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  1. Helping clients build financial literacy in a changing disclosure landscape
  2. Important notice: Funds with Deferred Sales Charges The Canadian Council of Insurance Regulators (CCIR) is requiring all insurance companies to discontinue the sale of segregated funds with deferred sales charges (DSC) effective June 1, 2023. This also impacts ongoing or new deposits to some existing segregated fund accounts. Please contact any Equitable Life clients who may be impacted.
     
    How this impacts clients:
    In response to the insurance regulator’s recommendation, Equitable Life® will be making changes to the administration of certain segregated fund products, which may impact clients. The details are outlined below:
     
    Pivotal Select™ segregated fund product
    On or about May 29, 2023:
    • Funds with DSC or Low Load (LL) sales charge options will be closed to additional deposits. Future deposits must 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 are not impacted and will retain the existing deferred sales charge schedule outlined in a 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 that a client previously provided include funds with DSC or LL sales charge options, these instructions will be automatically updated to the NL sales charge option of the same fund for all future deposits.
    • If a client has pre-authorized scheduled deposits into funds with the DSC or LL sales charge options, these instructions will be automatically updated to the NL sales charge option of the same funds for all future deposits.
    • In alignment with our current administrative rules, if a client has DSC or LL funds, they will not be able to make deposits into No Load Chargeback funds (NLCB and NLCB5) within the same policy.
     
    Legacy segregated fund products
    Ongoing deposits to DSC funds are permitted 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
    As a result, clients who own these types of products may continue to make new deposits to the DSC funds within their policy. Any new segregated fund deposits, as well as any existing segregated fund amounts within their policy will retain the deferred sales charge schedule outlined in their contract.

    If a client plans on making additional deposits, they may be interested in alternative sales charge options that do not include DSC. For example, Equitable Life offers “No Load” (NL) and “No Load Chargeback” (NLCB and NLCB5) sales charge options within the Pivotal Select segregated fund contract. In these situations, a new application would need to be completed and submitted.

    Please note that draft regulation in Quebec is currently under review which may impact Equitable Life’s approach for Quebec clients with legacy segregated fund products.

    Equitable Life will continue to monitor provincial regulatory developments and adjust our approach as needed.
     
    Client communication
    We will be sending clients a letter within their December 31, 2022, statement describing their options, and the impacts to their policy (if applicable). We recommend that you contact clients to discuss the contents of Equitable Life’s letter and provide any advice that they may need regarding ongoing deposits to their segregated funds. You can access a copy of the client letter here:

     If you have any questions, please reach out to our Advisor Services Team at 1.866.884.7427.

    December 23, 2022

    ™ or ® denote registered trademarks of The Equitable Life Insurance Company of Canada.

  3. Group Benefits - Premium relief for Dental and Extended Health Care benefits

    We know this is a difficult time for Canadian employers and that many of your clients are facing financial hardship as a result of the COVID-19 pandemic. We continue to look for ways to help employers manage while still supporting their employees.

    With many health practitioners closing their offices due to the pandemic restrictions, plan member use of dental benefits and some health benefits has declined.

    So, we are pleased to announce that we are offering premium relief for all Traditional and myFlex insured non-refund customers for Health and Dental benefits, as follows:

    • A 50% reduction on Dental premiums; and
    • A 20% reduction on vision and extended healthcare rates (excluding prescription drugs), which equates to an 8% reduction on Health premiums. 

    These reductions are retroactive to April 1, 2020 and will appear as a credit against the next available billing. We will assess the situation monthly and expect to continue with monthly refunds for as long as the current crisis period continues.

    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 remain 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 while we put through mass changes. If so, we will then make an additional top-up payment to cover that shortfall as soon as we are able.

    Communication

    We will be communicating this premium relief program to your clients April 21st at 8:00am EST.

    A PDF of the communication is also available here.

    Questions?

    If you have any questions, please contact your Group Account Executive or myFlex Sales Manager. In the meantime, we have provided some Questions and Answers below.

    Will the premium reduction on Health and Dental benefits have an impact on the renewals that were deferred?
     
    No. Renewals will proceed as normal, with rate adjustments based only on months where full premium was paid. For most clients, we anticipate “normal” rate adjustments at renewal compared to rates paid prior to refunds taking effect.
     
    Does this adjustment apply equally to clients who have had their renewal deferred?
     
    Yes, these adjustments apply to all Traditional and myFlex insured, non-refund customers for Health and Dental benefits.
     
    How does this affect clients who have terminated or amended a plan?
     
    If a benefit is in-force during the month of April, the adjustment will be credited to the next available billing. For clients who have temporarily terminated all benefits, this will be applied against the first bill once benefits have been reinstated. No cash refunds will be paid.
     
    Will you recover any of the adjustment at a future point in time?
     
    No, we will not recover this adjustment.
     
    Instead of this premium reduction adjustment, can a client cancel or adjust some of the benefits on their plan?
     
    Yes, you and your clients always have the option of changing the coverage on a plan, such as reducing or removing a benefit to help control costs. Please speak to your Group Account Executive or myFlex Sales Manager about the options available.
     
    Are TPAs and self-administered groups eligible for the premium reduction?
     
    Yes. TPAs and self-administered groups are eligible for the premium reduction. However, timing for the credit will be dependent on the billing practices of the TPA or self-administered group. We will apply these credits as soon as we are able.

  4. [pdf] Your Guide to EquiLiving (Client Guide)
  5. Revised Witness Signature Process during COVID-19 for Individual Life and Critical Illness Insurance Revised Witness Signature Process during COVID-19 for Individual Life and Critical Insurance Business

    We are temporarily revising our policy around witness signatures during COVID-19. While the preference is to have a witness when one is available, we understand that may be difficult given our current environment.

    Please follow the options below for witness signature with the first option being most preferable, and the last option being the least preferable:

    1. Signature from a witness who is a disinterested party
    2. Signature from a witness who is a party with an interest
    3. No witness 

    If we receive a form that doesn’t have a witness signature, we will still process the form. Just a reminder this is only temporary during COVID-19.
     
  6. Introducing a new Pivotal Select sales charge option from Equitable Life of Canada

     

    Equitable Life® is adding a No Load Chargeback (NL-CB) sales option to its Pivotal Select™ segregated funds lineup. The new option provides an additional choice to the existing Low Load (LL), No Load (NL) and Deferred Sales Charge (DSC) options. 

    Equitable’s new NL-CB option will provide more choices to both client and advisor. Equitable® offers a competitive initial commission and a 36-month chargeback schedule.

    By offering the choice of four sales charge options, as well as the choice between three distinct guarantee classes: Investment Class (75/75), Estate Class (75/100) and Protection Class (100/100), and a diverse selection of investment funds, the Pivotal Select contract provides the flexibility to build an investment solution that meets the needs of your clients.

    For more information about Equitable’s NL-CB or any of Equitable’s products, contact your local Regional Investment Sales Manager or our Advisor Services team at 1.866.884.7427 Monday to Friday 8:30 a.m. – 7:30 p.m. ET or email savingsretirement@equitable.ca

  7. Equitable Life Savings & Retirement Webinar Series welcomes Mackenzie Global Strategic Income.
    In 2021, Equitable Life’s Savings & Retirment team will spotlight various aspects of our competitive fund lineup and product offerings. Each webinar in the series will feature a new topic. This series will also give advisors an opportunity to:
    • learn more about various products and product features,
    • hear from industry professionals,
    • learn about investment strategies; and so much more.
     
    This month, Equitable Life welcomes Eric Glover, AVP Investment Director and Hadiza Djataou, VP Investment Director, from Mackenzie Investments, who will highlight the Mackenzie Global Strategic Income fund.
     
    Join your host Joseph Trozzo, Investment Sales Vice President, and our Mackenzie Investments guests.
     

    Learn More

  8. Kickoff 2022 Webcast Equitable Life's Savings & Retirement team is hosting a digital fireside chat with members from the leadership team. Join us to hear Fabien Jeudy, President and Chief Executive Officer and Cam Crosbie, Vice-President, Savings and Retirement share their perspectives of the industry, their future vision for Equitable Life, and the Savings & Retirement division.
     
    We will also hear from Tawnya Duxbury, Director, Savings & Retirement Operations and Projects as she shares how her operations team has equipped themselves to provide industry leading service.
     
    Last but not least, we have invited guest speaker Larry Distillio, Assistant Vice-President Practice Management, Mackenzie Investments to discuss "Mastering your Mind to Increase your Bottom Line”. * Larry helps advisors learn how to avoid self-sabotaging behaviours such as procrastination, worry and avoidance while minimizing emotional stress. This is a session not to be missed.
     
    Learn More
     
    *We will be seeking Continuing Education credits for Larry Distillio's portion of this webcast.
  9. Equitable Life Savings & Retirement Webinar Series featuring Franklin Bissett Investment Management  

    In 2022, Equitable Life’s S&R team will continue to spotlight various aspects of our competitive fund line up and product offerings. Each webinar in the series features a new topic. The series also 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.

    This month, Equitable Life welcomes Les Stelmach, Senior Vice President, Portfolio Manager; Ryan Crowther, Vice President, Portfolio Manager; and Andrew Buntain, Vice President, Institutional Portfolio Manager, from the Franklin Bissett Investment Management team.
     

    Learn More


    Moderated by Andrew, Les and Ryan will discuss the Equitable Life Bissett Dividend Income Fund Select, and its goal of providing investors high current income by investing primarily in Canadian and American dividend paying preferred and common stocks.
     

  10. Equitable Life Savings & Retirement Webinar Series featuring Dynamic Funds
    Equitable Life continues to spotlight various aspects of our competitive fund lineup and product offerings. 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.

    This month, we welcome Bill McLeod, Vice President & Portfolio Manager, Equity Income, from Dynamic Funds. Join us to hear Bill McLeod discuss:

    • North American markets in 2022
    • Insights on the current positioning and review of the investment process for Dynamic’s Equity Income Fund.

     

    Learn more

     

    Equitable Life is pleased to offer access to five different Dynamic Funds in the Pivotal Select™ segregated fund lineup including the Equitable Life Dynamic Equity Income Fund.

    This webcast is available in English only.