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1. Responding to Ontario’s biosimilar switch initiative

   We are changing coverage for some biologic drugs in Ontario in response to the province’s biosimilar initiative. These changes will help protect your clients’ plans from additional drug costs that may result from this government policy while providing access to equally safe and effective lower-cost biosimilars.

   Ontario’s provincial biosimilar initiative
   Announced in December 2022, Ontario’s biosimilar switch program ends coverage of eight biologic drugs for Ontario residents covered by the Ontario Drug Benefit (ODB). The transition to biosimilar versions of these drugs began on March 31, 2023. ODB recipients using these drugs will be required to switch to biosimilar versions of these drugs by December 29, 2023, to maintain their provincial coverage

   Equitable Life’s response
   To ensure this provincial change doesn’t result in your clients paying additional and avoidable drug costs, we are changing coverage in Ontario for most biologic drugs included in the provincial initiative.
   
   Beginning October 1, 2023, plan members in Ontario will no longer be eligible for most originator biologic drugs if they have a condition for which Health Canada has approved a lower cost biosimilar version of the drug.** These plan members will be required to switch to a biosimilar version of the drug to maintain coverage under their Equitable Life plan. 

   Communicating this change to plan members
   We will inform any affected plan members in early August of the need to switch their medications so that they have ample time to change their prescriptions and avoid any interruptions in treatment or coverage. 

   Will this change impact my clients’ rates?
   Any cost savings associated with the change will be factored in at renewal.

   What is the difference between biologics and biosimilars?
   Biologics are drugs that are engineered using living organisms like yeast and bacteria. The first version of a biologic developed is known as the “originator” biologic. Biosimilars are highly similar to the drugs they are based on and Health Canada considers them to be equally safe and effective for approved conditions

   Questions?
   If you have any questions about this change, please contact your Group Account Executive or myFlex Sales Manager.

   ** The list of affected drugs is dynamic and will change as Ontario includes more biologic drugs in its biosimilar initiative, as new biosimilars come onto the market, and as we make changes in drug eligibility.
2. New 350 Life and CI Applications

   On August 2^nd, 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 1^st, 2023.
   
   Due to this change, we ask all advisors to use the latest version dated May 2023 of the paper application after August 2^nd. 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 31^st, 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:
   
   
   
   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.

3. Clients looking to add a little balance and diversification to their investment mix?

   An Equitable® Guaranteed Interest Account (GIA) may be just the right fit for them. With competitive interest rates, Equitable GIAs may be an ideal solution for clients looking to create a well-diversified and balanced portfolio.

   A few reasons to consider Equitable for your GIA business:

   • •  The GIA advantage – a life insurance contract can provide many estate planning benefits.

   • •  Advisor rate discretion – advisors can forego up to 40bps of commission for an equal increase in interest rate, making our great rates even better.

   • •  Step Up Your Wealth Sales program¹ – 100% of GIA net deposits are used to calculate the 0.75% bonus commission earned on net deposits for 2024².

    

   Bookmark this page to check our current rates.

    

   For more information, please contact your Director, Investment Sales.

    

   ¹ Equitable reserves the right to alter or terminate this program at any time and without notice.

   ² All eligible deposits, sales, and redemptions occurring between January 1 and December 31, 2024, will be used to calculate an advisor’s 2024 net deposits. See full Step Up Your Wealth Sales program details for more information.

   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
   
   Date posted: May 9, 2024

4. Competitive GIA rates and more!
   With many bond funds declining in value over the past year, clients are looking for fixed income alternatives to reduce portfolio risk while providing a principal guarantee and an attractive interest rate.  
   
   Equitable Life® Guaranteed Interest Account (GIA) investment options are ideal for clients who want to create an emergency fund or save for a special purchase. And we’ve recently increased interest rates to make our GIA options even more competitive! 
    
   A few reasons to consider Equitable Life for your GIA business:
   • The GIA advantage – a life insurance contract can provide many estate planning benefits.
   • Industry-leading compensation – we currently pay 40bps of commission per year of term.¹ Many competitors only offer 20 – 25bps per year of term.²
   • Cashable option³ – allows clients to access their money in case of unexpected circumstances. Not many competitors offer this feature.²
   • Advisor rate discretion – advisors can forego up to 40bps of commission for an equal increase in interest rate, making our great rates even better.
   • Step Up Your Wealth Sales program – 100% of GIA net deposits⁴ are used to calculate the 0.75% bonus commission earned on net deposits for 2022.
   • Win-Win – our GIAs allow you to give the client a better interest rate while still earning a good commission.
    
   
    
   For more information, please contact your Equitable Life Regional Investment Sales Manager.
    
    
    
   ¹ Equitable Life commission rates as at May 19, 2022.
   ² Competitive information as at November 20, 2021; Equitable Life does not guarantee the accuracy of competitive information.
   ³ Withdrawals made prior to the maturity date will be subject to a market value adjustment and may be subject to tax.
   ⁴ 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.
    
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    
    
5. Competitive GIA rates and more!
   With many bond funds declining in value over the past year, clients are looking for fixed income alternatives to reduce portfolio risk while providing a principal guarantee and an attractive interest rate.  
   
   Equitable Life® Guaranteed Interest Account (GIA) investment options are ideal for clients who want to create an emergency fund or save for a special purchase. And we’ve recently increased interest rates to make our GIA options even more competitive! 
    
   A few reasons to consider Equitable Life for your GIA business:
   • The GIA advantage – a life insurance contract can provide many estate planning benefits.
   • Industry-leading compensation – we currently pay 40bps of commission per year of term.¹ Many competitors only offer 20 – 25bps per year of term.²
   • Cashable option³ – allows clients to access their money in case of unexpected circumstances. Not many competitors offer this feature.²
   • Advisor rate discretion – advisors can forego up to 40bps of commission for an equal increase in interest rate, making our great rates even better.
   • Win-Win – our GIAs allow you to give the client a better interest rate while still earning a good commission.
    
   
    
   For more information, please contact your Equitable Life Regional Investment Sales Manager.
    
     
   ¹ Equitable Life commission rates as at May 19, 2022.
   ² Competitive information as at November 20, 2021; Equitable Life does not guarantee the accuracy of competitive information.
   ³ Withdrawals made prior to the maturity date will be subject to a market value adjustment and may be subject to tax.
    
   ® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
    
    
6. 2026 Elite Advisor Program
7. [pdf] MDRT - Million Dollar Round Table Certifying Letters
8. Critical Illness Path to Success Program This program was designed with you, the Advisor, in mind.
   
   Path to Success: Expert Advice on navigating CI Sales provides you with actionable ideas and scripts that you can implement immediately into your critical illness insurance meetings. CE Credits are available if you review the program in its entirety and complete the quizzes at the end of each section.
   
   View the pdf with details about the CI Path to Success Program.
   
   Watch details about the CI Path to Success Program here.
   
   Next steps:
   If you have any questions or are interested in getting access to this program, please reach out to your Regional Sales Manager directly.
9. Preferred life insurance solutions – individuals
10. Delay in Pivotal Select segregated fund client statements

    
    We apologize for the delay in the delivery of our Pivotal Select™ segregated fund client statements. We understand how crucial these statements are for you and clients. We are working hard to resolve the issue. We will post an update on EquiNet® on or before February 7.
    
    We appreciate your understanding and patience during this time. If you have questions or need further assistance, reach out to our Client Care Team at 1.866.884.7427.  
    
    
    
    Best Regards,
    
    
    
    Cam Crosbie,
    Executive Vice-President, Savings and Retirement Division
    Equitable

    
    
    Posted February 4, 2025