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- [pdf] Your Guide to EquiLiving (Client Guide)
- [pdf] Benefits of segregated funds in a TFSA
- [pdf] Online Plan Member Enrolment
- Path to Success Module 5
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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
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Welcome EZtransact from Equitable Life
On July 28, 2021, Savings & Retirement is launching online transactions for segregated funds. A new way to make managing your client’s policies quick and convenient. With a growing need for digital solutions, Equitable Life’s new EZtransact eliminates the hassle of filling out forms, facilitating signatures yourself, submitting copies to your MGA and being tied down to business hours for submitting transactions.
Available on EquiNet's secure website, EZtransact’s first service will allow advisors to setup a one-time or recurring deposit or edit an existing pre-authorized debit already in place. In just five simple steps, EZtransact:- Collects the deposit details,
- Pre-populates pre-existing relevant details,
- Alerts you to any missing information,
- Facilitates the signing process and
- Sends a copy of the transaction to your MGA, eliminating any need for duplicate copies, or additional steps.
“We are excited to be able to launch a new digital solution for our advisors”, said Vice-President, Savings and Retirement, Judy Williams. “We feel this new application complements our existing highly rated EZcomplete® online application process. With both solutions available to advisors, we are making it even easier to do business with Equitable Life”.
If you are already registered with EquiNet, go online today, and give EZtransact a try. If you are not registered, contact your local Regional Investment Sales Manager or, call our Advisor Services Team to have a Regional Investment Sales Manager in your area contact you.
To learn more, click here.
® and TM denote trademarks of The Equitable Life Insurance Company of Canada
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Excelerator Deposit Option – maximum payment limit changes
The Excelerator Deposit Option (EDO) gives your client the option to make additional payments, subject to specified limits and our current administrative rules and guidelines, above the required guaranteed policy premium. EDO payments can help grow the long-term values in your client’s policy. This change is regarding the maximum EDO payment limit that applies to the policy.
● NEW! If a request is received to terminate, convert, or reduce the term rider and the term rider has been in effect for 10 years or longer, the EDO maximum for the policy will not be reduced.
For Equimax policies with an Owner Signature Date of June 26, 2021 or after where a term rider has increased the maximum EDO payment limit on the policy
● If a request is received to terminate, convert, or reduce the term rider and the term rider has been in effect for less than 10 years (it has not reached the 10th policy anniversary), the EDO maximum for the policy will be reduced accordingly.
Current rules as to when underwriting is required for EDO payments continue to apply, as do current rules surrounding acceptance of EDO payments and maintaining the tax-exempt status of the policy and can be found in the Equimax Product Admin Guide.
Want more information? Contact your Regional Sales Manager for more information on these changes
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Increased auto approval means more time to focus on your complex cases
As the year draws to a close, we are pleased to reflect back on our many enhancements geared toward improving our auto-approval rates and the notable impact they have made on our service standards.
Throughout 2021, we have invested significantly in our services and technology, including data & analytics to ensure that more of our new business applications are approved automatically without any intervention, leaving our teams available to engage in settling your complex cases. As a result of these enhancements, over the past 3 months we have improved from 8% of our new business flowing straight through to approval, to an impressive 25% of cases requiring no underwriting*.
There are a number of factors that contribute to this straight through approval success in processing applications, such as simpler cases, applicants with no medical history or medical issues, younger applicants and applications for lower face amounts. These factors, alongside our ongoing efforts to fortify our processes, has resulted in positive feedback from the field.
Advisors have mentioned you’ve felt the impact on our speed and service, and we will continue forward into 2022 with this positive momentum, with further enhancements to help make it easier for you to do business with Equitable Life.
*As of December 2021 -
Step Up Your Wealth Sales with Equitable Life
Step up your wealth sales with Equitable Life® and you’ll be rewarded with a growth bonus for doing more business in 2022. Make this year your best year ever with Equitable Life!
The program rewards advisors who promote Equitable Life’s Savings & Retirement products to existing and new clients as part of an overall investment strategy based on client needs.
Commission Bonus Calculation:
Gross deposits into segregated funds
+ Gross deposits into Guaranteed Interest Account (GIA) contracts
+ 25% of payout annuity sales
― Segregated fund redemptions
― GIA redemptions
= 2022 Net Deposits
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.
* The bonus amount will be calculated at the end of 2022 based on net deposits. The bonus will be paid within 90 days following December 31, 2022. Maximum bonus payable is $75,000.
For more information, download our flyer or contact your Equitable Life Regional Investment Sales Manager.
And as a reminder, we increased the CB5 sales option initial commission from 5.6% to 7.0% on Pivotal Select™ segregated funds. The 7% initial commission is effective from May 20 to August 31, 2022 only.** Learn more.
Equitable Life is committed to offering advisors and clients product, service, and feature choices that best suit their needs. We offer multiple sales charge options, three distinct guarantee classes, and a diverse selection of investment funds to align with advisors’ and clients’ unique needs.
** Equitable Life reserves the right to end the campaign, at any time and without notice.
™or ® denotes a registered trademark of The Equitable Life Insurance Company of Canada. -
An important announcement about our Travel Assist provider
Allianz Global Assistance, our Travel Assist emergency medical assistance provider, has informed us that it is exiting the Canadian group travel insurance market.
Allianz will continue to accept and support new claims up to June 30, 2023, and they will support ongoing claims until Dec. 31, 2023.
We are already meeting with potential new Travel Assist partners and plan to have a provider in place before June 30, 2023.
In the meantime, we are working closely with Allianz to help ensure a smooth and seamless transition for your clients and their plan members. Allianz is committed to maintaining its staff to meet and exceed service levels throughout the transition, as follows:
Before July 1, 2023:
Allianz will continue to accept calls and open new claims up to June 30, 2023. Any claims opened on or prior to June 30, 2023, will continue to be processed by Allianz until Dec. 31, 2023.
After July 1, 2023:
New cases will be directed to our new service provider. Allianz will work alongside us and our new provider to make this transition as simple as possible.
After Dec. 31, 2023:
For any cases still open as of Dec. 31, 2023, Allianz will work with our new service provider to responsibly transfer these cases while ensuring a seamless client experience.
We will communicate this news next week to your clients who have Travel Assist coverage on their plan. And we will continue to communicate more details to you about this transition in the coming weeks.
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager.