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  1. Convertibility - The Power of Term
  2. Update - Travel Assist Coverage*

    Last Friday, we announced that plan members with Travel Assist on their benefits plan will not be eligible for coverage if they departed the country after the Government of Canada issued its Global Travel Advisory.

    When the Government issued its advisory late Friday afternoon, we felt an obligation to let prospective travellers know as soon as possible so they could make informed choices about their travel. Since then, we have been made aware of a number of situations where plan members were unable to change their travel plans and need our continued support.

    To provide that support, we have revised our position. We will continue to cover plan members for all eligible emergency medical expenses, including those related to COVID-19, for trips outside Canada. Given the global situation is evolving quickly, we will continue to monitor developments and update you accordingly.

    In spite of this, we strongly urge your clients to advise their employees not to travel outside of the country at this time. The risk is high and the options for returning to Canada are becoming limited. Further, we urge your clients to advise their employees who are outside the country to return to Canada earlier than scheduled, if possible.

    If a plan member is currently travelling abroad and is experiencing symptoms or is hospitalized with suspicion of the coronavirus, they should contact Travel Assist at the numbers listed below for assistance and to confirm their coverage.

    • Toll-free Canada/USA: 1.800.321.9998
    • Global call collect: 519.742.3287
    • Allianz Global Assistance ID #9089

    We will continue to update you as the situation develops.

    We will update the announcement on our Plan Member website to reflect this change.

    We apologize for any confusion or inconvenience our earlier announcement may have caused.

    *Indicates content that will be shared with your clients

  3. Most employers staying the course on benefits during COVID-19

    With businesses suffering hardship due to COVID-19, employers are turning to you for advice on their benefits plans during these difficult times. We’ve received numerous questions from advisors about changes our clients are making to their plans during this crisis.

    So far, the vast majority of clients are standing pat and taking a wait-and-see approach. Plan amendments have been the exception – fewer than 1% of our clients have made COVID-19-related amendments as of mid-April. Almost all are clients with fewer than 50 lives.

    We know that many of our clients have experienced layoffs, but hardly any have cancelled benefits. Fewer than 0.1% have terminated benefits to date.

    Below is a snapshot of plan amendments and terminations relative to our overall block, and an overview of the types of amendments we’re seeing.






    COVID-19-related plan changes on Equitable Life’s block of business

    As of April 15, 2020
    Plan-changes.pngNature-of-amendments.png

    Have clients who need to make a change?

    We know this is a difficult time for Canadian employers. If you have a client who needs to make a change to their plan, please contact your Group Account Executive or myFlex Sales Manager. We have a range of options to help them manage, and changes can be made quickly. The average turnaround time for COVID-19-related amendments is currently about four days.

    We’re happy to work with each employer to understand the options that suit their specific situation best.

  4. Insights from a pandemic: STD claims during COVID-19

    The spread of COVID-19 has had a significant impact on short-term disability (STD) claims. We’re providing an update on what we’ve seen so far in terms of STD experience on our block.

    Claim volumes

    Initially, as COVID-19 started to spread, STD claims ramped up quickly as plan members tested positive for or developed symptoms associated with the virus and were unable to work. Overall, we saw a 34% increase in the volume of claims on our block in Q1, compared with the first quarter of 2019, primarily due to COVID-19-related claims.

    Since then, we’ve seen the number of COVID-19-related STD claims slow. Claims levelled off to a 21% year-over-year increase by the end of May. We haven’t seen any meaningful increase in STD claims related to mental health.

    Most of the COVID-19-related STD claims so far have been in the manufacturing, retail and healthcare and social assistance sectors where physical distancing can be challenging.

    Somewhat surprisingly, Alberta had for the largest share of STD claims on our block, accounting for 40% of claims, followed by BC with 28% and Ontario with 21%.

    Claim durations

    While STD claim volumes have increased, we’ve seen a notable decrease in claim durations so far this year. As of the end of May, 59% of closed claims resolved in the first two weeks, compared with only 20% the previous year. This is expected given the nature of COVID-19 and that, for most people, symptoms dissipate within about two weeks./p>

    Of the STD claims we’ve approved, approximately 25% were paid for the full 14 days. In most cases, this meant the plan member had tested positive for COVID-19.The remaining 75% of paid claims were paid based on the elimination period in the contract, with the most common elimination period of 7 days accounting for 35% of paid claims.

    We will continue to provide timely updates on any development/p>

  5. New segregated fund sales charge option from Equitable Life of Canada
    On December 7, 2020 Equitable Life® will add a new No Load CB5 (NL-CB5) sales option with a 60-month chargeback schedule to the Pivotal Select™ segregated funds lineup. This new sales charge option complements the recently launched No Load CB (NL-CB) option which has a 36-month chargeback schedule.

    This new sales option for Pivotal Select gives you and your clients five sales charge options to choose from: Low Load (LL), No Load (NL), No Load CB (NL-CB), No Load CB5 (NL-CB5) and Deferred Sales Charge (DSC). The addition of NL-CB5 provides an option for those advisors who want to increase the upfront portion of their commission. The benefit to clients is no Deferred Sales Charge to contend with.  If your client chooses to withdraw funds within 5 years after purchase, there is a chargeback of commission to you.

    By offering five sales charge options, the choice between three distinct guarantee classes (Investment Class (75/75), Estate Class (75/100) and Protection Class (100/100)), and a diverse selection of investment funds, the Pivotal Select contract provides the flexibility to build an investment solution that meets the needs of your clients.

    Need to meet with your client online? Our EZcomplete® application makes it easy to process your non-face-to-face applications and do business with Equitable Life. EZcomplete gives you the option to conduct your non face-to-face business easily and quickly, enabling your clients to provide their signature remotely on their own device.

    For more information about Equitable’s NL-CB5 or any of Equitable’s products, contact your local Regional Investment Sales Manager or our Advisor Services team at 1.866.881.7427 Monday to Friday 8:30 a.m. – 7:30 p.m. ET or email savingsretirement@equitable.ca.
     

    To learn more, click here. 

  6. Like a summer breeze – Applying for LIFE insurance just got easier!

    What has changed? 

    A resting electrocardiogram (ECG) is no longer required for most LIFE cases.
    •    That’s right! We eliminated the resting ECG as a routine age/amount requirement for most life  insurance applicants.
    •    Of course, we may still request an ECG in certain cases at our underwriters’ discretion – for example, if the client has a history of diabetes or smoking. 


    Why did we do this?

    It’s simple – Equitable® is dedicated to continually enhancing the client and advisor experience. By eliminating the ECG step for routine applications, life insurance clients can obtain the coverage they need more quickly and with less effort.


    Updated resources coming soon!

    The tools below are being updated shortly to reflect the above change:
    •    Our age/amount schedule for Life insurance products 
    •    The underwriting requirements built into our illustration tool
    •    Our paramedical service providers’ ordering system

    Until then, if you see an ECG as a listed requirement for your client in any of the above, there is no need for you to order the ECG unless we specifically ask for it. 

    Questions? Please contact your local Equitable wholesaler to learn more.

    View our Evidence of Insurability Schedule (#1343) – (see p.1 chart for Life products).



    ® and ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
     
  7. About
  8. [pdf] Payout Annuities Client Brochure
  9. Update to DSC Reimbursement for WFG advisors

    Equitable Life now accepts WFG’s Commission Rebate Disclosure form instead of Equitable’s Deferred Sales Charge Reimbursement (DSC) Request Form (Form #1605). Allowing the use of WFG’s form will help streamline the process for WFG in submitting DSC reimbursements.

    Previously, any DSC reimbursement received from Equitable Life required WFG advisors to submit form #1605 and provide proof of the DSC charge from the relinquishing institution, along with a cheque for the reimbursement. The WFG disclosure form and cheque from WFG is now all that is required for the initial submission. Proof of the DSC charge from the relinquishing institution is not required in all instances, but may be requested by Equitable Life and must be available if requested.

    If you have any questions, contact your Regional Investment Sales Manager or Equitable Life’s Advisor Services Team Monday to Friday from 8:30 a.m. to 7:30 p.m. ET at 1.866.884.7427 or email savingsretirement@equitable.ca. 
  10. Stay connected with a NEW Web Illustration tool for Equimax

    Equitable Life® is pleased to announce the launch of our web illustration tool starting with Equimax® participating whole life insurance.

    This web illustration tool for Equimax is another way that Equitable Life is modernizing your experience and allowing you more flexibility to keep your business going while you’re on the road or meeting clients. This new illustration site is accessible on a web browser, so you can access it from a mobile device such as your phone, tablet, or iPad, and with MAC or Windows-based PCs or laptops.

    Access the new web illustration tool for Equimax by logging in to EquiNet® and clicking the button in the ribbon called Sales Illustration that now has a Web Illustrations option. Note that you have the option to continue running Equimax illustrations in the desktop illustration software, as it remains unchanged at this time.

    For future enhancements, we plan to integrate with EZcomplete®, to continue to make it easy to do business with Equitable Life.

    Visit the New Web illustration tool for Equimax® now.

    Questions? Please see our FAQ or contact your Regional Sales Manager.

    ® denotes a trademark of The Equitable Life Insurance Company of Canada