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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:- 671OC – Ownership Change Form
- 1027 – Additional/Updated Customer Information
- 1616 – Application for Term Conversion
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:- 2004 – Signing Authorities Certificate (NEW)
- 594 – Business Information Form
- 682ENT – Claimants’ Statement for Entities
® denotes a registered trademark of The Equitable Life Insurance Company of Canada.
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Changes to Short Term Disability Benefit Calculations
The Canada Employment Insurance Commission and Canada Revenue Agency have announced the 2022 changes to Maximum Insurable Earnings, and premiums for employment insurance. These changes take effect January 1, 2022.
2021 Amount As of Jan. 1, 2022 Maximum Insurable Earnings (MIE)
$56,300 $60,300 Maximum Weekly Insurable Earnings (MWIE)
$1,083 $1,160 EI Benefit
(55% of the MWIE, rounded to the nearest dollar)$595 $638
How does this affect your clients?
If your client’s Group Policy with Equitable Life includes a Short Term Disability (STD) benefit which is tied to the EI Maximum Weekly Insurable Earnings, and at least one classification of employees has less than a $638 maximum, then to comply with the provisions of their policy, their STD benefit will be revised with the maximums updated based on the percentage of EI Maximum Weekly Insurable Earnings shown in their policy.
The additional premium for any increase from their previous STD amounts and new STD amounts will be show on their January 2021 Group Insurance Billing (as applicable).
If their STD maximum is currently higher than $638 or based on a flat amount (not based on a percentage or regular earnings), no change will be made to their plan unless otherwise directed.
If your clients wish to provide direction regarding revising their STD maximum, or have questions about the process, they can email Kari Gough, Manager, Group Quotes and Issue. -
Individual Insurance product enhancements
Equitable Life has exciting product enhancements that will help you offer more options to clients.
- Full Product Launch Video (approx. 20 minutes).
Watch our Virtual Product Launch NOW. Grab a coffee and get ready for this exciting news! Hear from our leaders and learn about our exciting product enhancements.
- Introduction video (View on Vimeo) / Product launch page
Highlights of the product changes effective February 12, 2022, include:NEW! 10 pay premium option with Equimax Estate Builder®
- The new EquiLiving® 20 pay rider options will be available on Equimax® plans
- 20 pay options with coverage to age 75 or coverage for life
NEW! EquiLiving plans and riders enhanced with:
- 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 …
New Illustration software available on February 11, 2022
The updated illustration software will be available for download after 9 a.m. ET on Friday, February 11, 2022, and will include all the Equimax and EquiLiving enhancements.
See the Equitable Sales Illustrations Update for information on how to download the software or check for updates.
Please review updates to the commission schedule A for these new enhancements.
Learn more- Transition rules are available
- Watch our virtual launch event video now! (Approx. 20 minutes),
- Watch our product launch intro video here. Watch on Vimeo
- Visit our launch event page with product change details and more
- Marketing Materials
Please contact your Regional Sales Manager for more information. -
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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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.
* 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. -
Universal Life Product Fund Changes
In September 2022, we will be changing the underlying securities being tracked for several universal life funds, listed below.* These changes apply to our current Equation Generation IV universal life insurance product and to any legacy products that offer these same UL funds.
If your client would like to transfer money currently invested in any of the above UL funds to a different UL fund and/or change the investment option for their future deposits, please submit a request well in advance of September 2022 using form 693UL.
Please contact your Equitable Life® Regional Sales Manager for more information.
UL Fund Currently Tracked Upcoming Change* European DJ Euro STOXX 50 Total Return Index STOXX Europe 600 Paris-Aligned Index (ESG) Canadian Bond Sun Life MFS Canadian Bond Equitable Life Active Canadian Bond Fund Internal Linked Global Fixed Income Mackenzie Global Tactical Bond Invesco Global Bond Canadian Value Stock Mackenzie Cundill Canadian Security Franklin Bissett Canadian Equity Large Cap Canadian Equity Mackenzie Ivy Canadian Dynamic Equity Income Global Balanced Templeton Global Balanced Mackenzie Ivy Global Balanced
*Underlying security changes will occur in September 2022. Exact effective date has not yet been determined.
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Regulator Reviews of Advisor Business Practices
The Financial Services Regulatory Authority of Ontario (FSRA) began targeted life agent examinations in 2021 as part of its Market Conduct: Life and Health Insurance Agent Supervision Framework. In March 2022, FSRA released its industry report which included a summary of the top regulatory violations or business practice gaps identified during those reviews, which included:
● Agent Disclosure – failure to ensure proper disclosure to clients regarding the insurers that the agent is authorized to represent, conflicts of interest or potential conflicts of interest and agent compensation;
● Continuing Education Credits – failure to complete CE credits as required or misrepresentation to the regulator regarding completion;
● Failure to complete the Life Insurance Replacement Declaration with clients when replacing an existing insurance policy;
● Missing or inadequate financial needs analysis and/or risk assessment (wealth) and insurance needs analysis;
● Missing or inadequate Reasons Why Letters for insurance recommendations;
● Missing evidence of policy illustrations;
● Missing or inadequate AML/ATF programs; and
● An overall lack of adequate notes to document client conversations and support recommendations made.
While these reviews are focused on agents licensed in Ontario, the review findings are helpful for all licensed advisors to ensure your business practices are aligned with regulatory and industry standards. Following these standards also helps you meet Equitable Life’s Advisor Code of Conduct. FSRA’s full report includes a copy of the Insurance Agent Market Conduct Questionnaire and can be viewed at https://www.fsrao.ca/newsroom/new-life-and-health-agent-supervisory-framework-enhances-consumer-protection.
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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. -
2023 is here and we are here for you!
Equitable Life® would like to wish everyone a Happy New Year and we are looking forward to doing more business together in 2023!
Just a reminder, we made some changes in 2022 to make doing business with Equitable Life easier. Some of the most recent enhancements include:
Opt in for text messages on new applications
● Upon submission of an application, you can opt-in to receive text message updates for your new business applications. That’s a text message when the application is received, when a decision is made, when it’s ready for delivery and when the commissions have been triggered.
Cloning pages on EZcomplete®
● You now have the ability to clone an application on EZcomplete. A whole family or a spouse can have a lot of duplicate information and the ability to clone an application can save tremendous amounts of time and make for a much more pleasant client experience.
Jump around on EZcomplete
● Jump from one part of the application to another and back again. You no longer have to complete the application one section after another in order. This will allow a lot more flexibility when submitting a policy application.
To learn more about these great enhancements contact your local wholesaler.
Continue watching for news from Equitable Life for more great launches and enhancements in 2023!
® and TM denote trademarks of The Equitable Life Insurance Company of Canada.