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  1. Insights from a pandemic: Drug trends during COVID-19

    We were expecting drug costs to rise this year due to the increase in “specialty” drugs, the shift to more expensive treatments for common conditions, and the introduction of new, costly medications. The COVID-19 pandemic has caused drug costs to rise even more than expected. While this was partly due to increased claims for certain drug categories, the most significant factor was the increase in dispensing fees as the provinces imposed 30-day refill limits.

    Costs and claimants surge, drop, then climb again

    Initially, as COVID-19 started to spread, we saw an overall spike in the volume and paid amounts for drug claims in March as plan members rushed to stock up on their medications. On our block, the average amount paid per certificate increased 16% in March, compared with the previous year.

    This spike was followed by a drop in April after most provinces put 30-day refill limits in place. This led to a decrease in both average paid amounts and quantity per claim as people were limited to smaller refills. But the dispensing fee portion of drug cost tripled for many plan members who had to refill their prescriptions every month instead of every 90 days.

    The April plunge was short-lived. Drug claims started to climb again in May as some provinces removed their 30-day refill limits. We’ve seen a continued increase so far in June as all remaining provinces have lifted their 30-day limits.

    Claims for “specialty” drugs increase

    COVID-19-Drug-Claims-Graphs-EN.pngThere were some notable exceptions to this trend. For example, both claimants and paid amounts for high-cost “specialty” drugs increased in March, April and May. Thirty-day refills are the norm for these drugs, so they weren’t impacted by the re-fill limits.

    Claims for asthma drugs had the largest surge of any common disease category in March but had no subsequent drop in April. Not surprisingly, claims for mental health drugs increased throughout the pandemic, including a 33% increase in the number of claimants in May.

    Going forward, we should see the average quantity per prescription stabilize in future months and return to normal, provided pharmacies return most patients to refills of more than 30 days.

    The full impact of COVID-19 remains to be determined. We will continue to provide timely updates on any developments that impact our clients and their plan members or their benefits coverage. In the meantime, please contact your Group Account Executive or myFlex Sales Manager if you have questions.

  2. This year’s RSP contribution deadline is March 1, 2022

     

    Does your client want to contribute or open a new policy this Retirement Savings Plan (RSP) season?  Whether using paper or our recent EZtransact online platform, here are some important things to remember.
     

    Issuing New Policy with EZcomplete®

    • All online applications must be digitally signed and submitted and have a date stamp no later than March 1, 2022.


    Issuing New Policy using Paper Application

    • For contributions to qualify for the first 60 days, all paperwork must be completed and signed by March 1, 2022. Equitable Life must receive all paperwork by March 7, 2022.



     

    Deposits to Existing Policy

    • Advisors can setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place using EZtransact. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt. New to EZtransact? Try our EZtransact Practice Site to see how EZ it is to use.
    • Clients can make online deposits to Equitable Life® through their financial institution’s online banking service. Online deposits must be made and have a date stamp by March 1, 2022, to qualify for a 2021 tax receipt. 
    • Clients can also make a new deposit to an existing policy by cheque. The cheque must be dated and signed by March 1, 2022. Equitable Life must receive the cheque no later than March 7, 2022.
    If online banking is being used to fund the policy – either topping up an existing policy or opening a new policy – the online banking transaction must be completed by March 1, 2022, to receive a 2021 tax receipt.

    Do not miss your opportunity to have your contributions count for 2021!

    Please note that cheques and other paperwork cannot be backdated.  They must be completed and signed by March 1, 2022, to qualify for a 2021 tax receipt.
     
     
    ® denotes a trademark of The Equitable Life Insurance Company of Canada.
  3. Equitable Life awarded seven Fundata FundGrade A+ awards
     
    FundGradeAPlus2020Logo-(1).png

    Equitable Life® has won seven Fundata FundGrade A+® awards for 2020. The first four funds are currently available on Equitable Life’s Pivotal Select™ fund lineup. The remaining three awarded funds are part of Equitable’s legacy products. These funds are available to existing Equitable Life contracts only.
    • Equitable Life Dynamic Power Global Growth Fund
    • Equitable Life Accumulative Income Fund
    • Equitable Life Common Stock Fund
     
    The annual awards are presented by Fundata Canada Inc. to investment funds that have shown consistent, outstanding, risk-adjusted performance throughout the previous calendar year.
     
    Equitable Life invests for the big picture and offers a complete range of investment and annuity products designed to meet the savings, accumulation and income needs of clients. Our strength as a company along with our many investment guarantees can help your clients achieve their financial goals with confidence.
     
    FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.® ”Equitable Life” and “Pivotal Select” are trademarks of The Equitable Life Insurance Company of Canada.
  4. Equitable Life awarded FundGrade A+ awards for 2021
    Equitable Life® is the proud recipient of the Fundata FundGrade A+® in 2021 for Equitable Life Dynamic Power Global Growth Fund and Equitable Life Accumulative Income Fund. These funds are part of our legacy products and no longer available to purchase for new contracts.
     
    Each year, Fundata looks for Canadian investment funds that uphold an outstanding performance rating over the course of the year. Equitable Life invests for the big picture and offers a complete range of investment and annuity products designed to meet the savings, accumulation and income needs of clients. Our strength as a company along with our many investment guarantees can help your clients achieve their financial goals with confidence.
     
    FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.® ”Equitable Life” and “Pivotal Select” are trademarks of The Equitable Life Insurance Company of Canada.
  5. A New Universal Life Solution for the 21st Century – Coming Soon

    Introducing a new Universal Life solution built for the 21st century: Equitable Generations™ universal life insurance will be available for sale September 26, 2022.

     

    Check out our Equitable Generations universal life splash page: www.equitable.ca/ul


    Our new Equitable Generations
    Equitable Generations is a Universal Life product that offers investment options that resonate with today’s 21st century client while reducing every fee possible. It also reduces the cost of insurance to help clients maximize their opportunity to purchase coverage and build tax-advantaged wealth.

    Features of Equitable Generations:
    • 34 fund options, including 18 new investment options, tracking funds managed by Fidelity™, Dynamic™, Invesco™ and more.
    • 3 sustainable investment “ESG” (Environmental, Social & Governance) options – because today’s buyer cares as much about impact as they do about returns.
    • Target date funds that auto-rebalance over time so that as a client approaches retirement, the fund adjusts its risk automatically.
    • A lower cost insurance with no policy fee, with the opportunity to purchase insurance protection, more opportunity to build wealth, or both.


    Supporting you at claim time with KIND™

    This service will include the following components:
    ● Living Benefit
    ● Bereavement Counselling benefit
    ● Snap Advance*
    ● Compassionate Advance*

    * Snap Advance and Compassionate Advance are non-contractual and may be altered or terminated by Equitable Life at any time without notice.

    New illustration software available
    The updated illustration software will be available for download after 9 a.m. ET on Tuesday, September 6, and will include the new Equitable Generations product. See the Equitable Sales Illustrations Update for information on how to download the software or check for updates.  

    Learn more
    Transition rules are available

     

    Check out our Equitable Generations universal life splash page: www.equitable.ca/ul

    Watch for more information and get ready to sell Equitable Generations universal life as it becomes available on September 26.

    Please contact your Regional Sales Manager for more information. 

    Invesco® and all associated trademarks are trademarks of Invesco Holding Company Limited, used under licence. Invesco is a registered business name of Invesco Canada Ltd.
    Dynamic Funds is a registered trademark of its owner, used under license, and a division of 1832 Asset Management L.P.
    Fidelity is a registered trademark of 483A Bay Street Holdings LP. Used with permission.
    Equitable Life, Equitable Life of Canada, KIND and Equitable Generations are registered trademarks of The Equitable Life Insurance Company of Canada.

  6. Clients can win up to $5,000 in the RSP Grow Your Future Contest!

     

    RSP season is here and Equitable Life® is giving clients and their advisors a chance to win BIG with the Grow Your Future Contest.


    This contest is for advisors and clients working together to build wealth that lasts through the ups and downs.









    Two ways to win:

    1. Between January 1 and March 1, 2023, if the client makes a deposit into an Equitable Life RSP policyImage1EN-(1).jpg

    2. Between January 1 and 31, 2023, if the client makes a deposit into an Equitable Life RSP policy*

    Image2EN-(2).jpg


    Full contest details.


    Grow the future this RSP season!

    Equitable Life is committed to offering clients product, service, and choices that best suit their needs. We are pleased to offer multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds.

    Speak to your Regional Investment Sales Manager to learn more.

    *Draws occur weekly from January 9 – February 6, 2023.


    winner-banner.png

     


     ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    Equitable Life® 2023 RRSP Season Contest: No purchase necessary. Contest period January 1, 2023 to March 1, 2023. Enter by making a deposit to an Equitable Life RRSP during the contest period or by submitting a no-purchase entry. Forty-four prizes to be awarded, for a total value of $10,200 CAD. Twenty-one $100 prizes, to be drawn on January 9, 2023, January 16, 2023, January 23, 2023, January 30, 2023 and February 6, 2023. One Grand Prize draw, for a prize of $5,000 CAD, to be held on March 2, 2023. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner: (i) for $100 prizes, the servicing advisor will also receive a $100 prize; and (ii) for the $5,000 grand prize, the servicing advisor will receive a $1,000 prize. For example, if an Equitable Life client is a winner of a $100 prize, the client’s servicing advisor also wins a $100 prize; if an Equitable Life client is a winner of the $5,000 grand prize, the client’s servicing advisor wins a $1,000 prize. Open to legal residents of Canada of the age of majority. Eligible non-winning Entries will continue to be eligible on subsequent Draw Dates. Maximum one $100 prize per person and one $5,000 or $1,000 prize per person. Odds of winning depend on number of eligible Entries received during the Contest Period. For full contest rules, including no-purchase method of entry, see full contest rules.

    Posted December 1, 2022

  7. Streamline your transactions with EZtransact

    Skip the forms and submit more transactions digitally with EZtransact® to see how Equitable® has continued to make it easier for you to do business with us.

    What’s new with these updates?


    One-time PAD functionality for Daily/Guaranteed Interest Account

    With the recent addition of DIA/GIA PAD to EZcomplete, you can now utilize EZtransact for one-time pre-authorized debits. This means faster processing with one-time deposits for investment instructions to either a DIA and/or GIA (multiple terms) with end-of-term instructions.
     

    Key benefits of these enhancements include:
    •  enhanced rate guarantees to secure the best rates available for clients,
    •  daily updated interest rate guide informs you of the latest rates,
    •  interest rate guarantee valid for three business days, for direct deposits from clients.

    Be sure to use EZtransact on your next DIA/GIA one-time deposit request to experience these improvements.
    DIAguideEN-(1).png

    Reduce RSP to RIF conversion time

    Reduce time and effort submitting Retirement Savings Plan (RSP) to Retirement Income Fund (RIF) conversion requests. EZtransact is continuing to reduce the amount of time it takes advisors to submit conversion requests.
     
    Features include:
    •  RSP/Spousal RSP to RIF Conversion to effortlessly submit request digitally.
    •   RIF Calculator to easily calculate your conversions.

    Save time with our enhanced digital experience.
    RSPtoRIF.png

    Sort & Filter Enhancements
    We’ve taken your feedback and made it easier than ever to find the contracts and clients you’re searching for. This improved advisor experience ensures you can:

    •  Filter “My Clients” By Product Type/ Registration Type
    •  Sort “My Clients” By Contract Number/ Client Name
    •  Filter “Transactions” By Transactions Status/ Transaction Type
    •  Sort “Transactions” By Date

    SortandFilter-(1).png

    You asked, and we listened! Keep providing us with your feedback on our digital tools. When we grow together, success is mutual.

    Get to know EZtransact and accelerate your sales! If you have any questions, please contact your Director, Investment Sales.

    Date posted: April 3, 2025

  8. FHSA tips for new homeowners Clients have a 30-day window after moving into their new home to withdraw funds from their First Home Savings Account (FHSA) tax-free for expenses. Beyond this period, they have until December 31 of the following year to either transfer any remaining funds to a Registered Retirement Savings Plan or Registered Retirement Income Fund without incurring tax penalties, or withdraw the remaining funds as taxable income, which will be subject to withholding tax.

    Do you know clients dreaming of homeownership? We are here to assist! Clients who contribute to an Equitable® FHSA between May 1 and September 30, 2025, will be entered into our Close to Home contest, for a chance to win one of two $8,000 prizes. Whether opening a new Equitable FHSA or making an annual contribution, this is a fantastic opportunity to help clients get closer to owning a home.

    Advisors, your efforts matter too! You have a chance to win a $1,000 prize if the client you are assisting, in alignment with their unique homeownership needs, is selected as a winner. At Equitable, we believe that when we grow together, success is mutual.

    Don’t forget about Equitable’s user-friendly online application platform, EZcomplete®, or process an online transaction with ease using Equitable’s EZtransact®. These tools are fast, simple, and could bring clients closer to achieving their goals.

    Want to learn more? Speak to your Director, Investment Sales.

    Equitable’s Close to Home Contest: No purchase necessary. Contest period May 1, 2025 to September 30, 2025.  Clients enter by making a deposit to an Equitable FHSA during the contest period or by submitting a no-purchase entry. Two prizes of $8,000 CAD each to be drawn on October 15, 2025 will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $8,000 prize, the client’s servicing advisor wins a $1,000 prize.  Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period.  For full contest rules, including no-purchase method of entry, see the full contest rules. 

    Date posted: July 23, 2025
  9. Sometimes plans change when you least expect After saving for several years, clients might choose not to buy a home, and that's okay. One of the advantages of a First Home Savings Account (FHSA) is the flexibility to transfer funds to any registered account that accepts contributions. Transfers to Registered Retirement Savings Plans, Registered Retirement Income Funds, or other FHSAs are tax-free and do not impact contribution limits. However, be aware transfers to other accounts are considered withdrawals and are considered taxable income and subject to withholding tax.

    Do you know clients dreaming of homeownership? We are here to assist! Clients who contribute to an Equitable FHSA between May 1 and September 30, 2025 will be entered into our Close to Home contest, for a chance to win one of two $8,000 prizes. Whether opening a new Equitable FHSA or making an annual contribution, this is a fantastic opportunity to help clients get closer to owning a home.

    Advisors, your efforts matter too! You have a chance to win a $1,000 prize if the client you are assisting, in alignment with their unique homeownership needs, is selected as a winner. At Equitable, we believe that when we grow together, success is mutual. 

    Don’t forget about Equitable’s user-friendly online application platform, EZcomplete®, or process an online transaction with ease using Equitable’s EZtransact®. These tools are fast, simple, and could bring clients closer to achieving their goals. 

    Want to learn more? Speak to your Director, Investment Sales.

    Equitable’s Close to Home Contest: No purchase necessary. Contest period May 1, 2025 to September 30, 2025.  Clients enter by making a deposit to an Equitable FHSA during the contest period or by submitting a no-purchase entry. Two prizes of $8,000 CAD each to be drawn on October 15, 2025 will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $8,000 prize, the client’s servicing advisor wins a $1,000 prize.  Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period.  For full contest rules, including no-purchase method of entry, see the full contest rules. 

    Date posted: August 7, 2025
  10. How first-time homebuyers are sourcing their down payments Did you know that the primary sources for down payments among first-time homebuyers* are:
    • Savings outside of a RRSP (59%)
    • Gifts (38%)
    • Savings within a RRSP (31%)

    While 71% of potential first-time homebuyers in Canada are aware of the First Home Savings Account (FHSA), only 33% of them are taking advantage*.

    Equitable wants to help first-time homebuyers take advantage of all the benefits a FHSA has to offer. Clients who contribute to an Equitable FHSA between May 1 and September 30, 2025 will be entered into our Close to Home contest, for a chance to win one of two $8,000 prizes. Whether opening a new Equitable FHSA or making an annual contribution, this is a fantastic opportunity to help clients get closer to owning a home.

    Advisors, your efforts matter too! You have a chance to win a $1,000 prize if the client you are assisting, in alignment with their unique homeownership needs, is selected as a winner. At Equitable, we believe that when we grow together, success is mutual.

    Don’t forget about Equitable’s user-friendly online application, EZcomplete®, or online transaction platform, Equitable’s EZtransact®. These tools are fast, simple, and could bring clients closer to achieving their goals.

    Want to learn more? Speak to your Director, Investment Sales.

    *Source: 2024 CMHC Mortgage Consumer Survey
    Equitable’s Close to Home Contest: No purchase necessary. Contest period May 1, 2025 to September 30, 2025.  Clients enter by making a deposit to an Equitable FHSA during the contest period or by submitting a no-purchase entry. Two prizes of $8,000 CAD each to be drawn on October 15, 2025 will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner and will receive a $1,000 CAD prize. For example, if an Equitable client is a winner of the $8,000 prize, the client’s servicing advisor wins a $1,000 prize.  Open to legal residents of Canada of the age of majority. Odds of winning depend on number of eligible entries received during the Contest Period.  For full contest rules, including no-purchase method of entry, see the full contest rules. 

    Date posted: August 14, 2025