently available for groups with up to four divisions and up to four classes. It is not available for myFlex Benefits plans, or for clients with a customized master application.
3. Clients could win $5,000 in Equitable’s New Year’s Resolution, New Year’s Contribution Contest!
   Equitable® wants to help clients achieve their financial goals in 2024.
    
   Clients could win $5,000 and you could win $1,000 in Equitable’s New Year’s Resolution, New Year’s Contribution Contest.
    
   How it works:
   The client makes a contribution between January 1 and February 29, 2024 to one or more of these accounts:
   • •  First Home Savings Account
   • •  Registered Retirement Savings Plan
   • •  Tax-Free Savings Account
   If they win, you win! The draw will be held March 20, 2024.  
    
   Equitable is dedicated to offering clients the products, the services, and the choices that best suit their needs. We provide multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds.
    
   Speak to your Regional Investment Sales Manager to learn more.
   
   Posted: December 14, 2023
   
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    
   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. 
4. [pdf] Collateral Loan Suitable Candidate Profile
5. New Applications & Transaction Authorization Requirements
6. Responding to Ontario’s biosimilar switch initiative

   We are changing coverage for some biologic drugs in Ontario 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 government policy while providing access to equally safe and effective lower-cost biosimilars.

   Ontario’s provincial biosimilar initiative
   Announced in December 2022, Ontario’s biosimilar switch program ends coverage of eight biologic drugs for Ontario residents covered by the Ontario Drug Benefit (ODB). The transition to biosimilar versions of these drugs began on March 31, 2023. ODB recipients using these drugs will be required to switch to biosimilar versions of these drugs by December 29, 2023, to maintain their provincial coverage

   Equitable Life’s response
   To ensure this provincial change doesn’t result in your clients paying additional and avoidable drug costs, we are changing coverage in Ontario for most biologic drugs included in the provincial initiative.
   
   Beginning October 1, 2023, plan members in Ontario 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 August 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. 

   Will this change impact my clients’ rates?
   Any cost savings associated with the change will be factored in at renewal.

   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 Ontario includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
7. Marketing Materials Universal Life
8. Life, accident and critical illness
9. Whole Life Insurance
10. Universal Life Insurance