EquiNet Equitable Life's advisor site

Site Search

570 results for open main PROBLEMGO.com how to make sure customs doesnt open my box Bray

  1. Equitable Life Group Benefits Bulletin - July 2021

    In this issue:

    *Indicates content that will be shared with your clients
     

    Fabien Jeudy takes over as President and CEO*

    In March, we announced that Fabien Jeudy was appointed as Equitable Life’s next President and CEO. Jeudy officially took over on July 5th, succeeding Ronald Beettam, who is retiring after 16 years with the company.

    Jeudy is a collaborative leader with more than 30 years of experience in the insurance industry, leading actuarial, finance, risk management, distribution, marketing teams and operational teams in the Life & Health Insurance, Wealth Management and Group Benefits markets in Canada, the US, and Asia.

    Reminder: Equitable Life’s Guide to Accessing Virtual Healthcare*

    The demand for virtual healthcare services has increased as the pandemic is driving more people to access their health care providers from home.
     
    Thankfully, many virtual healthcare services are available for free to Canadians with provincial health care coverage. We have created a Guide to Accessing Virtual Healthcare for plan members to easily access a variety of virtual healthcare services. Our guide includes information and links to both free and paid virtual medical care options, including video appointments, health advice over the phone, emergency dental services, and more.
     
    You can find the guide on our website. It’s also available on our plan member website at EquitableHealth.ca.

    Mental health resources for plan members*

    Many Canadians have been experiencing increased levels of stress, anxiety, and depression since the beginning of the COVID-19 pandemic. Through our partnership with Homewood Health®, all of our clients and their plan members have access to a number of health and wellness resources designed to provide guidance and support.
     
    Homewood’s Online Cognitive Behavioural Therapy tool, i-Volve, can help plan members identify, challenge and overcome anxious thoughts, behaviours and emotions. Learn more about Online CBT or access i-Volve at Homeweb.ca/Equitable.
     
    As well, Homewood has a number of resources available to help support plan members dealing with increased anxiety during these uncertain times: Please encourage your clients to share these resources with their plan members. They are also available on our plan member website at EquitableHealth.ca.

    Recall of Philips CPAP machines*

    Last month, electronics company, Philips, issued a recall with Health Canada of some of its Continuous Positive Airway Pressure (CPAP), BiLevel Positive Airway Pressure (BiLevel PAP) devices and Mechanical Ventilators. The recall was issued due to a foam abatement within the machines that can become loose and cause potential health risks.

    To qualify for repair or replacement of these devices, users must register their machine on the Philips website. 
     
    CPAP, BiLevel PAP devices and Mechanical Ventilators are eligible for coverage under an HCSA and under some Extended Health Care plans. Plan administrators may want to inform plan members of this recall if the devices are eligible for coverage under their plan. 
     
  2. NEW MARKETING MATERIAL! Flexibility for supplemental income with Equimax Equitable has created a new piece to help you understand our new Equimax® illustration feature, Paid-Up Additions (PUA) to Cash Dividends, now available!

    Did you know Equimax clients can switch from the PUA dividend option to the cash dividend option by simply requesting a dividend option change?1,2

    You can illustrate this for paid-up 10 pay and 20 pay Equimax plans! Show clients how they can build in added flexibility and use their policy to create a source of future supplemental income by simply changing the dividend option to cash.3
     
    Illustration Considerations:
    ● Works with Equimax Estate Builder® or Equimax Wealth Accumulator®.
    ● Illustrate the Excelerator Deposit Option (EDO) to help build the policy values while the PUA dividend option is in effect. EDO payments can’t be made once the policy is switched to the cash dividend option.
    ● If a client needs temporary insurance coverage – like mortgage protection - illustrate term riders for how long they are needed to meet the specific goal.3
    ● If critical illness coverage is needed our competitively priced 20 pay critical illness riders are a great fit to provide paid-up critical illness coverage.3 

    Clients should apply for the coverage they need. This concept is about flexibility to create a future source of supplemental income.

    Want to learn more? Check out our new marketing piece: Flexibility for supplemental income with Equimax (2077).

    For more information, reach out to your local wholesaler.
     
     
    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada.
    1 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, expenses, lapse, claims experience, taxes, and other experience of the participating block of policies.
    2 To request a change to the dividend option complete and submit form 558 (Request for Withdrawal of Dividends, Change in Option, or Premium Offset). A client can request a change to the cash dividend option from any other dividend option regardless of the premium type or whether premiums continue to be payable, subject to our current administration rules and guidelines. Some dividend option changes are subject to underwriting. Underwriting is not required to change from the PUA to cash dividend option, however, underwriting is required to change from the cash dividend option to the PUA dividend option.
    3 This concept is intended to illustrate a one-time switch to cash dividends once premiums are no longer payable for the policy (including premiums for riders). Premiums are paid with after-tax dollars and dividends paid in cash are subject to taxation.  If premiums are payable there will be tax savings for the client to use the before-tax cash dividend to reduce the premium instead of taking it entirely as a cash payment.  This concept is intended for longer term planning, not to meet short term cash needs by switching back and forth between the PUA and cash options. Clients should consider a policy loan or a cash withdrawal to meet short-term cash needs; policy loans and cash withdrawals may be subject to taxation.
     
  3. [pdf] Equitable GIF Advisor Guide
  4. [pdf] Custom Quote - Payout Annuity
  5. [pdf] Change of Sales Charge Option (Pivotal Select)
  6. Update on our service levels during the COVID-19 pandemic

    Supporting your clients and their plan members is more important than ever during the ongoing COVID-19 pandemic

    So, we’re providing an update on our service levels.

    We acted quickly to ensure there were no disruptions in service – most of our staff were working remotely from home and fully functional within a few days. We’ve reallocated resources from functions where volumes are down, such as dental claims, to those experiencing higher volumes. We also created a separate queue for COVID-19-related STD claims.

    As a result, we’ve been able to maintain the industry-leading service levels you have come to expect from us, and our turnaround times continue to be well within our targets.

    Here’s a summary of what you and your clients can currently expect in terms of average turnaround times:

    Service category Average Turnaround Time
    (as of April 26th)
    Customer Care Centre wait times 89% of calls answered within 20 seconds
    Responses to emails to our Service Team Within 24 hours
    Health claims 2 days
    Dental claims 2 days
    Life claims 1 day
    STD claims 4 days
    LTD claims 4 days
    Plan member updates 2 days
    New customer implementations 16 days
    COVID-19-related plan amendments 4 days
    Other plan amendments 8 days
    Quotes 2 days ahead of deadline

    We will closely monitor the situation and continue to adapt to ensure we maintain our service levels. And we will do our best to resolve any service issues that arise as quickly as possible.

    Please feel free to contact your Group Account Executive or myFlex Sales Manager and let us know how we’re doing.

  7. Tools to manage mental health

    As we all continue to manage the impacts of the COVID-19 pandemic, it’s important to remind your clients of the valuable supports available to help their plan members cope through this challenging time.

    Free trusted information and COVID-19 resources

    Our partner FeelingBetterNow® is responding to the pandemic by providing trusted public resources that offer mental health support. They are available to anyone 24 hours a day, seven days a week, and include:

    • What to do if you’re anxious or worried about COVID-19;
    • Resources for parents and caregivers; and
    • National and Provincial Public Health resources.

    Access COVID-19 resources from FeelingBetterNow.

    FeelingBetterNow Mental Health Assessment

    In addition to these public resources, Equitable Life clients with FeelingBetterNow as part of their group benefits plan have access to online mental health resources. FeelingBetterNow can help plan members identify their risk for mental health concerns and work with their doctor on diagnosis and treatment. It’s an anonymous tool developed by mental health experts which provides:

    • Emotional and mental health assessments;
    • Practical, evidence-based tools employees and their doctor can use to assess, treat, and follow-up on emotional and mental health concerns; and
    • Convenient online access to information and effective resources.

    FeelingBetterNow is easy to use and completely anonymous. It takes less than 20 minutes to complete the assessment and view your results.

    Learn more about FeelingBetterNow, then contact your Group Account Executive or myFlex Sales Manager to discuss how your clients can add this service to their plan.

  8. Have you heard about Equitable Client Access?
    Equitable Client Access® allows clients to self-serve on some of the more popular requests. Thousands of clients have already signed up for Equitable Client Access and are enjoying the benefits of accessing their secure information 24/7.

    •   Does your client need to change or stop existing Pre-Authorized payment (PAD)? Equitable Client Access can do that.
    •   Does your client need to change a withdrawal date for a PAD? Equitable Client Access can do that too.
    •   Address or banking information changes? Equitable Client Access has your clients covered.
    •   Does your client need to change her beneficiary from Aunt Flora to Uncle Ned? Equitable Client Access can even do that.

    Equitable Client Access is a secure online client site that connects clients with policy information, right at their fingertips. In addition to the self-serve features, Equitable Client Access can also provide:

    •    Insurance coverage and guarantees
    •    Investment allocation, performance and market values
    •    Transaction history
    •    Statements and letters
    •    Advisor contact information, along with so much more.


    If your clients have not signed up for Equitable Client Access, direct them to client.equitable.ca - it only takes a few minutes to set up an account, and connects your clients with their policy information online – anytime!

    Have a question about Equitable Client Access? Want to tell your client how to go paperless? Check out our updated FAQ or contact your Regional Investment Sales Manager today.
     
  9. Changes to coverage of Humira in BC BC Pharmacare recently announced it is adding Humira to the list of drugs included in its ongoing initiative to switch patients to biosimilar versions of high-cost biologics. Patients taking Humira for most conditions will be required to switch to a biosimilar version of the drug by Oct. 7, 2021 to maintain coverage under the public plan.
     
    Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is also known as the “originator” biologic. Biosimilars are also biologics. They are highly similar to the originator biologic drugs they are based on, and Health Canada considers them to be equally safe and effective for approved conditions. 
     
    How we are responding to protect our clients
    To help prevent this change from resulting in additional costs for our clients’ drug plans, while still providing plan members with access to safe and effective medications, we will no longer cover Humira for plan members in BC. Effective Oct. 7, 2021, claimants currently taking Humira will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan.
     
    We will be communicating this change to plan administrators later this week. And we will be communicating with affected claimants in early August to allow ample time to change their prescription 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 Sales Manager.
     
  10. Ways to reduce net income after age 71 with Equitable Life
    Your client is contacting you to ask how to reduce net income after age 71. While each client’s situation is unique, here are a few options to consider.
     
    1. Clients with a spouse under the age of 71 can contribute to a spousal Retirement Savings Plan (RSP) up until December 31st of the year the spouse turns 71; provided contribution room is available. This option can also work for those clients over the age of 71 with employment income. This can be useful for small business owners who are still making money over the age of 71 and forced to convert their RSP to a Retirement Income Fund (RIF) or Life Income Fund (LIF).
     
    1. For clients with a RIF or LIF, they can strategically elect to use their spouses’ age to calculate the minimum RIF income payment (minimum and maximum for LIF). The idea being that if there is an age gap between spouses:
    • Your client makes a RIF/LIF minimum payment lower by using the age of the younger spouse. This is beneficial to clients who do not need a lot of income from their RIF/LIF.
    • Your client makes a LIF maximum payment higher by using the age of the older spouse. This is beneficial to clients who want to withdraw as much as possible from their LIFs each year.
     
    To learn more, contact your Regional Investment Sales Manager.
     
     
     
    ® and TM denote trademarks of The Equitable Life Insurance Company of Canada