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1. Featured
2. Equitable Life Group Benefits Bulletin – March 2022 In this issue:
   • CLHIA launches industry anti-fraud initiative*
   • Provincial biosimilar update*
   • Quebec decreasing insurance premium tax*
   • Coming soon: A survey to understand how we can better serve your clients’ needs*
   • Remind your clients’ plan members in BC, Manitoba and Saskatchewan to register for Pharmacare *
   *Indicates content that will be shared with your clients
    

   CLHIA launches industry anti-fraud initiative*

   In February, the Canadian Life and Health Insurance Association (CLHIA) announced a new anti-fraud initiative that is using advanced artificial intelligence (AI) to further identify and reduce benefits fraud.
    
   Equitable Life is excited to be a part of this important initiative. It will enhance our own fraud detection analytics by using AI to connect the dots across a huge pool of anonymized claims data. This will lead to more investigations and actions to mitigate the impact of fraud on your clients’ plans.
    
   The initiative is being led by the CLHIA and member insurers and is supported by technology provider Shift Technologies. It will be further rolled-out and expanded over the next three years.
    
   Benefits fraud affects more than just insurers. The costs of fraud are felt by employers and their employees as well. We are looking forward to being able to better identify and reduce benefits fraud.
    

   Provincial biosimilar update*

   BC expands its biosimilar initiative
   BC Pharmacare recently announced it is adding two rapid-acting insulins to the list of drugs included in its ongoing initiative to switch patients to biosimilar versions of high-cost biologics. Patients taking Humalog or NovoRapid for Type 1 or Type 2 diabetes will be required to switch to a biosimilar version of the drugs by May 29, 2022 to maintain coverage under the public plan.
   
   Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator biologic drugs they are based on, and Health Canada considers them to be equally safe and effective for approved conditions.
   
   How we are responding to protect our clients
   To help prevent this change from resulting in additional costs for our clients’ drug plans while still providing plan members with access to safe and effective medications, we will no longer cover Humalog or NovoRapid for plan members in BC. Effective June 1, 2022, claimants currently taking Humalog or NovoRapid will be required to switch to a biosimilar version of the drugs to maintain coverage under their Equitable Life plan and their BC Pharmacare plan.
   
   We will be communicating this change to plan administrators later this week. And we will be communicating with affected claimants in early April to allow 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 Sales Manager.
   
   Nova Scotia and Northwest Territories introduce biosimilar initiatives
   The governments of Nova Scotia and the Northwest Territories each recently announced they are launching biosimilar initiatives to switch patients from certain originator biologic drugs to biosimilar versions of the drugs.
   
   Patients in Nova Scotia using affected originator biologic drugs will have until February 2023 to switch to a biosimilar version of their medications in order to maintain coverage under the province’s public drug plans. Patients in the Northwest Territories will have until June 20, 2022, to switch.
   
   Equitable Life^® actively monitors and investigates all biosimilar policy changes and the ongoing evolution of biosimilar drugs entering Canada.  We will keep you informed of any impact on private drug plans and how we are responding.
    

   Quebec decreasing insurance premium tax*

   The Quebec Government has announced that it plans to decrease its Insurance Premium Tax rates effective April 1, 2022. The premium tax rates for group life and accident and sickness insurance are expected to decrease from 3.48% to 3.3%. The new tax rates will be applied to premiums for the billing period beginning on or after April 1, 2022.
    

   Coming soon: A survey to understand how we can better serve your clients’ needs*

   We are committed to providing your clients and their plan members with industry-leading service. We’ve introduced several enhancements over the past year to make it easier to do business with us. And we’re continually looking for ways to improve.
    
   In the coming weeks, we will conduct a survey of your clients to help us understand how we can better serve them. On March 28, we will send plan administrators an email with a link to the survey. The survey will remain open until the end of the day on April 11 and will take between five and 10 minutes to complete. Please encourage your clients to participate. Their feedback will be confidential, and their responses will help us improve our service and ensure we’re meeting their expectations. We may also follow up with plan administrators directly to address any concerns they’ve identified.
    
   We know your clients’ time is valuable. So, each plan administrator who completes the survey will be entered into a random draw for a chance to win one of 25 prepaid gift cards for $25.
    

   Remind your clients’ plan members in BC, Manitoba and Saskatchewan to register for Pharmacare*

   If your clients have plan members in British Columbia, Manitoba or Saskatchewan, the provincial government offers a Pharmacare program to support prescription drug costs.  Plan members in these provinces must register for their provincial Pharmacare program to maintain coverage under their Equitable Life drug plan.
    
   Registration is easy! We will send two registration reminder messages directly to plan members’ pharmacists and post them on their Explanation of Benefits. We’ve also created a step-by-step guide that your clients can share with their plan members.
    
   English version
   French version
    
   For more information about the provincial Pharmacare programs, including how plan members can register, please visit:
    
   For British Columbia residents: https://www2.gov.bc.ca/gov/content/health/health-drug-coverage/pharmacare-for-bc-residents  
    
   For Manitoba residents: https://www.gov.mb.ca/health/pharmacare/apply.html
    
   For Saskatchewan residents: https://www.saskatchewan.ca/residents/health/prescription-drug-plans-and-health-coverage/extended-benefits-and%20drug-plan/drug-cost-assistance#eligibility
    
    
3. [pdf] B2B Investment Loan Product Brochure
4. Levelizing taxes on fixed income investments

   A smart strategy to promote with clients

   Many clients choose fixed income investments because they are more stable and predictable than other investment types. However, there is a downside to this approach that many don’t think about – taxes, which increase as the investment grows. As an advisor, you can help clients reduce some of the money they pay in taxes by suggesting a different approach.

   
   The tax challenge

   In most cases, fixed income investments are taxed yearly. To pay these taxes, clients usually take out some of the interest income earned, and leave the rest invested. This in turn increases the tax that must be paid on the interest earned the next year. As a result, a large amount of the investment income earned each year goes straight to taxes with a growing amount of tax that must be paid each year. You can show clients a solution that can help lower total taxes they pay on their fixed income investments. 

   
   The solution: levelize the tax

   Using participating whole life (WL) insurance as part of a financial solution, you can help clients levelize their annual tax payment. And lower the cumulative tax they must pay on their fixed income investments. 

   
   
   
   How it works 

   Each year the client takes out the full amount of the interest earned on the fixed income investment. They leave only the principal amount. Part of the interest income withdrawn is used to pay the taxes on the fixed income investment. The remaining amount is used to pay premiums for a participating WL policy. Because the client is leaving only the principal amount invested, the tax they pay each year is a levelized amount. This reduces the cumulative taxes they pay over the life of the fixed income investment.
   
   With this solution, the value of the fixed income investment along with the potential value provided by the participating WL policy, can mean a higher estate value. And a lower cumulative tax bill than what can be achieved through only the fixed income investment.
   
   The participating life insurance not only provides valuable life insurance coverage, but also offers tax-advantaged growth and the potential for dividends. 
   
   To help explain this concept to individual clients, feel free to share Levelize the tax on your fixed income investments with participating whole life (1799).
   
   This concept also works with corporate owned participating whole life policies. Feel free to share Levelize the tax on fixed income investments with corporately-owned participating whole life (1874).  

   
   Why it matters

   This solution isn’t just about lowering taxes. It’s about helping clients grow their money, plan for their future, and protect what matters most. As an advisor, guiding clients toward solutions that address both immediate and future needs can set you apart and help build trust.
   
   Contact your wholesaler to learn more.
5. [pdf] A Unique Approach to Managing Disability
6. [pdf] Gradual Inheritance Strategy
7. [pdf] Equitable's Competitive Advantage
8. Coming March 23, 2020 – Equimax enhancements include 60 months of flexibility to make extra deposits

   The following features will be available on Equimax Estate Builder® and Equimax Wealth Accumulator® plans!   
   
   60 months of Excelerator Deposit Option (EDO) flexibility

   • Up to 60 months to make initial EDO payment or resume stopped or reduced payments. No additional underwriting required. 
   • For approved EDO amounts exceeding $150,000 annually ($12,500 monthly), clients have up to 12 months from the date the EDO application was signed or the date of the last EDO payment to make an EDO payment before a contribution cap may apply.
   • Available on all policies with an effective date of March 23, 2020 or later.
   
   
   
   EDO available on case ratings of 300% or less
   • If a policy already in effect has a rating over 200% and up to and including 300%, the owner can apply to add EDO provided the policy was issued under the 2017 tax rules.
   • Additional underwriting and submission of satisfactory evidence may be required.
   
   
   
   Disability Benefit Disbursement at no extra cost
   • If a life insured becomes disabled from a severe mental or physical impairment as defined in the policy contract, the owner may apply for a tax-free,* lump sum payment of up to 100% of the policy’s cash value.
   • Exclusions apply. See sample policy contract for full details, including the qualifications for the disbursement.
   • Available on all policy issued under the 2017 tax rules.

   
   
   * Tax laws are subject to change. The payment of the disability benefit disbursement may affect the adjusted cost basis (ACB) of the policy as it is considered payment of a capital benefit. Changes in ACB can affect the future taxation of the policy.

   Processing your Application
   To make the transition as smooth as possible, please take a moment to review the following transition rules.
    

9. Ride the same-day service wave with Equitable Life

   
   Sit back and relax – we’ve got your deposits covered. Make setting up one-time or recurring deposits flow like water with EZtransact™ - only from Equitable Life^®.
   
   Learn more

10. Step Up Your Wealth Sales with Equitable Life

    
    Step up your wealth sales with Equitable Life^® and you’ll be rewarded with a growth bonus for doing more business in 2022.  Make this year your best year ever with Equitable Life!
     
    The program rewards advisors who promote Equitable Life’s Savings & Retirement products to existing and new clients as part of an overall investment strategy based on client needs. 
     
    
    
    
    
    Commission Bonus Calculation:
    Gross deposits into segregated funds
    + Gross deposits into Guaranteed Interest Account (GIA) contracts
    + 25% of payout annuity sales
    ― Segregated fund redemptions
    ―  GIA redemptions
    = 2022 Net Deposits
     
    All eligible deposits, sales, and redemptions occurring between January 1 and December 31, 2022, will be used to calculate an advisor’s 2022 net deposits.
    
    
    
     
    * The bonus amount will be calculated at the end of 2022 based on net deposits. The bonus will be paid within 90 days following December 31, 2022. Maximum bonus payable is $75,000.
     
    For more information, download our flyer or contact your Equitable Life Regional Investment Sales Manager.
     
    And as a reminder, we increased the CB5 sales option initial commission from 5.6% to 7.0% on Pivotal Select™ segregated funds. The 7% initial commission is effective from May 20 to August 31, 2022 only.** Learn more.
     
    Equitable Life is committed to offering advisors and clients product, service, and feature choices that best suit their needs. We offer multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds to align with advisors’ and clients’ unique needs.  

     
     
    ** Equitable Life reserves the right to end the campaign, at any time and without notice.
    ™or ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.