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- Policy Change eDelivery
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IMPORTANT NOTICE: FUNDS WITH DEFERRED SALES CHARGE OPTIONS
The Canadian Council of Insurance Regulators require all insurance companies to discontinue the sale of segregated funds with Deferred Sales Charge (DSC) effective June 1, 2023*.
PIVOTAL SELECT™ SEGREGATED FUND PRODUCTS
On May 29, 2023, funds with a DSC or Low Load (LL) sales charge option will be allocated to the No Load (NL) sales charge option of the funds available within the policy.
- Any existing amounts held in DSC or LL funds will retain the existing DSC schedule, outlined in the client’s contract. The annual 10% available (20% for RIF policies) for withdrawal without fees continues to apply through to the expiry of the fee schedule.
- If the default deposit instructions and/or pre-authorized scheduled deposits the client previously provided include funds with DSC or LL, these instructions will automatically update to NL of the same fund for all future deposits.
In alignment with Equitable's current administrative rules, if the client has DSC or LL funds, the client will not be able to deposit No Load Chargeback funds (NL-CB and NL-CB5) within the same policy.
For more information, please click here.LEGACY SEGREGATED FUND PRODUCTS
Ongoing deposits to DSC funds continue when a segregated fund product does not have an alternative sales charge option available within the contract. This applies to the following products:
- Personal Investment Portfolio
- Pivotal Solutions II
- Pivotal Solutions DSC
Clients may continue to make new deposits to the DSC funds within the policy. Any new segregated fund deposits, as well as any existing segregated fund amounts within the policy, will retain the DSC schedule outlined in the contract.
For more information, please click here.
Equitable's Advisor Services Team is available Monday to Friday, 8:30 a.m. – 7:30 p.m. ET at 1.866.884.7427 or by email at savingsretirement@equitable.ca. You can also contact your Regional Investment Sales Manager.
*Draft regulation in Quebec is currently under review which may affect Equitable Life’s approach for clients in the Province of Quebec with legacy segregated fund products. We will continue to monitor provincial regulatory developments.
™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada.
Date posted: May 4, 2023
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Let’s “Talk Money”: From first savings to retirement income
Financial Literacy Month may be ending, but the conversation shouldn’t.
Talking with an advisor helps normalize money conversations— including discussions on saving, spending, managing debt, and more. This can help clients feel better and make smarter financial choices. As an advisor, you can guide clients from their first savings through to retirement with Equitable® .
Starting out? Clients can consider:
Tax-Free Savings Account (TFSA)
Save for short- or long-term goals and take out money anytime, tax-free.
First Home Savings Account (FHSA)
Save up to $40,000 tax-free for a first home. Contributions may be tax-deductible, and withdrawals are tax-free for buying a qualifying home.
Growing wealth? Clients can consider:
Registered Retirement Savings Plan (RRSP)
Contributions may be tax-deductible. Good for long-term savings—money grows tax-free until retirement.
Guaranteed Interest Account (GIA) / Daily Interest Account (DIA)
Earn steady interest with flexible terms. Available in a TFSA, RRSP, and FHSA.
Retirement ready? Clients can consider:
Payout annuities
Guaranteed income for life or a set time. Helps make sure savings last.
Resources to support these conversations
Use our easy online tools: EZcomplete® to apply and EZtransact™ for transactions. Let’s help Canadians save smarter—one step at a time. When we work together, success is mutual.
Reach out to your Director, Investment Sales if you have questions. - Accepted Payment Methods
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National Pharmacare (Plan NP) takes effect in B.C. on March 1
In this issue:
National Pharmacare (Plan NP) takes effect in B.C. on March 1
Travel coverage details plan members should know if they’re in or going to Mexico*
*Indicates content we will share with your clients.
National Pharmacare (Plan NP) takes effect in B.C. on March 1
The Province of British Columbia (B.C.) will implement the first phase of the National Pharmacare Act, also known as Bill C64 (Act), on March 1, 2026.
The new program will be called National Pharmacare (Plan NP). The province joins Manitoba and Prince Edward Island, who have already implemented the first phase of their own programs. All three provinces, along with Yukon, signed bilateral pharmacare agreements with the federal government last year.
National Pharmacare (Plan NP) coverage details
The federal government has agreed to provide universal coverage for many diabetes drugs and contraceptives, including deductibles, during the first phase of implementation of the Act. Equitable will no longer cover drugs that are eligible for coverage under Plan NP.
Diabetes devices and supplies are not included in the first phase of plan implementation. However, expanded coverage for certain diabetes-related devices and supplies is expected to begin in B.C. on April 1, 2026.
Since B.C. already offers universal coverage of contraceptives through its provincial pharmacare program, the province is using that portion of the federal funding to cover menopausal hormone therapy (MHT), also called hormone replacement therapy (HRT).
Many diabetes medications such as metformin, insulin, sulfonylureas and SGLT-2 inhibitors will be fully covered under Plan NP.
Some diabetes medications and MHTs will only be partially covered when the program takes effect. As well, many diabetes medications will continue to require Special Authority through the province.
What will Equitable plan members need to do?Coverage will be provided automatically at the pharmacy counter. Plan members simply need to present a prescription for a covered medication and their Medical Services Plan of B.C. (MSP) card to their pharmacist. If a plan member isn’t fully enrolled in the MSP yet, their pharmacist will help them secure coverage under Plan NP.
The pharmacist will charge the provincial plan directly for the relevant medications. There will be no direct impact to plan members or their experience at the pharmacy for fully covered drugs.
Where do GLP-1 drugs fit in?
GLP-1 agonist drugs will not be covered under Plan NP. Equitable plan members who are prescribed this type of drug to treat diabetes must try a first-line diabetic treatment before we can deem them eligible for coverage of the GLP-1 agonist.
Plan members who are already taking a GLP-1 agonist to treat diabetes will continue to be eligible for coverage. New plan members or plan members with new prescriptions for GLP-1 agonists must provide us proof that shows they’ve tried a first-line diabetic treatment to confirm eligibility—unless we already have a previous record of their insulin use. Proof can be either a past receipt or a claim statement.
Our priority is supporting the best outcomes for plan sponsors and their members. We are working with TELUS Health, our pharmacy benefits manager, to keep you updated as more details become available.
Travel coverage details plan members should know if they’re in or going to Mexico
Plan members with Travel Assist medical emergency coverage included in their benefits plan should keep the following information in mind if they’re planning travel to Mexico or if they’re in the country now.
Due to recent violence in Mexico, the Government of Canada has issued the following travel advice to anyone in or planning to visit the country.
Plan members are not covered if they receive out-of-province services where the Canadian government had issued a warning to avoid all or non‑essential travel before they entered the country.
Plan members should contact Trident Global Assistance, the company that administers our Travel Assist benefits, before departing if they have questions about their coverage or to confirm if they’re covered for travel to their specific destination.
Here’s how plan members can reach the Trident Global Assistance toll-free 24-hour emergency hotline:
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In Canada or the U.S: 1-800-321-9998
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Elsewhere: Call collect at 519-742-3287
They should be prepared to provide the following information:
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Name
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Group policy number
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Certificate number
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Government health insurance plan number
If a plan member arrived in Mexico before the travel advisory was issued and are past their day allowance, they should call Trident if they need to have their day maximum extended past the allowable period.
Equitable’s Travel Assist medical emergency coverage does not include any trip cancellation or trip interruption benefits.
Communicating to plan members
We are making every effort to share this information with affected plan members. Please encourage your clients who have Travel Assist coverage included in their benefits plan to share this message with their plan members.
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Equitable Life Savings & Retirement Webinar Series featuring Equitable Asset Management Group
In 2022, Equitable Life’s® S&R team will continue to spotlight various aspects of our competitive fund lineup and product offerings. Each webinar in the series features a new topic. This series gives advisors an opportunity to:- learn more about various products and product features,
- hear from industry professionals,
- learn about investment strategies; and so much more.
Learn More
Continuing Education Credits
This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.
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EquiLiving offers more options to clients facing a covered Critical Illness condition
Consider these statistics…1 in 2 Canadians will develop cancer in their lifetimes1. They’re just numbers…until the day someone you know is diagnosed, someone who didn’t see it coming. Then it becomes very real - no longer incidence statistics, but costs. Today more people than ever are surviving and living with not only just the physical, but also the financial effects of their illness.
We’re there to help when illness strikes
NEW! EquiLiving® plans and riders have recently been enhanced including:
● 20 pay options with coverage to age 75 or coverage for life
● Support from Cloud DX to help monitor a client’s well-being from treatment to recovery.
● Added Acquired Brain Injury as a covered critical condition
● 30-day survival period removed for all non-cardiovascular covered conditions
● No age restriction to claim for Loss of Independent Existence (LOIE)
● EquiLiving Benefit now pays the higher of the EquiLiving Benefit or the Return of Premium Rider Benefit (not including Return of Premium on Death)
● And so much more …
Learn more
● CI product enhancement video
● Visit our launch event page with product change details and more
● Marketing Materials
Please contact your Regional Sales Manager for more information.
1 www.cancer.ca
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Kickoff to 2023 with Equitable Life and Robert Gignac
Equitable Life® is pleased to present Robert Gignac, author of the book ““Rich is a State of Mind”. Robert will deliver his new “Stop Playing Chess in a PokerStars World” presentation. Robert’s engaging presentation offers examples of what clients (and prospects) are struggling with today and how advisors can take a leadership role by changing from a one-dimensional game (chess) to a multi-dimensional one (poker).
Your hosts, Cam Crosbie, Vice President, Savings & Retirement and Joseph Trozzo, Investment Sales Vice President, MGA, will highlight some of the ways Equitable Life can help make 2023 a great year.
Learn More
Posted: December 23, 2022
Continuing Education Credits
This webinar has been submitted for continuing education (CE) approval with the Insurance Council of Manitoba and Alberta Insurance Council for all provinces excluding Quebec. Upon approval, you will be sent an email notification to come back to the webinar presentation console to download your personalized certificate from the tool bar. To be eligible for CE credits, you must register individually, watch the webcast in full and complete a short quiz. This webcast is available in English only.
® denote a registered trademark of The Equitable Life Insurance Company of Canada
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New Dividend Scale Effective July 1, 2023!
Equitable Life’s Board of Directors has approved a change to the dividend scale* for the period July 1, 2023, to June 30, 2024.
- The interest rate we use for the dividend scale will go from 6.05% to 6.25% on July 1, 2023.
- Other factors used to decide the dividend scale will stay the same.
- The interest rate for participating whole life policies with dividends on deposit will stay the same at 2.25%.
- The policy loan interest rate** will go from 6.20% to 6.50% on June 30, 2023
More good news!
Once the next dividend scale year starts, we expect policyholder dividends to be close to $105 million until the end of June 2024.
Learn more
- Advisor Dividend Scale Notice
- Client Dividend Scale Notice
- Dividend Information Page
Did you miss our virtual Spring Update & 2023 Dividend Scale Announcement? Watch it now:
(*The French and Chinese events will be partially in English, with sub-titles on screen).
TOGETHER – Protecting Today – Preparing Tomorrow™
As a MUTUAL we provide financial security DIFFERENTLY by focusing exclusively on our CLIENTS.
*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, expense, lapse, claims experience, taxes, and other experience of the participating block of policies. Changes in the dividend scale do not affect the guaranteed premium, guaranteed cash values, or guaranteed death benefit amount. A copy of Equitable Life’s Dividend Policy and Participating Account Management Policy can be found on our website at www.equitable.ca.
** This applies to all new and active policy loans, including automatic premium loans. This change is for Equimax® policies that have a 9-digit policy number beginning with a “3” or an “8”. Some older policies may have other loan rates as they are based on the prime interest rate.