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EXCITING NEWS! Digital Transactions for Universal Life Plans Now Available
We are happy to announce a major update to our digital systems that makes managing Equitable Universal Life (UL) policies easier than ever. Starting now, you can use digital transactions to submit your clients’ instructions to change their UL deposit allocations and transfer funds between accounts.
This update builds on the recent launch of our digital policy loan request on EquiNet® and is another step towards making your Equitable® experience easier and more convenient.
What's New?
In the past, you had to submit written requests for UL deposit allocation changes and account value transfers using the Universal Life Form 693UL (you can still use this method if you prefer).
Now, you can manage these transactions directly through the secure EquiNet advisor portal. This new process also allows clients to securely approve their requested changes by email.
To get started, simply log into your account on EquiNet and go to the Policy Inquiry tab.
We have provided a brief user guide to help you through the steps.
We trust that this digital upgrade will enhance the way you work with Equitable. Stay tuned for more digital enhancements in the near future!
Thank you for your continued support and partnership.
Questions? For more information, please reach out to your wholesaler or our customer service team.
® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.
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DBRS Morningstar Confirms Ratings on Equitable Life at A (high), Stable Trends
DBRS Limited (DBRS Morningstar) confirmed the Financial Strength Rating and Issuer Rating of The Equitable Life Insurance Company of Canada at A (high). All trends are Stable.1
Visit the DBRS website to read the full media release. www.dbrsmorningstar.com
1 https://www.dbrsmorningstar.com/research/419296/dbrs-morningstar-confirms-ratings-on-the-equitable-life-insurance-company-of-canada-at-a-high-stable-trends -
The power of together
At Equitable, we believe in the power of working together. It's a mindset that drives our behaviours, decisions, and actions to deliver impact and positive outcomes for our clients, advisors, partners, each other, and the communities we cherish.
Together with advisors and partners across Canada, we offer Individual Insurance, Group Insurance and Savings and Retirement solutions. Together we are helping clients protect today and prepare tomorrow.
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Questions about our new brand? Please contact your Equitable wholesaler or visit equitable.ca.
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Dialogue Virtual Healthcare now available to add to Equitable Life benefits plans
We’re pleased to announce we are partnering with Dialogue, Canada’s leading virtual health provider, to offer unlimited and on-demand virtual access to primary healthcare practitioners.
Virtual Healthcare is the latest addition to our HealthConnector suite of health and wellness services. It is available to add to all Equitable Life benefits plans for an additional cost as of July 1, 2023.Features of Dialogue Virtual Healthcare
Available 24/7, 365 days a year, Dialogue Virtual Healthcare provides access to unlimited non-urgent medical care for a wide range of health concerns. Plan members get fast access to the largest, most experienced and bilingual medical team in Canada for non-urgent medical issues. They also benefit from in-app prescription renewals and refills, personalized follow-ups after every consultation, and concierge-level navigation support for all referrals to in-person specialists when needed.
Dialogue’s industry-leading platform provides an all-in-one patient journey to address health issues, reducing long wait times and time away for doctor appointments. Plan members and their families can access Dialogue Virtual Healthcare through the secure web portal or mobile app. The Dialogue medical team includes doctors, nurse practitioners and nurses. Plan members can use the service even if they’re already receiving care from a family doctor.
For your clients
Benefits of Virtual Healthcare
By providing access to Virtual Healthcare, plan sponsors can help to:-
Drive employee engagement;
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Reduce absenteeism related to in-person medical appointments;
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Manage chronic health issues;
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Attract and retain top talent; and
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Build a healthier workforce.
By providing easier access to primary healthcare practitioners, Virtual Healthcare can offer extra health and wellness support for plan members. It also supports members that may experience barriers to accessing in-person healthcare, such as:-
Living in a remote location;
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Work or family obligations during standard medical clinic hours;
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Mobility challenges related to a disability; and
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Transportation challenges.
Click the link to learn more about Dialogue Virtual Healthcare : Welcome to Dialogue!Questions?
To learn more about how your clients can add Virtual Healthcare to their benefits plan, please contact your Group Account Executive or myFlex Sales Manager. -
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Expanding Online Annuity Quotation Eligibility
Equitable Life® is pleased to announce the following three enhancements to our Online Annuity Quotation eligibility, effective November 1, 2022:
● Single Premium Quotes increased to $2million
● Increased Allowed Annual Amount for Income Annuities
● Alberta Locked-In Funds Available from Age 50 reduced from age 55
Increasing income limits for our Online Annuity Quotation provides advisors with more flexibility to serve the various needs of clients. To learn more, visit Equitable’s Online Annuity Quotation
For more information contact your Regional Investment Sales Manager or our Advisor Services team Monday to Friday from 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427.
® denotes a trademark of The Equitable Life Insurance Company of Canada.
November 24, 2022 -
EZcomplete now displays Critical Illness insurance premiums
We have exciting news about EquiLiving® Critical Illness EZcomplete® applications. Effective April 22, 2023, EZcomplete will calculate and display critical illness insurance premiums automatically! This will save you time during the application process.
EZcomplete will calculate and show both the yearly and monthly premium amounts as you complete the application – this is similar to other Equitable Life insurance products. This means you do not need to run a separate illustration to determine and input the premium amount into EZcomplete anymore.
To learn more about Critical Illness, the Equitable way, visit our Critical Illness page on EquiNet or contact your local wholesaler.
® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
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Web Illustration Tool for Universal Life (UL) Insurance now available
The new tool for UL provides greater flexibility and convenience. You will now have access to UL illustrations in the same way that you access and save Whole life web illustrations. It enables you to manage your business on the go from your laptop.
This is the latest step in our commitment to making it easier for you to do business with us, with all our product illustrations now available in a web version. Visit the new web illustration tool here.
Speak to your individual life wholesaler to learn more! -
Meghan Vallis named head of distribution for myFlex Benefits and other group benefits updates
Meghan Vallis named head of distribution for myFlex Benefits
We are pleased to announce that Meghan Vallis, our Group Sales Vice President for Western Canada, will head national distribution for myFlex Benefits in addition to her existing responsibilities.
As part of her expanded role, Meghan will lead the myFlex Benefits sales team and develop and implement strategies to achieve the growth of this offering. Meghan and the myFlex team will continue to focus on delivering market leading services for our clients and advisors.
Meghan joined Equitable Life in 2020 and brings more than 15 years of experience in the group benefits industry to her expanded role. She is passionate about helping Advisors succeed to transform their clients' employee benefit experience.
myFlex Benefits is one of the most unique and versatile benefits solutions for small businesses in Canada. It is fully pooled, includes a two-year renewal and features a user-friendly portal for plan members to make their benefit selections. And it’s simple to use: Plan sponsors set a budget and choose from a selection of benefit options. Plan members then use flex dollars to select from the options offered by their employer. Any leftover flex dollars are saved in a health care spending account (HCSA).
If you have any questions or are interested in learning more about myFlex Benefits, please contact your Group Account Executive or myFlex Sales Manager.Changes to Short Term Disability (STD) benefit calculations for 2023*
The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2023 changes to Maximum Insurable Earnings and premiums for employment insurance.
The following changes to Employment Insurance (EI) will come into effect on Jan. 1, 2023:
How does this affect your clients?
Your clients’ STD benefit will be revised with the updated maximums based on the percentage of EI Maximum Weekly Insurable Earnings shown in their policy if:- Their Equitable Life Group Policy includes an STD benefit that is tied to the EI Maximum Weekly Insurable Earnings, and
- At least one classification of employees has a maximum of less than $650.
If their STD maximum is currently higher than $650 or based on a flat amount instead of 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 if they have questions about the process, they can email Kari Gough, Manager, Group Issue and Special Projects.Coming soon: Survey for Plan Administrators with recent disability claims*
We’ve enhanced our communication processes to help your clients with disability plans manage their workplace absences more effectively. In early December, we will distribute a short survey to plan administrators who may have submitted an approved disability claim in the past six months. The survey will ask recipients about their satisfaction with the frequency and detail of our disability management communications.
The email will come from GBClientFeedback@equitable.ca, and the survey will remain open until the end of the day on December 16, 2022. All responses will be confidential. We plan to use the feedback to help ensure that we’re meeting your clients’ expectations and delivering industry-leading service.
We may also follow up with survey respondents directly, to address any concerns they’ve identified.
* Indicates content that will be shared with your clients. - About
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EAMG Market Commentary July 2023
Posted July 27, 2023
July 17, 2023
Rates & Credit - The rates market was volatile in Q2 as investors focused on inflation, central bank interest rate decisions, and recession probabilities. Persistent strength in U.S. consumer spending and labour markets have surprised investors and prompted further interest rate tightening from central banks. In Canada, corporate bonds outperformed government bonds and the broader FTSE Canada Universe Index during the quarter, with a total return of 0.2%, versus a loss of 1.0% for government bonds and 0.7% for the overall Index. The corporate bond outperformance was driven by a broad risk-on tone to the market, most notably in April as the market recovered from the banking sector liquidity crisis that developed during March. That said, the market tone remained cautious, with the improved risk premium on corporate bonds tempered by lingering concerns around sticky inflation, high interest rates, and the potential for slower economic growth into the latter half of the year.
Dominance of U.S. Equities – U.S. equity markets posted another strong quarter with the S&P 500 returning 8.7%, outperforming Canada and other major international equity markets. The S&P/TSX Composite, returned 1.2% in CAD. Major developed economies from Europe, Australasia, and Far East (EAFE) returned 3.2% in local currency terms. The highly anticipated re-opening of the Chinese economy has failed to materialize with economic data indicating less strength than previously forecasted. Amid sluggish Chinese growth, closely interconnected economic partners such as the European Union, as well as commodity-driven markets like Canada, have all underperformed the U.S. on a relative basis.
U.S. Fundamentals – Earnings continued to contract versus prior year, albeit at a slower pace than forecasted. Forward earnings guidance improved quarter-over-quarter with corporate sentiment returning to neutral levels. Based on our analysis, we observed that 31% of major companies expect deteriorating financial performance, while 33% expect improved performance, with the remaining expecting no material change. Overall, major U.S. companies remain well capitalized with strong operating margins. However, company guidance indicates a prioritization of cost controls amid increased consumer indebtedness and concerns about the health of the consumer.
Artificial Intelligence (AI) Mania – Despite concerns that the U.S. economy is at a late stage in its economic cycle, that monetary tightening by central banks could go too far, and the fact that earnings contracted on a year-over-year basis, equity markets became more expensive during the quarter with price-to-earnings multiples expanding. This expansion was driven by investors crowding into AI focused technology companies, with the seven largest AI/technology themed companies averaging a 26% return while the other 493 members gained only 3%. Investors rewarded businesses with contributions to AI development (hardware and software components), as well as those with the ability to implement synergies from leveraging the technology. A crowded market surge is not uncommon at this point in the economic cycle, where positive economic surprises, in this instance, strong employment and consumer spending can lead to an upswelling in investor confidence.
U.S. Quant Factors – Using our investment framework, we currently favour exposures to large cash-rich companies with innovative product offerings, which we believe offer the strongest risk-adjusted returns in the current market environment. While the valuation of AI companies seems to defy traditional rationales, the momentum has continued to push the group higher. Consequently, the Quality factor (companies with higher return-on-equity, strong operating performance, and healthy leverage levels) participated in the AI trend and consistently outperformed throughout the quarter. The Low Volatility factor (stocks with lower sensitivity to broad market movement, and lower price volatility) underperformed through the quarter. While the Low Volatility factor typically performs well at this stage of the economic cycle, the fact that a small number of stocks were responsible for much of the market’s return hurt this factor. Lastly, the Momentum factor (stocks with a recent history of price appreciation) initially underperformed during the quarter before rebounding in June. This factor’s recent outperformance suggests that the market is becoming complacent and possibly signals that rotations within the market are slowing as current trends remain in favour.
Canadian Fundamentals – Top line revenue missed forecasts while bottom line earnings were consistent with expectations. Softer-than-expected results out of Canadian financials, as well as underwhelming results from the materials sector, dragged on the aggregate index performance. Earnings forecasts for the rest of the year have been revised downward with analyst expecting index aggregate earnings to detract 2% to 3%. Meanwhile, the Bank of Canada raised its overnight interest rate by 25 basis points, bringing it to 4.75% on the backdrop of robust economic data releases including Q1 GDP and April CPI.
Canadian Quant Factors – The most notable dislocation in Canada was the convergence of the dividend yield of High-Dividend ETFs and Equal-Weight Bank ETFs. We believe that the drag from Canadian banks following the U.S. regional banking concerns in March resulted in a discount of the Quality factor as the performance of the group is sensitive to the movements of banks. While banks did recover around 35% of their SVB-induced underperformance, the nature of banking has attracted investor scrutiny given the view that we are in the late-stage of the economic cycle. That said, this environment is an attractive environment to add variants of the Quality factor, which would gain exposure to a rebounding industry that offers a similar dividend yield to the high dividend stocks.
Views From the Frontline
Rates – On an outright basis, bond yields across the curve continue to look attractive. Economic data remains strong however we are beginning to see the first signs of weakness in spending, jobs and inflation. Slower growth, a more balanced labour market, declining inflation, and tighter credit conditions will likely drive interest rates lower throughout 2023. Market participants remain focused on the extent of interest rate hikes and the duration of a pause required to bring inflation back to the 2% target. With inflation remaining more persistent than previously expected forecasts around the timing, pace and extent of the removal of monetary policy have been pushed into 2024.
Credit – The uncertain economic outlook and risks around slower economic growth later this year merit caution about corporate bonds and a bias towards higher-quality, shorter-dated credit where we think the risk / reward dynamic are more favourable. That said, the “soft-landing” narrative, now more pervasive in the market, could continue to provide support to risk assets, which we view as an opportunity to further pare down higher beta exposure.
Equities – Given the direction of the current economic and company fundamental data, we continue to favour high quality growth segments of the market with strong operating margins. As such, the late cycle conditions in the market reinforce our preference for large cap stocks over smaller, more U.S. domestically focused businesses. The U.S. Low Volatility factor’s underperformance is unlikely to reverse in the short term given the resilience of the U.S. economy. Furthermore, after a steep decline last quarter, we expect that cyclical value will find support in the near term, echoing the increased chance of slowing inflation without stalling economic growth. In Canada, equities are typically more cyclical in nature, which coupled with the potential for an earnings contraction, makes us view the Low Volatility factor as more likely to outperform. Like the U.S., we prefer Canadian high-quality companies to navigate through the late cycle environment. On the heels of poor Chinese economic data and underwhelming stimulus, we are maintaining our overweight to the U.S. relative to Canada and EAFE.
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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.