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1. [pdf] Your guide to Term life insurance
2. [pdf] Collateral Assign List
3. Savings & Retirement Policy and Procedure updates regarding Electronic Signatures We have updated our policies and procedures regarding electronic signatures in the Savings and Retirement department. We are now able to accept electronically signed documents, from all major third-party signing vendors.  
   
   Including esign@equitable.ca as a non-signing reviewer is the preferred method as it ensures the security embedded documents are accurately and immediately available for Equitable. We will be automatically notified when signing is complete and will download eSigned forms immediately for processing. Including esign@equitable.ca as a non-signing reviewer is secure, quick, and efficient. Documents no longer need to be emailed to us – eSigned documents are sent directly to us once all signatures are completed, therefore you do not need to notify us once the documents are signed.  
   
   When esign@equitable.ca is not used to submit electronically signed documents, the following criteria are required: 
   • The original signed form and audit trail with all the security features intact 
   • The email address used to sign must match what is in our files (as provided on the application, for electronic policy delivery or through previous communication). If an email address has changed, or we don’t have an email contact for the signer, we will follow up for confirmation. 
   
   A guide on how to use esign@equitable.ca can be found here.
   
   Please note that Equitable does not accept digital signatures (images or fonts of a signature which are not stamped). 
   
   Date posted: June 13, 2024
4. Our service standards - Individual insurance
5. [pdf] Your guide to Coverage2go
6. [pdf] Additional/Updated Client Information
7. [pdf] Underwriting cover letter template
8. Equitable Life Group Benefits Bulletin – September 2021 In this issue:
   • Right drug, right dose*
   • Responding to New Brunswick’s Biosimilar Initiative*
   • Helping plan members access our convenient digital options*
   • Reminder: Please access forms on EquitableHealth.ca*
   • Over-age dependents losing coverage?*
   *Indicates content that will be shared with your clients

   Right drug, right dose

   Equitable Life partners with Personalized Prescribing Inc. to help plan members avoid treatment trial and error
    
   Patients suffering from mental health conditions often need to try several medications before they find one that works for them. This is frustrating and can result in negative side-effects, a longer recovery, lost productivity, or a delayed return to work.
    
   To help plan members avoid this treatment trial and error, we have partnered with Personalized Prescribing Inc. to provide easier access to pharmacogenomic testing for plan members with mental health conditions.
    
   Pharmacogenomics 101
   Pharmacogenomics is the study of how an individual’s genes influence their response to medications. Pharmacogenomic testing can help determine how compatible a patient’s body may be to a particular drug, and helps their physician prescribe the most appropriate medication. The goal is to ensure the right drug is prescribed to deliver the most positive outcome with the fewest side effects.
    
   Easier access to pharmacogenomic testing
   Through our partnership with Personalized Prescribing Inc., any Equitable Life plan member diagnosed with a mental health condition can purchase a pharmacogenomic test for a discounted price of $399 plus HST – a 20% savings.
    
   We are also introducing the option for plan sponsors to add coverage of pharmacogenomic tests provided by Personalized Prescribing Inc. for mental health conditions.
    
   With this coverage, plan members are eligible for pharmacogenomic testing if:
   • They have been diagnosed with a mental health condition;
   • They are currently taking or have stopped taking a medication for a mental health condition that does not work or has side effects; and
   • The pharmacogenomic test is conducted by Personalized Prescribing Inc.
   How it works
   Getting a test is easy. The plan member starts by visiting www.personalizedprescribing.com/equitablelife to request a test kit.
    
   Once they receive their test kit from Personalized Prescribing Inc., they simply provide a saliva sample and send it back (postage is pre-paid). Within 7-10 business days, they receive an Rx Report™ that they can share with their doctor. This report includes details to help their doctor prescribe the right drug and the right dose for them.
    
   Benefits for plan members:
   • The plan member and their physician receive a full report that is easy to understand;
   • The report identifies the most compatible medications for the plan member’s condition and the medications to avoid;
   • The physician is able to prescribe the most appropriate medication with the fewest side effects; and
   • The plan member avoids medication trial and error.
   Benefits for employers:
   • Pharmacogenomic testing can be an effective prevention strategy to help employees stay healthy and potentially avoid a mental health-related work absence; and
   • Employees suffering from mental health conditions may be more productive when they are on the right medication for them.
   To learn more about pharmacogenomic testing through Equitable Life and Personalized Prescribing Inc., please visit www.personalizedprescribing.com/equitablelife. To request coverage for your clients, please contact your Equitable Life Group Account Executive or myFlex Sales Manager.

   Responding to New Brunswick’s Biosimilar Initiative

   We are changing coverage for some biologic drugs in New Brunswick in response to the province’s Biosimilar Initiative. These changes will help protect your clients from additional drug costs while still providing access to equally safe and effective biosimilars.
    
   What is New Brunswick’s Biosimilar Initiative?
   New Brunswick’s Biosimilar Initiative will end provincial coverage of several originator biologic drugs for some or all conditions beginning on December 1, 2021. Patients who are using these drugs for the affected conditions will be required to switch to biosimilar versions of the drugs to maintain coverage under the province’s government drug plan.
    
   What is the impact on private drug plans?
   The most significant risk to plan sponsors who maintain coverage of originator biologics is coordination of benefits (CoB) risk. If other insurance carriers follow suit with the province and delist the originator biologics, it could expose a plan that doesn’t delist them to significant coordination of benefits risk.
    
   For example, consider a patient who is covered under two private plans – their employer plan and a spousal plan. If their employer plan was the first payer for the originator biologic but delists the drug, the spousal plan now becomes the first payor. If the spousal plan continues to cover the cost of the originator, it now pays most or all of the cost of the drug.
   
   How is Equitable Life responding?
   To protect your clients’ plans from paying additional and avoidable drug costs, we are changing coverage in New Brunswick for most biologic drugs included in the provincial initiative.
    
   Beginning Feb. 1, 2022, plan members in New Brunswick will no longer be eligible for coverage of Humira, Lantus, Humalog and Copaxone 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 those drugs to maintain coverage under their Equitable Life plan.
    
   How will Equitable Life communicate this change to plan members?
   We will be communicating with affected claimants in early-December 2021 to allow them ample time to change their prescriptions and avoid any interruptions in their treatment or their coverage.
    
   Can my client maintain coverage of these biologic drugs?
   All groups, except myFlex clients, who wish to opt out of this change and maintain coverage of these originator biologics for New Brunswick plan members can submit a policy amendment. Amendments must be submitted no later than Nov. 30, 2021.
    
   Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for New Brunswick plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.
    
   Groups that opt out of this change are also opting out of any future changes to our New Brunswick biosimilar initiative. Their drug plans will continue to cover any additional originator biologics that we subsequently add to the program.  
    
   Will this change impact my clients’ rates?
   The rate impact of this change and  any cost savings associated with the change will be factored in at renewal.
    
   If plan sponsors opt out of these changes and maintain coverage for the originator biologics, it may result in a rate increase. Any rate adjustment will be applied 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 also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator drug they are based on and have been shown to have no clinically meaningful differences in safety or efficacy.
    
   Questions?
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.
    

   Helping plan members access our convenient digital options

   Some of your clients’ plan members aren’t benefitting from our secure and convenient digital options to access and use their Group Benefits. They can sign up to submit claims electronically for faster claim payments, get claim payments deposited directly to their bank accounts, easily review their coverage details, quickly access their Group Benefits plan booklet, benefits card and more. We’ve made it easier than ever to sign up, with more resources all conveniently located at Equitable.ca/go/digital.

   Your clients’ plan members can visit this link to view:
   • A brochure with all the high-level instructions they need to get started on EquitableHealth.ca and the EZClaim mobile app
   • A full video guide on how to access and navigate EquitableHealth.ca
   If your clients’ plan members need help activating these services, they can give us a call at 1-800-265-4556 and select the option for web support. We’d be happy to help!
    

   Reminder: Please access forms on EquitableHealth.ca*

   We routinely update our Plan Administrator forms on EquitableHealth.ca based on their feedback and to stay compliant with legal and/or regulatory requirements. If your clients need a form, they should always pull the most recent version from EquitableHealth.ca instead of reusing forms they have saved on their computer. Using an old or outdated form may result in processing delays.
    
   Your clients can access the Plan Administrator forms by following these steps:
   • Login to EquitableHealth.ca
   • Select “Documents”
   • Toggle between English and French forms
   • Click on the document name to download a PDF copy

   Over-age dependents losing coverage?*

   Some of your clients’ plan members may have dependents who are reaching the maximum age for eligibility under their group benefits plan.
    
   If they are attending school full-time or are disabled, they may be eligible for continued coverage. Plan members with over-age dependents can simply complete the Application for Coverage of Dependent Child Over Age 21 (Form #441) and submit it through our online document submission tool. They can access the tool by logging into their Group Benefits account at www.equitablehealth.ca and clicking My Resources. 
   
   If they are not attending school full-time or disabled, they will no longer be covered under the plan. However, they may be eligible for Coverage2go®. It allows individuals who are losing their group coverage to purchase personal month-to-month health and dental coverage that is affordable, reliable and works like their previous group benefits plan. They can choose the level of coverage and protection that suits their personal situation.
   
   There are no medical questions – they simply need to apply within 60 days of losing their health coverage under their group benefits plan.*
    
   Help your clients’ plan members and their dependents who are losing coverage by letting them know about Coverage2go. They can visit our website to learn more about Coverage2go and to get a quote.
     
   *Quebec residents are not eligible for Coverage2go
9. [pdf] EquiNet Quick Tips
10. EAMG Market Commentary October 2023

     

    October 20, 2023
    
    Rates & Credit - Interest rates increased steadily in Q3 against the backdrop of sticky inflation, strong economic growth, and a tight labour market. In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index during the quarter, with a loss of 2.2%, versus a loss of 4.4% for government bonds and a loss of 3.9% for the overall index. The outperformance was primarily driven by the fact that the corporate bond index is less sensitive to interest rates movements (as compared to the government index), all else being equal. The outperformance was also driven by an improvement in risk-appetite, with lower-rated BBBs slightly outperforming higher-rated A bonds. Industries with higher interest rate exposure such as infrastructure, energy, and communications underperformed those with less (notably financials and securitization), consistent with the overall shift in the yield curve.
    
    Equities Lose Traction – Global equity markets lost momentum last quarter with the TSX declining 2.2% while major developed economies from Europe, Australasia, and the Far East (EAFE) fell 1.3% in local currency terms. U.S. equity markets, while falling approximately 3.3%, were cushioned by a strong greenback, with the index declining only 1% in Canadian dollar terms. With inflation prints continuing to be stubbornly high and employment data remaining strong, central bankers emphasized their commitment to a higher-for-longer approach to monetary policy. The hawkish tones out of the Federal Reserve pushed bond yields higher and consequently, pressured equities lower. Furthermore, mixed economic data out of China rattled investor sentiment over the quarter as global growth forecasts came under scrutiny.
    
    U.S. Fundamentals – Although U.S. earnings continue to contract on a year-over-year basis, companies surpassed expectations with investors remaining highly focused on signs of deteriorating operating margins. After bouncing off Q1 2022 lows, forward earnings guidance continues to improve on a quarterly basis. Based on our analysis, ~35% of major companies revised earnings forecasts higher (+2% versus Q2) while ~33% held expectations constant, with the balance expecting deteriorating financial performance. Overall, improved efficiencies through cost-cutting measures and stronger-than-expected pricing power have contributed to resilience in operating margins, and therefore renewed optimism about forecasted financial performance.
    
    Equal Weight S&P 500 versus S&P 500 – Persistent crowding into mega-cap technology stocks – which has driven the majority of market returns year-to-date in the U.S. – slowed at the beginning of the summer before reaccelerating into quarter end. The persistence of this trend has resulted in the equal-weighted version of the S&P 500 index returning a mere 1.8% over the first three quarters of the year, markedly lower than the 13.1% return observed from the S&P 500. We continue to emphasize that a crowded market surge is not uncommon during late stages of the economic cycle, and we remain focused on delivering optimal risk-adjusted returns with quantitative factors.
    
    U.S. Quant Factors – The quality-growth areas of the market continued to outperform last quarter with market participants seeking large cash-rich companies with innovative product offerings and stable operating margins. That said, the pricing power of these companies has weakened more recently with consumers having depleted pandemic-era savings and stimulus. As such, fundamentals are beginning to appear overvalued. Low volatility stocks (i.e. stocks with lower sensitivity to broad market movement and lower price volatility) performed in-line with the overall market for most of the summer before underperforming into quarter-end when crowding into big-tech returned. While top-line projections are forecasted to post stable growth, the basket’s relatively lower operating margins remain a headwind amid surging interest rates. Dividend growth companies, which include businesses with a lengthy and established history of increasing dividends, performed approximately in-line with the broader index over the quarter. With the market forecasting overly-negative fundamental performance, this factor is positioned as a contrarian opportunity in the market.
    
    Canadian Fundamentals – Unlike those in the U.S., Canadian companies reported shrinking operating margins in general, pressuring equity pricing. Like in the U.S., Canadian corporate earnings were mostly consistent with expectations but continue to contract on a year-over-year basis. The energy sector benefitted from a ~30% increase in oil prices during the quarter, as OPEC’s restrictive oil production schedule pushed crude markets deeper into under-supplied territory. Those higher energy prices buoyed performance of stocks in the energy sector, one of only two sectors with positive performance during the quarter, helping partially offset softer-than-expected results out of the financials and communications sectors. Meanwhile, the Bank of Canada continued with its hawkish monetary policy by raising its overnight interest rate by another 25 basis points, bringing it to 5%. Their efforts to slow economic growth are beginning to cause some deterioration in fundamentals and, with one quarter remaining, analysts are expecting Canadian earnings to contract ~9% for the year.
    
    Canadian Quant Factors – With central banks around the world continuing to hike interest rates and uncertainty surrounding China’s economic health, global growth prospects fluttered over the quarter. The cyclical nature of the Canadian market, and therefore its reliance on global partners, saw equity prices put under pressure by growth concerns. As a result, the quality bucket benefitted from defensive positioning by investors and thus resumed its climb in Canada. Investors continue to prefer mature, large businesses that are better positioned in a restrictive economic environment due to their more stable operating margins. The value factor – which was beaten down in Q2 – rebounded last quarter with supply-driven energy strength helping to propel energy stocks higher. Low volatility initially displayed similar performance to the TSX, but energy’s rapid surge into the end of summer pressured the group lower. Given higher risk-free rates, the dividend factor also underperformed over the quarter, with dividend yields becoming less attractive on risk adjusted basis.

    
    Views From the Frontline
    
    Rates – Both nominal and real – rose sharply in Q3 to levels not seen since the Great Financial Crisis of 2008. A healthy labour market, strong consumer spending, persistent inflation and excess supply concerns drove the interest rate increase. Although the economy is starting to witness a deceleration in consumer spending and tighter credit conditions, central banks remain committed to maintaining a higher policy rate for longer to bring inflation back to the 2% target.
    
    Credit – The risk premium for corporate bonds (versus government bonds) has been range-
    bound over the past quarter as investors’ evaluations of a variety of scenarios have evolved: soft-landing versus a recession, geopolitical uncertainty, further central bank increases, among other things.  On the balance, we do not think the current risk premium adequately compensates for downside risk, and as such, we remain cautious on corporate bonds and have a bias towards higher-quality, shorter-dated credit where we view the risk / reward dynamic as being more favourable. 
    
    Equities – Geographically, we began the quarter with a preference for U.S. equities relative to Canada and EAFE. In-line with our expectations, U.S. stocks outperformed the two regions in Canadian dollar terms. That said, weakness in the Euro versus the Canadian dollar was a headwind for our EAFE exposure. With earnings yield – which is the percentage of earnings relative to price – becoming less attractive compared to risk-free rates in the U.S., and the greenback strength becoming overstretched from a technical perspective, we have pared back our overweight U.S. position. Moreover, with Chinese officials focusing efforts on the introduction of new stimulus packages, we believe that more cyclical markets like Canada and EAFE will retrace some of their losses in the near term. Within the U.S., we entered Q3 with a constructive view on high quality growth segments of the market that provide strong operating margins during the current late economic cycle conditions. The factor moved in-line with our expectations, as highlighted in the “U.S. Quant Factor” section, and we are tactically decreasing our exposure amid stretched fundamentals. In Canada, we continue to prefer high-quality companies due to their strong fundamentals, with the group currently displaying momentum versus the broader TSX. Tactically, we are participating in the oil supply shock through the value factor.

    
    Downloadable Copy

     

    Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
    Mohamed Bouhadi, CFA Senior Analyst, Rates	Tyler Farrow Analyst, Equity	Andrew Vermeer Analyst, Credit	Elizabeth Ayodele Analyst, Credit

     
     
    ADVISOR USE ONLY
     
    Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable Life of Canada® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.
    
    Posted November 3, 2023