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1. What's new?
2. [pdf] CLHIA MGA Compliance Survey
3. [pdf] Investment Direction - Legacy
4. 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*
   *Indicates content that will be shared with your clients.
    

   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
   In Underwriting and Claims Management, we finished in the top three for flexibility of underwriting (2nd).
   
   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. 

5. Enhanced flexibility and features make Equimax whole life a great choice for your clients

   WHAT’S NEW ON MARCH 23, 2020?

    
   The following features are available on Equimax Estate Builder^® and Equimax Wealth Accumulator^® plans!   
   
   60 months of EDO payment flexibility¹ that fits your clients’ situation

   • Clients can start EDO payments¹ up to 60 months from the date the application was signed, or resume up to 60 months from the last EDO payment made, without additional evidence of insurability.
   • Applies to Equimax² policies with an effective date of March 23, 2020 or later. 
   
   
   
   
   EDO is available on cases rated 300% or less³ for new and existing clients
   • For existing clients, if approved, the EDO contract provisions that apply will be based on the effective date of the insurance policy, not the date the EDO was added.
   • Applies to Equimax² policies issued under the 2017 tax rules.
   
   
   
   Built-in Disability Benefit Disbursement provides access to cash value in the event of a disability
   • The Disability Benefit Disbursement may provide a tax-free, lump sum payment of up to 100% of the policy’s cash value if the insured becomes disabled.⁴
   • Will be included on Equimax² policies issued under the 2017 tax rules.⁵

   
   
    

   Want more information?

   More information is available on EquiNet^® on the Whole Life Insurance Product page under the Resources tab. 
   
   Ask your Equitable Life^® Regional Sales Manager about Equimax today.

   COVID-19 & social distancing: Strategy for insurance applications   Using our EZcomplete® online application allows you to keep your distance … while keeping your business moving forward.   Learn more

    

   
   ¹ This applies only to policies with an effective date of March 23, 2020 or later. The amount of the EDO payment allowed may be limited to the maximum EDO payment made in previous years depending on the policy year. For approved EDO amounts exceeding $150,000 annually ($12,500 monthly), clients have up to 12 months from the date the EDO application was signed or the date of the last EDO payment to make an EDO payment before a contribution cap may apply. See Admin Guide for full details.  ² Applies to Equimax Estate Builder and Wealth Accumulator; all ages; life pay and 20 pay; single and joint lives. ³ Not available if the policy has a flat extra rating. ⁴ See sample policy contract for full details, including the qualifications for the disbursement. Policy cash value and death benefit will decrease. Tax laws are subject to change. The payment of the disability benefit disbursement may affect the adjusted cost basis (ACB) of the policy as it is considered payment of a capital benefit. Changes in ACB can affect the future taxation of the policy.  ⁵Subject to our administrative rules and guidelines in effect at the time of the disbursement

6. [pdf] Payout Annuity Advisor Guide
7. How can I help to expedite the contracting process?
8. Competitive GIA rates and more!
   With many bond funds declining in value over the past year, clients are looking for fixed income alternatives to reduce portfolio risk while providing a principal guarantee and an attractive interest rate.  
   
   Equitable Life® Guaranteed Interest Account (GIA) investment options are ideal for clients who want to create an emergency fund or save for a special purchase. And we’ve recently increased interest rates to make our GIA options even more competitive! 
    
   A few reasons to consider Equitable Life for your GIA business:
   • The GIA advantage – a life insurance contract can provide many estate planning benefits.
   • Industry-leading compensation – we currently pay 40bps of commission per year of term.¹ Many competitors only offer 20 – 25bps per year of term.²
   • Cashable option³ – allows clients to access their money in case of unexpected circumstances. Not many competitors offer this feature.²
   • Advisor rate discretion – advisors can forego up to 40bps of commission for an equal increase in interest rate, making our great rates even better.
   • Step Up Your Wealth Sales program – 100% of GIA net deposits⁴ are used to calculate the 0.75% bonus commission earned on net deposits for 2022.
   • Win-Win – our GIAs allow you to give the client a better interest rate while still earning a good commission.
    
   
    
   For more information, please contact your Equitable Life Regional Investment Sales Manager.
    
    
    
   ¹ Equitable Life commission rates as at May 19, 2022.
   ² Competitive information as at November 20, 2021; Equitable Life does not guarantee the accuracy of competitive information.
   ³ Withdrawals made prior to the maturity date will be subject to a market value adjustment and may be subject to tax.
   ⁴ All eligible deposits, sales, and redemptions occurring between January 1 and December 31, 2022, will be used to calculate an advisor’s 2022 net deposits.
    
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    
    
9. Competitive GIA rates and more!
   With many bond funds declining in value over the past year, clients are looking for fixed income alternatives to reduce portfolio risk while providing a principal guarantee and an attractive interest rate.  
   
   Equitable Life® Guaranteed Interest Account (GIA) investment options are ideal for clients who want to create an emergency fund or save for a special purchase. And we’ve recently increased interest rates to make our GIA options even more competitive! 
    
   A few reasons to consider Equitable Life for your GIA business:
   • The GIA advantage – a life insurance contract can provide many estate planning benefits.
   • Industry-leading compensation – we currently pay 40bps of commission per year of term.¹ Many competitors only offer 20 – 25bps per year of term.²
   • Cashable option³ – allows clients to access their money in case of unexpected circumstances. Not many competitors offer this feature.²
   • Advisor rate discretion – advisors can forego up to 40bps of commission for an equal increase in interest rate, making our great rates even better.
   • Win-Win – our GIAs allow you to give the client a better interest rate while still earning a good commission.
    
   
    
   For more information, please contact your Equitable Life Regional Investment Sales Manager.
    
     
   ¹ Equitable Life commission rates as at May 19, 2022.
   ² Competitive information as at November 20, 2021; Equitable Life does not guarantee the accuracy of competitive information.
   ³ Withdrawals made prior to the maturity date will be subject to a market value adjustment and may be subject to tax.
    
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    
    
10. Making it easier to do business with Equitable We wanted to share some exciting updates with you that focus on enhancing your experience with Equitable^®. Improving your journey with us is a top priority, and we continually seek ways to make doing business simpler and more convenient.
    
    The following are our latest enhancements designed specifically to benefit you.
    
    New annual premium payment options for Life and Critical Illness plans
    ● Great news! We recently introduced new additional payment methods for clients making their first and subsequent annual insurance premium payments.
    ● And - we're thrilled to introduce a new lower annual premium requirement of $2,500 for clients who wish to pay their annual premiums by Pre-Authorized Debit (PAD)!
    ● Learn more about these changes here.
    
    Improved forms for requesting in-force illustrations
    ● We understand the importance of efficient workflows, and that's why we have recently updated and improved the following forms to make requesting inforce illustrations even easier:
    ● Term, CI & Whole Life Illustration and Quote for inforce policies
    ● Universal Life Illustration and Quote for inforce policies
    
    For these and other Equitable forms, navigate to EquiNet^® -> Individual Insurance -> Forms.
     
    We trust that these improvements will be met with enthusiasm! And this is just the beginning – stay tuned for more enhancements in the new year!
    
    Questions? Please reach out to your local wholesaler or our customer service team.
    
     

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