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Message from Ron Beettam
As COVID-19 continues to spread, we want to reassure you that we remain ready and committed to support you and your clients.
We have a robust and well-tested business continuity plan in place and our business is almost 100% digital. Almost 90% of our employees are now working remotely from home and are maintaining the high level of service you have come to expect from us. We still have a fully functioning Document Services Centre that is managing our incoming and outgoing mail. Our sales and customer service teams remain open to support you and your clients.
Equitable Life’s online application process, EZcomplete®, offers non face-to-face capability and continues to be your go-to resource for managing your business virtually. We are receiving a record number of online applications and are committed to helping you maintain a certain degree of daily activity. EZcomplete® non-face-to-face works for all life, critical illness and segregated fund applications.
Advisors will be pleased to know that we have increased non-medical limits for life insurance. We are also looking at other underwriting changes, digital delivery of life insurance contracts and additional digital payment options.
Our Savings & Retirement advisors will find our new Transaction Authorization Requirements table a valuable resource for submitting forms and documents. Can’t meet with your client in person to get a signature? Not to worry. You can have your client sign a letter of direction and take a picture to authorize a number of transactions.
Transacting in a non face-to-face environment can be a challenge but we will continue to revisit existing processes and look for ways to modify requirements to help you to continue managing your business. All of us are facing an unprecedented number of urgent situations where there is no established protocol. Our commitment to you and your clients is to respond quickly, and to be flexible where we can, tailoring solutions to specific needs.
To stay up-to-date, please refer to Equitable Life’s COVID-19 information page. There you will find the latest information for all lines of business.
As the global situation continues to evolve rapidly, we ask for your patience as our solutions also evolve quickly and accordingly. Rest assured that Equitable Life is unwavering in our support, and we will be here to help you protect what matters most to Canadians.
Ron Beettam, President and CEO -
Extending premium relief for Dental and Extended Health Care benefits
We know this continues to be a challenging time for Canadian employers and we remain committed to looking for ways to help your clients manage while still supporting their employees.
Although many health practitioners have re-opened as pandemic restrictions are lifted, plan member use of dental benefits and some health benefits still remains lower than normal in June.
We are pleased to announce that we are extending premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits for the month of June, as follows:
- A 25% reduction on Dental premiums; and
- A 5% reduction on Extended Health Care premiums.
These reductions are effective for June 2020 and will appear as a credit on the July bill, or against the next available billing. We will assess the situation monthly and will continue with monthly refunds for as long as the current crisis period continues. The size of the credit may change over time as dentists and other health practitioners gradually reopen their offices. We will confirm premium credits for July (if any) at a later date. Credits for subsequent months will be communicated on a month-by-month basis.
In order to be eligible for the monthly credit calculation and payout, a policy must be in force on the first of the month and remain in force thereafter. The monthly credit calculation is based on employees in force on the June bill. If employees experienced layoffs during the month, that would not affect eligibility for a premium credit as long as the benefit itself is not terminated.
We expect that claims experience and premiums will return to normal once the current pandemic restrictions are lifted.
In the meantime, plan members will continue to have full access to their benefits coverage throughout the pandemic. In many cases, dental offices have remained open for emergency services, and a variety of healthcare providers are available virtually.
Commissions
We know the pandemic has put financial strain on your business as well, so we will continue to pay full compensation. Although your overall commission will be unaffected by these premium reduction adjustments, you may see a temporary reduction in your commission payments if you are on a pay-as-earned basis.
Communication
We will be communicating this premium relief program to your clients later this week.
Questions?
If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. You can also refer to our online COVID-19 Group Benefits FAQ.
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Update: Employment Insurance (EI) Sickness Benefit Extension
As it proposed in its 2022 Budget, the federal government has confirmed it is extending the Employment Insurance (EI) Sickness Benefits period from 15 weeks to 26 weeks later this year. The official implementation date and details have not yet been confirmed by the government and we will share further details once they are available. In the meantime, here’s what you need to know.
We will not require or implement any changes to our disability plan designs based on this extension. However, plan sponsors may wish to amend their short-term disability (STD) and long-term disability (LTD) plans and policies to align with the new 26-week EI period.Impact to short-term disability (STD) benefits integrated with EI
Plan sponsors with EI-integrated STD may wish to adjust their benefits to line up with the new 26-week extension.
Impact to plans with no STD benefits
For plan sponsors who do not offer STD, they have the option of adjusting their LTD plans to the new 26-week elimination period if members claim EI prior to LTD. This adjustment would help to avoid the plan member receiving disability and EI payments at the same time and potentially being required to return funds due to overpayment.Considerations for plan sponsors
Plan sponsors who amend their STD or LTD policies to align with the new 26-week EI period should note that there may be inadvertent delays to their employees’ return to work. While collecting EI, injured or ill employees do not benefit from our early intervention services or rigorous claims management practices that could help them get back to work sooner. So, by delaying the availability of STD or LTD coverage, the advantages that these programs are intended to provide could also be delayed.Impact to Premium Reduction Program (PRP)
The Premium Reduction Program (PRP) allows employers with eligible short-term disability plans to pay lower EI premiums. The eligibility criteria have not changed at this time. The government plans to review the PRP in 2024.Questions
If you have questions about these changes or what they mean for your clients’ disability plans, please contact your Group Account Executive or myFlex Sales Manager.
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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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Equitable Life's RSP Contest: Grand prize winners celebrate a future filled with possibilities!
The Savings & Retirement team at Equitable Life recently celebrated the successful conclusion of their recent RSP contest with a special cheque presentation to Equitable Life client, Kavitaben Rathod, and her World Financial Group (WFG) advisor, Kinnari Patel, who were both thrilled to be selected as the grand prize winners.
The Grow Your Future contest ran from January 1 to March 1, 2023, and offered clients and advisors a chance to win big by making RSP contributions. It was a hit with clients like Kavitaben as it provided them with a compelling reason to work with their advisors to build their wealth. Clients who made a deposit into an Equitable Life RSP policy between January 1 and March 1, 2023, had the chance to win the $5,000 grand prize. When Kavitaben won the grand prize, her advisor Kinnari won $1,000 as well.
Alex Lucero, Regional Investment Sales Manager, Greater Toronto Area, met with both Kinnari and Kavitaben to present the cheque and took some photos to commemorate the occasion. The collaborative effort put in by the Equitable Life team was highly appreciated.
Kavitaben expressed her sincere gratitude, sharing how surprised, excited, and delighted she was to be chosen as the grand prize winner. She described the experience as “an amazing feeling and our best day in Canada! It was a really fortunate moment for me”.
Kinnari also expressed her appreciation to Equitable Life, Alex, and the entire WFG team for the proud moment and shared that the experience gave her “motivation and inspiration in her future work duties”.
Equitable Life's commitment to offering products, services, and choices that best suit clients' needs was evident through the contest. Clients saw contest messaging through social media and equitable.ca, while advisors saw it on the EquiNet advisor website, through emails, and MGA and WFG newsletters.Congratulations to everyone who supported the contest and helped make it a success!
Date posted: April 19, 2023