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New Dividend Scale effective July 1, 2019

Equitable Life's® Board of Directors has approved a change to the dividend scale effective July 1, 2019 to June 30, 2020.

  • The dividend scale interest rate* will change to 6.2% (from 6.35%) as the sustained low interest rate environment has continued to put downward pressure on the experience in the participating account.

  • The expense factors have been improved due to reduced operating costs.

  • The mortality component will remain unchanged.

  • The interest rate for dividends left on deposit will remain unchanged at 2.75% for all participating whole life policies.

  • The policy loan rate will decrease to 6.70% (from 6.85%) effective June 28, 2019. 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. The policy loan rates on some older blocks of policies may increase because they are tied to the prime interest rate, which can also increase.

*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.

Total dividend payments to policyholders from July 1, 2019 to June 30, 2020 are expected to increase to approximately $38.4 million compared to $29.8 million for the same period in 2018/2019.

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 24, 2019.

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® denotes a trademark of The Equitable Life Insurance Company of Canada.