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2016/2017 Dividend Scale Announcement (français)

New Dividend Scale effective July 1, 2016

­Equitable Life's Board of Directors has approved a change to the dividend scale effective July 1, 2016. The dividend scale interest rate will change from 6.8% to 6.5%. The change will affect each series of policies differently.

  • Equimax Estate Builder® and Equimax Wealth Accumulator® policies are not affected.
    The policy loan portfolio on this newer series of participating whole life policies has grown materially since inception and is now large enough that the experience has more impact on the participating account returns for this series. This has offset the impact of declining yields.  As a result, there will be no change to the dividend scalesfor the Estate Builder or Wealth Accumulator series of participating whole life policies.  As this series of policies matures, the impact of policy loans is expected to be more stable over time.
  • All other participating whole life policies are affected.
    The policy loan portfolio in our older series of participating policies is mature and does not change as significantly from year to year.  Therefore, the decline in the dividend scale interest rate will generally result in a decrease to dividend scalesfor these series of participating whole life policies.

Find out more.

How will this change be communicated to policyholders?

Participating whole life policyholders will receive a notice of the dividend scale change with their annual policy statement. You can find a copy on Equitable Life's advisor site at www.equitable.ca/advisorhome

What else is changing?

The policy loan rate will decrease from 7.5% to 7.0% effective June 30, 2016. This applies to all new and existing policy loans, including automatic premium loans on Equimax® policies that have a policy number beginning with 300 followed by six digits. 

Will there be an update to the Equitable Life Sales Illustrations® system?

The Equitable Sales Illustrations system will be updated to reflect the new policy loan rate. The updated illustration software will be available for download after 9:00 a.m. EDT on May 19, 2016.