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  1. New Dividend Scale Effective July 1, 2023! Equitable Life’s Board of Directors has approved a change to the dividend scale* for the period July 1, 2023, to June 30, 2024.

    - The interest rate we use for the dividend scale will go from 6.05% to 6.25% on July 1, 2023.
    - Other factors used to decide the dividend scale will stay the same.
    - The interest rate for participating whole life policies with dividends on deposit will stay the same at 2.25%.
    - The policy loan interest rate** will go from 6.20% to 6.50% on June 30, 2023

    More good news!
    Once the next dividend scale year starts, we expect policyholder dividends to be close to $105 million until the end of June 2024.

    Learn more
    - Advisor Dividend Scale Notice
    - Client Dividend Scale Notice
    - Dividend Information Page




    Did you miss our virtual Spring Update & 2023 Dividend Scale Announcement? Watch it now:
    English.png French.png Chinese.png
    (*The French and Chinese events will be partially in English, with sub-titles on screen).
     

    TOGETHER – Protecting Today – Preparing Tomorrow™
    As a MUTUAL we provide financial security DIFFERENTLY by focusing exclusively on our CLIENTS.

    *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, expense, lapse, claims experience, taxes, and other experience of the participating block of policies. Changes in the dividend scale do not affect the guaranteed premium, guaranteed cash values, or guaranteed death benefit amount.  A copy of Equitable Life’s Dividend Policy and Participating Account Management Policy can be found on our website at www.equitable.ca.
     
    ** This applies to all new and active policy loans, including automatic premium loans. This change is for Equimax® policies that have a 9-digit policy number beginning with a “3” or an “8”. Some older policies may have other loan rates as they are based on the prime interest rate.
  2. Making it easier to claim for Loss of Independent Existence for EquiLiving Critical Illness insuranc We have recently changed the definition of Loss of Independent Existence (LOIE). As a result, the Critical Illness claim criteria has also changed. Before, EquiLiving® Critical Illness insurance coverage was issued with a definition of LOIE that required clients to have the total inability to do 3 of 6 Activities of Daily Living (ADLs). Now, clients will only need to give us proof of the total inability to do 2 of 6 Activities of Daily Living (ADLs) to submit a claim for LOIE. 

    This change makes it easier for clients to claim for this covered critical illness. This change is retroactive to February 2022.

    Clients will be sent a notice from us with a personalized endorsement from Equitable Life. This applies to their policy and forms part of their contract. We will approve claims for LOIE as outlined in the endorsement.

    LOIE is one of the 26 conditions named as a covered critical illness in an EquiLiving policy or Critical Illness insurance rider on an Equitable Life insurance policy. With a loss of independent existence, some activities of daily living can no longer be done on one’s own. This can happen because of a disease or an injury. 

    Want to learn more? See the marketing piece: Understanding the Covered Conditions (1248).  

    For more information, reach out to your local wholesaler.


    ® denotes a trademark of The Equitable Life Insurance Company of Canada.
  3. [pdf] Health Care Spending Account - Plan administrators
  4. Clarification: Dialogue Virtual Healthcare available to add to your clients' benefits plans We recently announced that we are partnering with Dialogue to offer unlimited and on-demand virtual access to primary healthcare practitioners.
     
    The announcement indicated that Virtual Healthcare is the latest addition to our HealthConnector suite of health and wellness services and is available to add to all Equitable Life benefits plans as of July 1, 2023.
     
    Please note that there is an additional fee to add the service to your clients’ benefits plans. Our original announcement was not clear enough about this.
     
    We apologize for any confusion this may have caused.
     
    If you have questions about Virtual Healthcare, of if you would like to add the service to a client’s plan, please contact your Group Account Executive or myFlex Sales Manager.
  5. [pdf] Investment Direction Form - DIA/GIA
  6. [pdf] Equitable GIF Advisor FAQ
  7. Additions and Increases
  8. Reminder: Deadline to opt out of Alberta biosimilar coverage changes

    In November 2020, we announced via eNews that on March 15, 2021, we are changing coverage for some biologic drugs in Alberta in response to the province’s Biosimilar Initiative. These changes will help protect your client’s plans from additional drug costs while still providing access to equally safe and effective biosimilars.

    Do my clients need to take any action?

    Traditional groups who wish to opt out of this change and maintain coverage of these originator biologics for Alberta plan members can submit a policy amendment. Amendments must be submitted no later than January 15, 2021.

    Advisors with myFlex Benefits clients who wish to maintain coverage of these originator biologics for Alberta plan members should speak to their myFlex Sales Manager to confirm their eligibility to opt out of this change.

    Otherwise, no action is required on their part. Plan members taking these biologics will be contacted directly to allow them ample time to change their prescription. Any cost savings associated with the change will be factored in at renewal.

    Questions?

    We have compiled a list of frequently asked questions to help you understand Alberta’s Biosimilar Initiative. If you have a question that isn’t answered here, please contact your Equitable Life Group Account Executive or myFlex Sales Manager.

  9. December 2022 eNews

    Update: EI Sickness Benefit Extension confirmed for Dec. 18, 2022*

    The federal government confirmed on Nov. 25, 2022, that it is extending the Employment Insurance (EI) Sickness Benefits period permanently from 15 weeks to 26 weeks. The change takes effect on Dec. 18, 2022.
     
    Equitable Life will not require or implement any changes to our disability plan designs based on this extension. However, plan sponsors may wish to amend their short-term disability (STD) and long-term disability (LTD) plans and policies to align with the new 26-week EI period.
     
    If your clients choose to amend their plan design in response to this extension, we have created an overview of how amendments may affect common plan design scenarios. Click here to learn more.

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.
     

    QDIPC updates terms and conditions for 2023*



    Every year, the Quebec Drug Insurance Pooling Corporation (QDIPC) reviews the terms and conditions for the high-cost pooling system in the province.

    Based on its latest review, QDIPC is revising its pooling levels and fees for 2023 to reflect trends in the volume of claims submitted to the pool, particularly catastrophic claims:

    QDIPC-2023-EN.PNG

    We will apply the new pooling levels and fees to future renewal calculations that involve Quebec plan members.

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.

    *Indicates content that will be shared with your clients



     
  10. Celebrating our wins – 2023 Individual Insurance Marketing Recap Equitable® would like to wish everyone a Happy New Year and we are looking forward to doing more business together in 2024!

    As we start a brand new year, we would like to share with you some highlights of our 2023 initiatives in Individual Insurance. These projects aimed to make it easier to do business and enrich your experience of working with us.

    Digital & Administration Enhancements
    Our 2023 digital transformation initiatives ensured smoother processes, streamlined operations, and improved user experiences for advisors and clients:
    ● Digital Transactions for Universal Life Plans
    ● Text Notifications Keep You Informed on Your New Business
    ● New Online Policy Loan Form
    ● EZcomplete Enhancement for Critical Illness
    ● New Life & CI Application 





    Product Updates
    Equally pivotal were our efforts in enhancing our individual life insurance solutions to empower you to confidently recommend us to clients:
    ● A Tune-Up for Equimax
    ● The Equimax Evolution Continues
    ● Critical Illness Insurance Update
    ● New Dividend Scale Interest Rate 
     
    To learn more about the above initiatives, kindly reach out to your local wholesaler.
    Thank you for entrusting us with your business in 2023!
    Continue watching for news from Equitable for more great launches and enhancements in 2024!           


    ® or TM denote trademarks of The Equitable Life Insurance Company of Canada