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  1. Understanding Life Insurance Replacements at Equitable All provinces require completion of a life insurance replacement declaration (LIRD) or equivalent form if intending to replace an existing insurance contract with a new one. The LIRD helps clients think carefully before terminating their existing policy. It contains important questions for them to consider. 

    When do you need to send a LIRD to Equitable®?

    Refer to our: LIRD requirements by province     

    Equitable needs to receive the LIRD only in provinces where it is mandated. Please check the province-specific requirements (linked above). 

    If a client is replacing a life insurance contract with a new one with us, and the owner lives in one of the specified provinces, the LIRD must be sent to Equitable with the application. It should include a written explanation of the questions reviewed with the client and must be signed and dated. 

    Important reminder: While you will always complete a LIRD, do not submit the LIRD unless we require it. Doing so may delay the new business process.

    Note: The LIRD does not terminate the original policy; it indicates intent to do so.

    Questions? Please contact your local Equitable wholesaler if you need additional information.

    ® or TM denotes a trademark of The Equitable Life Insurance Company of Canada.  
  2. New Dividend Scale Effective July 1, 2023! Equitable Life’s Board of Directors has approved a change to the dividend scale* for the period July 1, 2023, to June 30, 2024.

    - The interest rate we use for the dividend scale will go from 6.05% to 6.25% on July 1, 2023.
    - Other factors used to decide the dividend scale will stay the same.
    - The interest rate for participating whole life policies with dividends on deposit will stay the same at 2.25%.
    - The policy loan interest rate** will go from 6.20% to 6.50% on June 30, 2023

    More good news!
    Once the next dividend scale year starts, we expect policyholder dividends to be close to $105 million until the end of June 2024.

    Learn more
    - Advisor Dividend Scale Notice
    - Client Dividend Scale Notice
    - Dividend Information Page




    Did you miss our virtual Spring Update & 2023 Dividend Scale Announcement? Watch it now:
    English.png French.png Chinese.png
    (*The French and Chinese events will be partially in English, with sub-titles on screen).
     

    TOGETHER – Protecting Today – Preparing Tomorrow™
    As a MUTUAL we provide financial security DIFFERENTLY by focusing exclusively on our CLIENTS.

    *Dividends are not guaranteed and are paid at the sole discretion of the Board of Directors. Dividends may be subject to taxation. Dividends will vary based on the actual investment returns in the Participating Account as well as mortality, expense, lapse, claims experience, taxes, and other experience of the participating block of policies. Changes in the dividend scale do not affect the guaranteed premium, guaranteed cash values, or guaranteed death benefit amount.  A copy of Equitable Life’s Dividend Policy and Participating Account Management Policy can be found on our website at www.equitable.ca.
     
    ** This applies to all new and active policy loans, including automatic premium loans. This change is for Equimax® policies that have a 9-digit policy number beginning with a “3” or an “8”. Some older policies may have other loan rates as they are based on the prime interest rate.
  3. Miscellaneous
  4. New Dividend Scale effective July 1, 2021 The Equitable Life Insurance Company of Canada Board of Directors has approved a change to the dividend scale for the period July 1, 2021 to June 30, 2022. 
       
    *The dividend scale interest rate is not the same as the participating account rate of return in any given calendar year. The dividend scale interest rate smooths out the ups and downs experienced by the participating account.
      
    Policyholder dividends in the next dividend scale year would be approximately $85 million, compared to $67 million in the prior dividend scale year.
     
    The sustained low interest rate environment continues to put downward pressure on the experience in the participating account. If low interest rates continue, investment returns in the participating account will also be lower, and we may need to decrease the dividend scale in the future. 
     
    Your participating whole life clients will receive a notice of the dividend scale change with their annual policy statement. The Equitable Sales Illustrations system will be updated to reflect the new dividend scale. Updated illustration software will be available for download after 9 a.m. ET on June 25, 2021.

    Find out more
  5. Changes not available on G2 policies
  6. [pdf] Preferred Estate Transfer using Universal Life
  7. [pdf] Equitable Generations sample policy contract pages
  8. [pdf] Policy summary premium error
  9. Enhanced flexibility and features make Equimax whole life a great choice for your clients

    WHAT’S NEW ON MARCH 23, 2020?

     
    The following features are available on Equimax Estate Builder® and Equimax Wealth Accumulator® plans!   

    Image-1-EDO-Prelaunch-Whatsnew-(1).jpg60 months of EDO payment flexibility1 that fits your clients’ situation

    • Clients can start EDO payments1 up to 60 months from the date the application was signed, or resume up to 60 months from the last EDO payment made, without additional evidence of insurability.
    • Applies to Equimax2 policies with an effective date of March 23, 2020 or later. 



    Image-2-EDO-Prelaunch-Whatsnew.jpg
    EDO is available on cases rated 300% or less3 for new and existing clients
    • For existing clients, if approved, the EDO contract provisions that apply will be based on the effective date of the insurance policy, not the date the EDO was added.
    • Applies to Equimax2 policies issued under the 2017 tax rules.



    Image-3-EDO-Prelaunch-Whatsnew.jpgBuilt-in Disability Benefit Disbursement provides access to cash value in the event of a disability
    • The Disability Benefit Disbursement may provide a tax-free, lump sum payment of up to 100% of the policy’s cash value if the insured becomes disabled.4
    • Will be included on Equimax2 policies issued under the 2017 tax rules.5



     

    Want more information?

    More information is available on EquiNet® on the Whole Life Insurance Product page under the Resources tab. 

    Ask your Equitable Life® Regional Sales Manager about Equimax today.

    COVID-19 & social distancing: Strategy for insurance applications
     

    Using our EZcomplete® online application allows you to keep your distance … while keeping your business moving forward.
     
    Learn more

     


    1 This applies only to policies with an effective date of March 23, 2020 or later. The amount of the EDO payment allowed may be limited to the maximum EDO payment made in previous years depending on the policy year. For approved EDO amounts exceeding $150,000 annually ($12,500 monthly), clients have up to 12 months from the date the EDO application was signed or the date of the last EDO payment to make an EDO payment before a contribution cap may apply. See Admin Guide for full details.  2 Applies to Equimax Estate Builder and Wealth Accumulator; all ages; life pay and 20 pay; single and joint lives. 3 Not available if the policy has a flat extra rating. 4 See sample policy contract for full details, including the qualifications for the disbursement. Policy cash value and death benefit will decrease. Tax laws are subject to change. The payment of the disability benefit disbursement may affect the adjusted cost basis (ACB) of the policy as it is considered payment of a capital benefit. Changes in ACB can affect the future taxation of the policy.  5Subject to our administrative rules and guidelines in effect at the time of the disbursement

  10. Submission to Commission - How fast is it?