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  1. Savings & Retirement - Updated Application Forms There are some important updates to share with you. The applications listed below have been updated for content and formatting. The changes also include the removal of maximums for Quebec Life Income Funds.Equitable will accept the previous versions until March 31, 2025, but on April 1, 2025, only the new versions will be accepted.
    Form # Application New Version Previous Version
    1383 Pivotal Select TFSA Application 2024/11/01 2023/05/29
    1384 Pivotal Select Registered/Non-Registered Application 2025/01/01 2023/05/29
    2086 Pivotal Select FHSA Application 2024/11/01 2023/08/01
    796 Daily/Guaranteed Interest Account TFSA Application 2024/11/01 2024/07/01
    799 Daily/Guaranteed Interest Account Registered/Non-Registered Application 2025/01/01 2024/07/01
    2087 Daily/Guaranteed Interest Account FHSA Application 2024/11/01 2024/07/01


    Updated Form Names

    Equitable has updated the names of the Special Quote Request forms for the DIA/GIA and Payout Annuity.
    New Name Previous Name When to use
    Custom Quote – DIA/GIA
    (Form # 686)    		 GIA Special Quote Request form Any deposit to the Daily Interest Account or Guaranteed Interest Account that is equal to or greater than $1 million.
    Payout Annuity - Custom Quote
    (Form #687)    		 Payout Annuity Special Quote Request form Any non-standard annuity quote (i.e., exceeds maximum deposit or age, pension matching, etc.)


    Simplified Conversion Process for Legacy Products

    The simplified conversion process should make things easier for advisors. By using the RRSP to RRIF Conversion Form #1673, you can convert legacy products, like RRSP to RRIF and LIRA to LIF, without the need to complete an application.

    If you have any questions, reach out to your Director, Investment Sales.

    Posted January 27, 2025
  2. A bright start to July: our Dividend Scale is now active!

    Effective July 1st - just in time for summer conversations!

    Good news! The Equitable® Board of Directors has approved continuing our current dividend scale for the period of July 1, 2025, to June 30, 2026.

    • The interest rate* we use to decide the dividend scale will stay at 6.40%.
    • Other factors used to decide the dividend scale will stay the same.
    • The interest rate for policies with dividends on deposit will stay at 3.50%.
    • The interest rate for most policy loans will stay at 6.50%. This applies to both new and existing policy loans, and automatic premium loans. It specifically applies to Equimax® policies with a 9-digit policy number that starts with either "3" or "8". Older policies may have different loan rates as they are based on the prime interest rate.

    *The dividend scale interest rate (DSIR) is different from the participating account (PAR) rate of return. The DSIR smooths out the ups and downs of the participating account experience. The PAR rate of return is the return on the investments in the participating account over the calendar year.

    Need more information?
    Did you miss our Spring Update & 2025 Dividend Scale Announcement?
    Watch it now:

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  3. Equitable’s DSIR leads the way
    Equitable® offers a 6.40% dividend scale interest rate (DSIR) – the best in our industry1. But our DSIR is only one of the many benefits of choosing Equitable!

    Why choose Equitable?
    • Equitable proudly leads the way: We are the #1 seller of PAR whole life policies in Canada2!
    • Our top DSIR: Helps clients save for the future and builds lasting value.
    • Our Canadian heritage: Established in 1920, we are 100% Canadian-owned, based in Canada and dedicated exclusively to serving the needs of the Canadian market.
    • Our financial strength & growth momentum: We invest with care, keeping clients’ savings safe and growing over time.
    • Our mutuality: As a mutual, our clients come first – and eligible clients share in our success through dividends3.
    • Our service & support: We offer great service, easy-to-use digital tools, and support at every step, making Equitable a trusted choice for clients and advisors alike.

    In client meetings, be sure to share these outstanding benefits with clients. Doing so can demonstrate real value and boost your sales.

    Questions? Reach out to your Equitable wholesaler or visit EquiNet. We’re ready to help you succeed.

    Resources:
    The Power of Together (Video)
    5 Reasons to choose Equitable (1271)
    Dividend Scale Announcement - 2024/2025

    1 Source: Latest posted DSIR data on competitor websites – 2025.
    2 Source: LIMRA – Canadian Individual Life Insurance Sales Participant Report - Q4 2024.
    3 Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. To learn more about our dividend policy and participating account management policy, please visit www.equitable.ca/en/already-a-client/dividend-information/
     
  4. How Equitable is responding to the generic Ozempic shortage

    Health Canada recently approved generic versions of Ozempic for the treatment of Type 2 diabetes. The generic has been deemed interchangeable with the brand drug in some provinces.

     

    Since then, however, a severe and widespread shortage of generic Ozempic has occurred across the country and among major drug distributors.

     

    What this means for drug plans with generic pricing

     

    Our pharmacy benefits manager, TELUS Health, normally limits reimbursement to the cost of the generic for clients who have drug plans with generic pricing once the province deems it interchangeable. This helps lower costs for clients and members.  

     

    Otherwise, plan members taking Ozempic would only be reimbursed up to the cost of the generic, even if the generic isn’t available. If a plan member filled the brand-name version, they would be responsible for paying the difference in cost.

     

    How we’re protecting plan members

     

    To help protect plan members from excessive out-of-pocket costs, we’ve chosen to align with TELUS Health’s decision to delay applying these limits while the generic Ozempic supply remains unstable.

     

    We will work to monitor availability of the generic and update you as supply changes and once interchangeability limits are applied. In the meantime, you may wish to remind your clients that this approach is intended to support smoother access for their plan members while the generic supply may be inconsistent.

     

    We will share this information with your clients.

  5. Death Claim Requirements
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  8. Special 5% rate for clients until Pivotal Select FHSA is available  

    Great news for clients saving for their first home! For a limited time, clients who intend on setting up a First Home Savings Account (FHSA) with Equitable Life® can deposit money to a Guaranteed Interest Account (GIA) now and enjoy a special rate of 5.00%.1 
     
    The special rate applies only if the client transfers the funds to an FHSA by December 28, 2023; otherwise, the standard Daily Interest Account (DIA) rate will be applied to those funds.
     
    Here’s how to take advantage of this special rate:
     
    For New Clients:

    • Complete an application for a non-registered GIA. On the application select “Daily Interest Account” as the investment instructions and write the amount to be deposited (minimum $500, maximum $8,000).
    • In the Special Instructions section of the application, write “FHSA”.
    • The GIA application form (799) can be found here
     

    For Existing Clients - must have a GIA (Compound Interest Only) policy:
    • Submit a letter of direction or complete the Investment Direction form requesting to deposit funds to the DIA for the FHSA promotion (minimum $500, maximum $8,000)
    • Complete sections 1, 3, 4, 12 and 13 of the Investment Direction form, and in the Special Instructions area, write “FHSA”.
    • The Investment Direction form (693ANN) can be found here
     Although DIA is selected, the funds will be deposited to and displayed in EquiNet® and Equitable Client Access® as a special 1-year Guaranteed Deposit Account (GDA). Only new lump sum deposits are eligible for the special rate of 5.00%.1
     
    The GDA will be a non-registered account and any interest earned will be taxable.
     
    Once the Equitable Life FHSA is available:
    • Submit a Pivotal Select™ FHSA application, and request to transfer the funds from the GDA to the Pivotal Select policy.2 No Market Value Adjustment fees will be charged.
    • In the Special Instructions section, indicate the source of funds to be “FHSA promotion funds” and provide instructions on where to direct any excess funds in the GIA if applicable.
    • The funds will be transferred to the FHSA.3
    • Any excess funds over $8,000 will be returned to the client as a direct deposit, a cheque, or the client can keep the GIA open.
    Additional information about this promotion
    This is a great opportunity for clients to start saving for their first home today while earning an excellent rate. The advisor receives a reduced upfront commission4 for the pre-FHSA deposit to the GDA, in addition to the commission that will be earned by moving the funds to the Pivotal Select FHSA.
     
    This special savings rate promotion is available until the launch date of Equitable Life’s FHSA unless the promotion is ended on an earlier date at Equitable Life’s discretion. The maximum amount on which a client can receive the special savings rate is $8,000.
     
    Clients who do not transfer funds to the FHSA on or before December 28, 2023 will not receive the promotional rate. We will transfer the funds from the special GDA to the DIA account effective as of the date of deposit. As a result, the interest received by the client from the date of deposit to December 28, 2023 will be the DIA rate rather than the promotional rate.

    Questions? Please see our FAQ

    For more information, please contact your Regional Investment Sales Manager. Additional details about the FHSA can be found on the Government of Canada’s website.

     
    ® denotes a trademark of The Equitable Life Insurance Company of Canada.
     
    1 The pre-FHSA special saving rate of 5.00% per year compounds daily and takes effect from the date Equitable Life receives the deposit and will end on the date the FHSA Pivotal Select segregated fund product is launched later this year (December 28, 2023 at the latest). In the unlikely event Equitable Life’s Pivotal Select FHSA is unavailable in 2023, the funds subject to the promotion will earn the 5.00% rate for 1 year from the date of deposit through maturity in 2024.
     
    2 The FHSA promotion will only be available as a Pivotal Select Segregated Fund policy. Clients can open a FHSA only if they meet the eligibility criteria when they sign the application.
     
    3The funds in the Guaranteed Interest Account will be transferred to the FHSA in the form of a contribution of up to $8,000 on or after the date the client signs the FHSA application form. Clients must open a FHSA to receive the special bonus interest.
     
    4 Commission of 0.20% paid upfront for money received and deposited to the policy by September 29, 2023. 0.05% paid upfront for money received and deposited after September 29, 2023, and the earlier of the promotion termination or December 28, 2023.  Commissions are paid through an adjustment to our current 40bps commission on our one-year GDA by way of a chargeback reducing the commission to the rate stated in this note.

    Posted June 1, 2023
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  10. Banking Changes