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  1. Digital Payment Options for Your Client’s First and Subsequent Annual Payments for Individual Life a This article has been updated to reflect changes to the Pre-Authorized Debit (PAD) for new business annual premiums – see below #2.

    To enhance the ease of doing business with Equitable Life, we have added some additional payment methods to help your clients make their first and subsequent annual premium payments easily.
     
    Three digital payment options for annual premium payments:

       1. Online bill payment - Your client can pay their annual premium easily and quickly by using the online bill payment option through their financial institution. On your client’s banking website, they must set up “EQUITABLE LIFE-INDIVIDUAL LIFE & CI” as a “PAYEE”. Use the 9 (or 7) digit policy number as the “account number” then pay this new “bill”. This is the preferred option for annual payments.  

       2. Pre-Authorized Debit (PAD) - For policies where annual premiums are $2,500 or greater, your client now has the additional option of an annual PAD payment. Your client needs to provide a signed PAD authorization form, or a signed letter of direction that indicates they have read and agree to the terms of the PAD. This is a one-time authorization and needs to be repeated for subsequent annual payments.  

       3. Electronic Funds Transfer (EFT) or Wire Transfer - If online bill payment or a one-time PAD will not meet your client’s needs, such as when transferring funds from another financial institution or business to Equitable Life, and the annual premiums are $20,000 or greater, then an EFT is now an option that is available. A wire transfer is available on an exception basis only and is subject to approval.  

    Please contact your Regional Sales Team or customer service team for further questions.
     
  2. 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:
    1. Collects the deposit details,
    2. Pre-populates pre-existing relevant details,
    3. Alerts you to any missing information,
    4. Facilitates the signing process and
    5. 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
  3. 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.
     
    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

    ● 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.
    ● 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
     
  4. Enhancements to ID Verification and Business Forms

    We have made enhancements to some of our forms and created an additional form to help make it easier for you to do business with Equitable Life®.
     
    The first enhancement is an update to the ID Verification section to allow for Third Party ID Verification when a client doesn’t want to provide ID documents to an Advisor. They are now given additional options to either use the Alternative Identification requirements, or consent to Equitable Life verifying their identity through a third party service provider. We’ve also clarified in the Advisor declaration that they can’t sign for their own policies as they aren’t able to validate their own ID.

    The above changes have been made to the following forms:

     
    The second enhancement is an update to Business forms. We’ve created a new form, 2004 Signing Authorities Certificate, to help Businesses provide the Signing Authority information needed more easily!  Forms 594 and 682ENT have been updated to point to the new Form 2004 and also have new “Ownership structure” requirements added in section 2.

    View the below forms for details on these changes:
    ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
     
  5. 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

  6. 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.

    Salestable.png

     
    * 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.
  7. SMS is Available for Individual Insurance Application Updates If you haven’t opted in to receive your client's application status via text message, give it a try on your next application. 

    When you submit a client’s application, you can opt-in to receive text message updates for your new business applications. No need to log in to your advisor portal to know exactly what is going on with a case.
     
    Once you opt-in to receive text messages, you will receive short text updates for your new business applications. That’s a text message when:
    • The application is received,
    • Equitable Life has made a decision,
    • The policy is ready for delivery, and
    • The commissions have been triggered.
    Please note, this number is not monitored for incoming texts. Please contact Customer Service with any questions.

    In addition to these messages, Equitable Life will continue to send proactive emails detailing outstanding requirements.

    Be sure to opt-in to text messages when you complete your next application on EZComplete®.

     

    We’ve recently made a number of changes to make doing business with us easy. Learn more about SMS and other ways we are making it easy to do business with us.
     

      
    ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
     
  8. 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.
  9. New 350 Life and CI Applications

    On August 2nd, 2023, Equitable Life® will be updating the privacy and legal sections on some forms. This includes the form 350 Paper Application for Life and/or Critical Illness Insurance. This change will also be applied on our websites and our online application EZComplete®. These changes are part of Bill 64. The Bill is about the protection of personal and private information in Quebec. This will take effect on September 1st, 2023.

    Due to this change, we ask all advisors to use the latest version dated May 2023 of the paper application after August 2nd. Applications in Quebec must use the lastest version from September 1, 2023 onwards. 

    For all regions outside Quebec, we will support a transition period from ‘old’ to ‘new’ applications until December 31st, 2023. After this date, we will no longer accept older versions of our Life and Critical Illness application.








    To make sure you are using the latest version of the application, check the date on the title page. It should say May 2023. See the image below:

    Form-350-Image-EN-(1).jpg

    To order paper copies, click here.

    Email completed applications to supply@equitable.ca.

    To learn more about Bill 64, please visit Assemblee nationale du Quebec - Bill 64. You may also contact your wholesaler.

    ® denote a registered trademark of The Equitable Life Insurance Company of Canada.

  10. Clients could win $8,000 with an Equitable Life FHSA!


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    The Equitable Life® First Home Savings Account (FHSA) is available!  


    Offered on Pivotal Select™ Investment Class (75/75) and Pivotal Select Estate Class (75/100), this is a great opportunity to help clients achieve their dream of home ownership. 


    Clients who open a FHSA between September 11 and December 31, 2023, have a chance to win $8,000 towards their 2024 FHSA contribution.  And the advisor wins $2,000!   


    Help make a client’s dream of homeownership a reality, starting today!   


    To open a FHSA for clients, log into EZcomplete, our highly rated online application tool. It is easy to use, convenient, and fast.  


    For more information on FHSA, including an FAQ and client materials, visit EquiNet or contact your Regional Investment Sales Manager.  

     


    ® and ™ denotes a trademark of The Equitable Life Insurance Company of Canada. 

    Equitable Life FHSA Contest: No purchase necessary. Contest period September 11 to December 31, 2023.  Enter by making a deposit to an Equitable Life FHSA during the contest period or by submitting a no-purchase entry. One prize for a total value of $8,000 CAD to be drawn on January 16, 2024, will be awarded. The servicing advisor for the policy to which the selected entrant made the deposit is also an eligible winner will receive a $2,000 CAD prize. For example, if an Equitable Life client is a winner of the $8,000 prize, the client’s servicing advisor wins a $2,000 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 full contest rules. 

    Posted September 11, 2023