Site Search
951 results for life policy 300109556
-
Equitable Life Group Benefits Bulletin – November 2020
In this issue:
- Telemedicine now included in Travel Assist*
- Take advantage of our convenient digital options*
- 2021 changes to Maximum Insurable Earnings, Maximum Weekly Insurable Earnings and Short Term Disability Benefit*
*Indicates content that will be shared with your clients
Telemedicine now included in Travel Assist*
Medical emergencies can be particularly stressful while travelling. Making your way to a medical facility can be a struggle. And once you get there, you could face long wait times, language barriers or even the risk of COVID-19 infection.
That’s why Allianz Global Assistance®, our Travel Assist provider, is adding two new virtual care options to provide plan members with timely and appropriate medical support.
As always, when a travel medical emergency strikes, plan members call Allianz for assistance. During the intake process plan members will be guided through a series of questions to triage their unique medical situation. Options for care now include two different virtual care services:
- TeleConsultation – Video and chat consultation with a locally licensed physician. This physician can diagnose simple medical conditions and provide a prescription. Available across Canada and in some high travel states in the United States.
- TeleAdvice – Video and chat consultation for situations which are not likely to require a prescription. The physician can diagnose simple medical conditions and provide medical guidance.
Plan members who use virtual care may benefit from:
- Reduced wait times;
- Care from the comfort of their current location;
- Reduced language barriers;
- No need to arrange transportation to a medical facility;
- Reduced impact on travel itinerary; and
- Reduced risk of exposure.
Both TeleConsultation and TeleAdvice will be available for all Equitable Life plan members beginning January 1st, 2021. There is no additional cost, no changes required to your client’s plans, and no change to the way plan members contact Allianz in the event of a travel medical emergency.
This PDF plan member update will also be included in the eNews to plan administrators.
If you have any questions about these new features, please contact your Equitable Life Group Account Executive or myFlex Sales Manager.
Allianz Global Assistance is a registered business name of AZGA Service Canada Inc. and AZGA Insurance Agency Canada Ltd.
Help your clients take advantage of our convenient digital options*
During this time of physical distancing, people are looking for ways to interact with their providers virtually. We recently enhanced our Online Plan Member Enrolment tool, allowing all groups to add new plan members without the need for paper forms.
Did you know, we have several other digital options available to make it easier for your clients to do business with us and for their plan members to access and use their benefits plan? Over 71% of plan administrators are managing their plan online and 78% of plan members are already using our digital tools.
For plan administrators:
- Plan Administrator Portal (EquitableHealth.ca) – plan administrators can easily manage their plan anytime and anywhere
- Digital Welcome Kits – personalized welcome kits are delivered to plan members via email
- Easy automated payments – plan administrators can avoid missed payments by setting up pre-authorized debit or electronic funds transfer
For plan members:
- Plan Member Portal (EquitableHealth.ca) – plan members get secure, 24/7 access to their claims history, coverage details and health and wellness resources
- Electronic Claim Payments and Notifications – plan members can get claim updates sooner in their email inbox and payments right into their bank account
- EZClaim Mobile App – submitting claims from a mobile device is fast, easy and secure
- Digital Benefits Cards – plan members no longer have to dig through their wallet – they can download their benefits card on their mobile device
Learn more about how we’re making it easier for your clients to do business with us
2021 changes to Maximum Insurable Earnings, Maximum Weekly Insurable Earnings and Short Term Disability Benefit*
The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2021 changes to Maximum Insurable Earnings, and premiums for employment insurance. These changes take effect January 1st, 2021.
Maximum Insurable Earnings (MIE)
The MIE will increase from $54,200 to $56,300.
Maximum Weekly Insurable Earnings (MWIE)
The MWIE will increase from $1,042 to $1,083.
EI Benefit (55% of the MWIE, rounded to the nearest dollar)
EI benefit will increase from $573 to $595
Information for Plan sponsors
If your client’s Group Policy with Equitable Life includes a Short Term Disability (STD) benefit which is tied to the EI MWIE, and at least one classification of employees has less than a $595 maximum:
- To comply with the provisions of their policy, their STD benefit will be revised with the maximums updated based on the percentage of EI MEIW shown in their policy.
- The additional premium for any increase from their previous STD amounts and new STD amounts will be show on their January 2021 Group Insurance Billing (as applicable).
If their STD maximum is currently higher than $595 or based on a flat amount (not based on a percentage or regular earnings):
- No change will be made to their plan unless otherwise directed.
If your clients wish to provide direction regarding revising their STD maximum, or have questions about the process, they can email Kari Gough, Manager, Group Quotes and Issue.
*Indicates content that will be shared with your clients
- Pre-authorized Debit (PAD) Requirement Scenarios
-
Did you know that you can generate a report detailing all or some of your client’s investment policy
This can be a great tool when meeting to review your client’s account.
This easy to read PDF gives you and your client some, or all, of the pertinent policy information to discuss overall investment goals. The reporting tool also allows you to exclude any “Advisor only information” sections. With active links to fund pages, you can even review risk ratings, calendar and compound returns.
Generate the report just prior to your meeting to ensure the most up-to-date information is available to your client. Located in the top right corner of your client’s policy page on EquiNet®, it also makes a great takeaway or follow up for your client before or after your meeting. - New Investment Contract
-
EquiNet Quick Tips
Need some help navigating your way around EquiNet? We’ve put together the top 5 Quick Tips on the following topics, based on the most frequently mentioned questions from advisors:
- Policy Inquiry/New Business Pending Inquiry
- Document Lookup
- Policy Statements & Correspondence
- Username & Email Address Support
- Need more help? Submit a request for support using the EquiNet Support Form.
See more details and information about other site tips in this FAQ created to help you find your way around.
-
Equitable Life Group Benefits Bulletin – January 2022
Short-term disability coverage for plan members with COVID-19*
Please note: This announcement applies only to groups with short-term disability coverage through Equitable Life
As the COVID-19 pandemic continues, and the situation evolves, we continue to adjust our practices to ensure ongoing support for our plan members.
PCR tests no longer required for COVID-related STD claims
Some provinces have recently restricted access to COVID-19 PCR testing to only high-risk individuals. To ensure your clients' eligible plan members receive their short-term disability benefits in a timely manner, we no longer require a positive PCR test for plan members submitting COVID-19-related STD claims.
Plan members who are experiencing symptoms of COVID-19 or who have tested positive for the virus (either with a PCR test or with an at-home rapid test) and are unable to work from home should complete the Short Term Disability Plan Member COVID-19 Claim Form (#421A).
They should indicate the date of the onset of symptoms or date of their positive test result. Where applicable, they should also indicate the date they have been cleared by public health to end their self-isolation. The form includes an attestation that the information they have provided is accurate.
The employer needs to complete the Short Term Disability Employer COVID-19 Claim Form (#421B). They should indicate the expected return-to-work date according to their provincial health guidelines, or using the date provided by a public health official.
Waiting periods for COVID-related STD claims
To support your clients' plan members during the initial stages of the pandemic, we waived the STD waiting period if a plan member’s absence was due to symptoms or a diagnosis of COVID-19. Now that COVID-19 has become the “new normal,” we are returning to our standard practices and treating the virus as we would any other illness.
Effective Jan. 1, 2022, standard waiting periods will apply for COVID-related STD claims, according to the terms of the Group policy. This ensures that all plan members submitting a STD claim are treated fairly, no matter what the cause of the claim.
Eligible plan members will receive STD benefits up to a maximum of 10 days from the date of the onset of symptoms or a positive COVID-19 test result, minus the waiting period.
For example, if the plan has a five-day waiting period, and the plan member returns to work nine days after a positive test result, they would be eligible for four days of benefits payments.
If the claimant is still unwell after 10 days, then the standard Short Term Disability Claim Form (#421) needs to be completed.
If a plan member is admitted to hospital, benefits will be paid following the waiting period applicable to hospital claims. - Death Claim Requirements
-
Elevate your business with industry best practices and needs-based selling
Keeping your business aligned with industry best practices is vital for your success. It not only supports the fair treatment of clients – it also helps you meet certain market conduct requirements and Equitable’s expectations for needs-based selling.
The Financial Services Regulatory Authority of Ontario (FSRA) has a program that checks how well advisors follow the Insurance Act and its conduct rules. FSRA looks at how well advisors follow industry best practices and fair treatment of clients guidance (see CLHIA’s guidance document, “The Approach”). Their focus is on key areas such as giving sound advice, managing conflicts of interest, and putting clients’ needs first. FSRA selects advisors’ client files and looks for documentation that indicates needs-based selling.
In December 2024, FSRA released its latest Market Conduct Supervision Report. It highlights the need for advisors to follow certain rules and industry best practices. The report found five key areas where improvement is needed:
1. Missing notes from client meetings and calls
2. Inadequate advisor disclosure
3. Missing sales illustrations for different product options
4. Missing insurance needs analysis
5. Missing policy delivery receipts
By following industry best practices and keeping thorough records, you show your commitment to providing clients with the solutions they need. For example, taking notes during client meetings helps you track all discussions that support your recommendations. Having an insurance needs analysis shows you are providing clients with suitable advice to buy the solutions that best meet their needs.
Resources: Equitable® has resources that can help improve your business practices and help you treat clients fairly. We encourage you to check these out:
1. PPT: “Ensuring a Compliant, Needs-based Insurance Sale”. The steps to follow in needs-based selling and the records to keep.
Get CE credits! We offer the above as a self-study course that qualifies for 1 Continuing Education (CE) credit. Access it here: https://equitable-life-education.teachable.com/. (Use your contracted email to log in).
2. Client File Reference: The records to keep when selling investments, life insurance, or critical illness insurance, including key documents insurers and regulators look for during compliance audits.
3. Investor Profile Questionnaires: These will help you document your sales recommendations for:
● Universal Life (UL) sales: 1190.pdf, and
● Pivotal Select (Segregated Fund) sales: 1165.pdf
Questions? Contact your Equitable wholesaler. They are ready to support your success!
® or TM denotes a trademark of The Equitable Life Insurance Company of Canada. - [pdf] Application for conversion: single life term to joint life permanent
-
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.
- Company relationship management,
- Ease of doing business,
- Account executive capability,
- Market knowledge,
- Visit/call quality,
- Effective coordination and
- Advice.
- 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)
- Overall technology – Intermediary (2nd)
- Member experience (2nd)