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November is Financial Literacy Month
Equitable® wants to mark Financial Literacy this November. Created by the Financial Consumer Agency of Canada (FCAC), the campaign this year is “Money on your Mind. Talk about it!”
The FCAC is challenging Canadians to do one thing to boost their financial confidence. One of those things includes asking questions to a trusted financial advisor. That’s, you! Be ready this year to answer anything from retirement savings, home ownership, annuities, estate planning, Daily and Guaranteed Interest Accounts, segregated funds and more.
Need help? Contact your Director, Investment Sales to get started. At Equitable, we believe in the power of together.
Have questions about the upcoming tax season or need tips to help manage and grow your business? If you missed our recent webcast with our Operations and Digital Experience teams, click here to learn more.
® and ™ denote trademarks of The Equitable Life Insurance Company of Canada.
Posted November 5, 2024 - [pdf] Three steps to packaging large cases for success
- [pdf] myFlex Options Overview
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Special 5% rate for clients until Pivotal Select FHSA is available
Great news for clients saving for their first home! For a limited time, clients who intend on setting up a First Home Savings Account (FHSA) with Equitable Life® can deposit money to a Guaranteed Interest Account (GIA) now and enjoy a special rate of 5.00%.1
The special rate applies only if the client transfers the funds to an FHSA by December 28, 2023; otherwise, the standard Daily Interest Account (DIA) rate will be applied to those funds.
Here’s how to take advantage of this special rate:
For New Clients:- Complete an application for a non-registered GIA. On the application select “Daily Interest Account” as the investment instructions and write the amount to be deposited (minimum $500, maximum $8,000).
- In the Special Instructions section of the application, write “FHSA”.
- The GIA application form (799) can be found here
For Existing Clients - must have a GIA (Compound Interest Only) policy:- Submit a letter of direction or complete the Investment Direction form requesting to deposit funds to the DIA for the FHSA promotion (minimum $500, maximum $8,000)
- Complete sections 1, 3, 4, 12 and 13 of the Investment Direction form, and in the Special Instructions area, write “FHSA”.
- The Investment Direction form (693ANN) can be found here
The GDA will be a non-registered account and any interest earned will be taxable.
Once the Equitable Life FHSA is available:- Submit a Pivotal Select™ FHSA application, and request to transfer the funds from the GDA to the Pivotal Select policy.2 No Market Value Adjustment fees will be charged.
- In the Special Instructions section, indicate the source of funds to be “FHSA promotion funds” and provide instructions on where to direct any excess funds in the GIA if applicable.
- The funds will be transferred to the FHSA.3
- Any excess funds over $8,000 will be returned to the client as a direct deposit, a cheque, or the client can keep the GIA open.
This is a great opportunity for clients to start saving for their first home today while earning an excellent rate. The advisor receives a reduced upfront commission4 for the pre-FHSA deposit to the GDA, in addition to the commission that will be earned by moving the funds to the Pivotal Select FHSA.
This special savings rate promotion is available until the launch date of Equitable Life’s FHSA unless the promotion is ended on an earlier date at Equitable Life’s discretion. The maximum amount on which a client can receive the special savings rate is $8,000.
Clients who do not transfer funds to the FHSA on or before December 28, 2023 will not receive the promotional rate. We will transfer the funds from the special GDA to the DIA account effective as of the date of deposit. As a result, the interest received by the client from the date of deposit to December 28, 2023 will be the DIA rate rather than the promotional rate.
Questions? Please see our FAQ
For more information, please contact your Regional Investment Sales Manager. Additional details about the FHSA can be found on the Government of Canada’s website.
® denotes a trademark of The Equitable Life Insurance Company of Canada.
1 The pre-FHSA special saving rate of 5.00% per year compounds daily and takes effect from the date Equitable Life receives the deposit and will end on the date the FHSA Pivotal Select segregated fund product is launched later this year (December 28, 2023 at the latest). In the unlikely event Equitable Life’s Pivotal Select FHSA is unavailable in 2023, the funds subject to the promotion will earn the 5.00% rate for 1 year from the date of deposit through maturity in 2024.
2 The FHSA promotion will only be available as a Pivotal Select Segregated Fund policy. Clients can open a FHSA only if they meet the eligibility criteria when they sign the application.
3The funds in the Guaranteed Interest Account will be transferred to the FHSA in the form of a contribution of up to $8,000 on or after the date the client signs the FHSA application form. Clients must open a FHSA to receive the special bonus interest.
4 Commission of 0.20% paid upfront for money received and deposited to the policy by September 29, 2023. 0.05% paid upfront for money received and deposited after September 29, 2023, and the earlier of the promotion termination or December 28, 2023. Commissions are paid through an adjustment to our current 40bps commission on our one-year GDA by way of a chargeback reducing the commission to the rate stated in this note.
Posted June 1, 2023 -
Important Information Regarding FHSA Contributions
Many clients have already taken advantage of Equitable’s First Home Savings Account (FHSA), available on Pivotal Select™ Investment Class (75/75) and Pivotal Select Estate Class (75/100).
Below, we answer questions we have received regarding cut-off dates for 2023 FHSA contribution tax receipts.
1. The client submitted an application with a deposit before 11:59 p.m. ET on December 29, 2023. Will they get a 2023 FHSA contribution tax receipt?
Yes, the client will receive a 2023 FHSA contribution tax receipt.
2. The client submitted an application with a deposit on December 30 or 31, 2023. Will they get a 2023 FHSA contribution tax receipt?
No, the client will not receive a 2023 FHSA contribution receipt. The client’s deposit will be made effective the next business day, January 2, 2024. The client will receive a FHSA contribution tax receipt for the 2024 tax year.
However, since the client signed the application on or before December 31, 2023, they are eligible to take advantage of the 2023 contribution room in 2024 (up to $16,000 total*).
3. The client submitted an application with a deposit after January 1, 2024, but it was signed on or before December 31, 2023. Will they be eligible for the 2023 contribution room?
Yes. Any FHSA application received on or before 4:00 p.m. ET on January 12, 2024 that was signed on or before December 31, 2023 will be eligible to take advantage of the 2023 contribution room in 2024*.
4. The client received a confirmation letter stating their deposit was effective in January, but the application and contribution was submitted on or before December 29, 2023, will they receive a 2023 tax receipt for their contribution?
Yes, if the client received a confirmation letter stating their deposit was effective in January but the application and deposit was received at Equitable® on or before December 29, 2023, they will receive a 2023 tax receipt for their contribution. We are currently updating any impacted FHSA policies to reflect a December trade date. The client will receive a revised confirmation letter reflecting the December trade date.
5. When will 2023 FHSA contribution tax receipts be issued?
FHSA contribution receipts for the 2023 tax year will be mailed to clients by February 29, 2024.
If you have further questions, please contact your Regional Investment Sales Manager or one of our Client Services Representatives at 1.866.884.7427.
*Clients must consider all eligible FHSAs with any other institutions to determine their remaining contribution room.
® or ™ denotes a trademark of The Equitable Life Insurance Company of Canada.
Posted January 2, 2024 -
Backdating of insurance applications – New rule now in effect
Great news! We are making it even easier for you to do business with Equitable Life®. We now allow backdating of life insurance applications by up to 364 days. Previously, the maximum backdating period was six (6) months.
Backdating can result in lower total premiums for the client over the life of a policy based on their younger age at time of application. But clients must pay all the premiums due for the backdated period up front. Thus, backdating is only beneficial when the total premium savings over the life of the policy are greater than the premium due for the backdated period.
To request backdating beyond six (6) months (up to 364 days)
No special approval is needed. Simply add a note to the Advisor Sheet requesting backdating or contact us at any time prior to policy issue. This step is only necessary when backdating beyond six (6) months as the application will automatically prompt to save age within the 6-month period.
Note: The maximum backdating period for critical illness (CI) applications remains unchanged at three (3) months.
Questions? Please contact your Equitable Life Regional Sales Manager for more information.
- [pdf] A Retirement Savings Plan is just as relevant now as it was over 60 years ago
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January 2024 eNews
In this issue:
- Equitable scores high marks with group advisors*
- REMINDER: Equitable's National Biosimilar Program starts in March*
- 2024 dental fee guide updates*
- Homewood Health wins HR Reporter Reader's Choice award for EFAP excellence*
Equitable scores high marks with group advisors*
Equitable ranked first for operational service among major group insurers in a recent study of Canadian group benefits advisors.
NMG Consulting, a leading global consulting firm, conducted in-depth interviews with 146 Canadian group benefits brokers, consultants, MGAs and third-party administrators between May and August 2023 for its annual Canadian Group Benefits Study. Based on these interviews, NMG ranked group insurers in six categories, ranging from operational management to technology.
Nationally, Equitable ranked among the top three in five of the six main categories, including number one for Operational Management:Category Ranking Operational management 1st Initiatives (including seminars & training) 2nd Technology 3rd Underwriting & claims management 3rd Relationship management 3rd
“Advisors regard us highly in many categories. That’s a testament to our mutual status and ability to focus exclusively on our clients and advisor partnerships,” said Marc Avaria, Executive Vice President, Group Insurance Division. “We are truly working together to build strong, enduring and aligned partnerships with our clients and advisors.”
“We’re delighted with these results and are committed to continuously advancing our delivery of a better benefits experience for our clients and advisors,” added Avaria.More highlights from the latest NMG survey
Nationally, we ranked first in seven subcategories in Operational Management, including:- Overall service to intermediaries,
- Overall service to plan sponsors,
- New quote process,
- Plan implementation,
- Renewal process,
- Accuracy and timeliness of reporting and billing, and
- Administration quality and responsiveness
And we were rated strongly in Technology, finishing in the top three for:- Overall technology for Intermediary (2nd)
- Member experience (3rd)
- Quality of technology for the plan sponsor (2nd)
- Quality of mobile application (2nd)
REMINDER: Equitable's National Biosimilar Program starts in March*
In October 2023 we announced the upcoming launch of our national biosimilar program. Starting March 1, 2024, we are expanding our biosimilar switch initiatives to provide a single, nationwide** program.
Why we’re making the switch
Over the past few years, most provinces have introduced policies to delist some originator biologic drugs. They require most patients to switch to biosimilar versions of those drugs to be eligible for coverage under their public drug plans. Soon, it is expected that all provincial drug plans will cover only biosimilars.
Equitable’s National Biosimilar Program simplifies drug plan coverage by replacing our provincial programs. It also protects clients from additional drug costs while offering access to lower-cost biosimilars deemed equally safe and effective by Health Canada.
How will this affect clients' drug plans?
Because we have already introduced biosimilar switch initiatives in most provinces, the impact of this change will be minimal. It will primarily affect plan members in provinces or territories where we haven’t already required the switch to biosimilars. It will also affect plan members who are taking biosimilars that were not originally included in the switch initiative for their province.
Regardless of where they live, plan members across Canada will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower-cost biosimilar version of the drug. Plan members already taking the originator biologic will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable plan. We will support their transition with education, personalized communication, and resources.
Advance notice for plan members
We contacted affected claimants in early December to give them enough time to change their prescriptions 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 Account Executive.
** Excludes plan members in Quebec who participate in a separate provincial program.
2024 dental fee guide updates*
Each year, Provincial and Territorial Dental Associations publish fee guides. Equitable uses these guides to help determine the reimbursement limits for dental procedures.
For your reference, you may wish to refer to the 2024 list of the average dental fee increases for general practitioners.
Homewood Health wins HR Reporter Reader's Choice award for EFAP excellence*
Equitable is proud to congratulate our Employee and Family Assistance Plan (EFAP) partner, Homewood Health®, for winning the Canadian HR Reporter 2023 Reader’s Choice Award in Employee Assistance Plan services. Homewood’s EFAP provides confidential support for a range of health, family, money, and work issues through face-to-face, phone, email, chat, or video counselling. The award recognizes their high standards in counselling and mental health support services.
The annual Reader’s Choice Awards identify organizations that provide outstanding expertise and services for HR professionals and employers across Canada. Those organizations provide valuable information on useful, innovative HR and employee benefits products and programs, in categories such as recruitment, mental health services, employee engagement programs, and more.
Sharing Homewood Health with your clients
Since 2019, we have worked with Homewood to provide mental health services for Equitable benefits plan members.
Your clients can access Homewood Health’s award-winning EFAP for an additional fee by adding it to their benefits plan. Services are available 24/7, 365 days a year.
All Equitable clients also have free access to Homewood Health Online in their benefits plan. Homewood Online provides a variety of helpful wellness resources, including:
- Homeweb, an online and mobile health and wellness portal,
- Health Risk Assessment, a group of assessment tools to help plan members identify and overcome health and wellness barriers, and
- Online Internet-based cognitive behavioural therapy (iCBT) through Sentio to manage symptoms of anxiety and/or depression.
Questions
To learn more about Homewood Health’s services, contact your Group Account Executive or myFlex Account Executive.
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A bright start to July: our Dividend Scale is now active!
Effective July 1st - just in time for summer conversations!
Good news! The Equitable® Board of Directors has approved continuing our current dividend scale for the period of July 1, 2025, to June 30, 2026.
• The interest rate* we use to decide the dividend scale will stay at 6.40%.
• Other factors used to decide the dividend scale will stay the same.
• The interest rate for policies with dividends on deposit will stay at 3.50%.
• The interest rate for most policy loans will stay at 6.50%. This applies to both new and existing policy loans, and automatic premium loans. It specifically applies to Equimax® policies with a 9-digit policy number that starts with either "3" or "8". Older policies may have different loan rates as they are based on the prime interest rate.
*The dividend scale interest rate (DSIR) is different from the participating account (PAR) rate of return. The DSIR smooths out the ups and downs of the participating account experience. The PAR rate of return is the return on the investments in the participating account over the calendar year.
Need more information?
Did you miss our Spring Update & 2025 Dividend Scale Announcement?
Watch it now:
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Equitable Life Coronavirus Update – March 13, 2020
As the coronavirus (COVID-19) continues to spread, it’s important that you, your clients and their plan members have the most up-to-date information. We are providing timely updates on any developments that impact your clients and their plan members or their benefits coverage.
Please share this information with your clients. You can direct them to EquitableHealth.ca, where we have posted a version of these updates.
Coronavirus travel coverage*
For groups with Travel Assist coverage
The Public Health Agency of Canada has issued several Travel Health Notices advising Canadians to avoid travel to countries and regions where there have been outbreaks of coronavirus (COVID-19).
A good resource to help your clients and their plan members understand how the spread of the coronavirus may impact their travel plans is the Public Health Agency of Canada’s Coronavirus Travel Advice site. The levels of risk by country and region are regularly updated.
If your clients’ plan members cannot avoid travelling, Public Health recommends they take steps to prevent illness and seek medical attention if they become sick.
Where to find the latest information
The list and level of travel advisories can change at any time. Please check the Government of Canada’s Travel Advisor and Advisory page for the most current information.
If your clients’ plan members have coronavirus symptoms while travelling, please advise them to contact Travel Assist at the numbers listed below for assistance.
Advise plan members to call before they travel
If a plan member is travelling anywhere outside of the province or country and their benefits plan includes Travel Assist, plan administrators should advise them to make sure they’re prepared for a medical emergency by following these steps.
- Check the Government of Canada’s Travel Advisor and Advisory page. Note that it is important to click on the country to check whether any specific regions of that country have travel advisories.
- If they have questions, they should call Travel Assist before they travel for assistance and benefit information.
- Pack their Equitable Life benefits card and provincial health card.
- In a medical emergency, call the Travel Assist 24-Hour Hotline:
- Toll-free Canada/USA: 1.800.321/9998
- Global call collect: 519.742.3287
- Allianz Global Assistance ID #9089
Allianz Global Assistance administers Equitable Life’s Travel Assist benefits. Allianz has an international network of medical facilities, transportation providers, medical correspondents and multilingual administrative agents who aid with medical, legal and most travel-related emergencies 24-hours a day, seven days a week.
Early prescription refills and drug shortages*
In response to concerns about COVID-19 TELUS Health, our pharmacy benefits manager, has announced it is maintaining its standard rules for refills of medication. Plan members can refill their medications when at least two-thirds of the last dispensed supply has been used.
If plan members need more than the maximum supply allowed on their plan, they must pay out-of-pocket for the excess amount. They can then submit a claim to ask for an exception request.
TELUS is taking this position to help maintain access to medication for all patients. They continue to monitor the situation. We will provide an update if it changes.
Drug shortages
TELUS Health monitors for drug shortages and updates their system for any unavailable drugs. This helps to ensure accurate claims payment. If a referenced lowest-cost generic drug is unavailable, claims for drugs in the class will be paid at the next lowest-cost generic alternative available.
*Indicates content that will be shared with your clients