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Message from Ron Beettam
As COVID-19 continues to spread, we want to reassure you that we remain ready and committed to support you and your clients.
We have a robust and well-tested business continuity plan in place and our business is almost 100% digital. Almost 90% of our employees are now working remotely from home and are maintaining the high level of service you have come to expect from us. We still have a fully functioning Document Services Centre that is managing our incoming and outgoing mail. Our sales and customer service teams remain open to support you and your clients.
Equitable Life’s online application process, EZcomplete®, offers non face-to-face capability and continues to be your go-to resource for managing your business virtually. We are receiving a record number of online applications and are committed to helping you maintain a certain degree of daily activity. EZcomplete® non-face-to-face works for all life, critical illness and segregated fund applications.
Advisors will be pleased to know that we have increased non-medical limits for life insurance. We are also looking at other underwriting changes, digital delivery of life insurance contracts and additional digital payment options.
Our Savings & Retirement advisors will find our new Transaction Authorization Requirements table a valuable resource for submitting forms and documents. Can’t meet with your client in person to get a signature? Not to worry. You can have your client sign a letter of direction and take a picture to authorize a number of transactions.
Transacting in a non face-to-face environment can be a challenge but we will continue to revisit existing processes and look for ways to modify requirements to help you to continue managing your business. All of us are facing an unprecedented number of urgent situations where there is no established protocol. Our commitment to you and your clients is to respond quickly, and to be flexible where we can, tailoring solutions to specific needs.
To stay up-to-date, please refer to Equitable Life’s COVID-19 information page. There you will find the latest information for all lines of business.
As the global situation continues to evolve rapidly, we ask for your patience as our solutions also evolve quickly and accordingly. Rest assured that Equitable Life is unwavering in our support, and we will be here to help you protect what matters most to Canadians.
Ron Beettam, President and CEO -
NEW MARKETING MATERIAL! Equimax Participating Whole Life, Strong and Stable Dividends
Participating whole life policyholders can get some of the participating account earnings back as dividends.1
Dividend scales change over time. This new marketing piece shows how the actual values of policies look like against those that were estimated. It looks at two sample policies and compares them to the original sales illustrations. One example shows an Equimax Estate Builder® policy. The other example shows an Equimax® Wealth Accumulator® policy.
We are proud of our strong and stable dividend results. We have paid dividends to our participating policyholders every year since 1936. And we’re still going strong!
We want to make sure that we can continue to provide long-term income and growth to support the dividend scale and meet the product guarantees. We do this with constant focus on how we invest and manage risk to support the participating account.
As a mutual life insurance company, we are owned by our policyholders who count on us and our services. Their trust in our knowledge, experience, and financial strength helps us keep our commitments to them—now and in the future.
Dividend scales may change.2 But with a balanced approach, Equitable Life’s Equimax® Participating Whole Life continues to deliver excellent value. It gives guaranteed life insurance protection with the potential for earnings.
Want to learn more? Check out our new marketing piece: Equimax Participating Whole Life, Strong and Stable Dividends (2075).
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 If low interest rates continue, investment returns will be lower, and this may mean decreases in the dividend scale in the future. Dividend payments are not guaranteed, but they will never be negative. -
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. -
Celebrating our most popular Pivotal Select funds
In August 2022, Equitable® launched 12 new segregated funds in Pivotal Select’s Investment Class (75/75). We wanted to bring some new innovative solutions to the product, including six sustainable investment funds. To say the launch of these funds was successful would be an understatement.
The funds are quickly becoming some of the most popular funds in Pivotal Select™, and their performance in 2023 was impressive. Equitable wants to celebrate these funds and encourage clients to consider them for their portfolios.
As of February 29, 2024, nine out of the 12 funds received a 1st quartile ranking for their 1-year return and two more were 2nd quartile. The table below shows the new funds that ranked in the top two quartiles for their 1-year returns.
Access additional fund performance information
If you haven’t looked at these funds yet, now is the time. Speak to clients about their investment options and see if these funds fit within their investment portfolio.
Talk to your Director, Investment Sales today for more information.Disclaimer
Any amount that is allocated to a segregated fund is invested at the risk of the contractholder and may increase or decrease in value. Segregated fund values change frequently, and past performance does not guarantee future results. Investors do not purchase an interest in underlying securities or funds, but rather, an individual variable insurance contract issued by The Equitable Life Insurance Company of Canada. There are risks involved with investing in segregated funds. Please read the Contract and Information Folder before investing for a description of risks relevant to each segregated fund and for a complete description of product features and guarantees. Copies of the Contract and Information Folder are available on equitable.ca.
Management Expense Ratios (MERs) are based on figures as of February 29, 2024, and are unaudited. MERs may vary at any time. The MER is the combination of the management fee, insurance fee, operating expenses, HST, and any other applicable non-income tax for the fund and for the underlying fund. For clients with larger contract values, a Management Fee Reduction may be available through the Preferred Pricing Program. For details, please see the Pivotal Select Contract and Information Folder.
® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
Posted April 18, 2024