Bank announces new agreement to expand partners to life insurance lending program
Equitable Bank, Canada's Challenger Bank, has announced that it has entered into a new lending agreement with Equitable Life of Canada.
Under the agreement, qualifying Equitable Life policy owners will be able to access funds possible through Equitable Bank's insurance lending solutions, which include CSV Lines of Credit and the Immediate Financing Arrangement (IFA).
"Adding Equitable Life to our Insurance Lending Program strengthens our program overall and positions our team to expand our reach across Canada via Advisors and Financial Planners," said Mahima Poddar, Senior Vice President and Group Head of Personal Banking at Equitable Bank.
Poddar said that Equitable Bank has steadily added major insurers to their roster of partners over the last year, allowing it to alter the options available to Canadians when it comes to accessing liquidity through whole life insurance plans. This move makes it even easier for many Canadians to include insurance lending in their financial planning toolkits with the addition of the trusted Equitable Life brand to the bank’s partner insurer list.
"We are excited to partner with Equitable Bank to offer more lending choices for our clients. Clients can use the cash surrender value of their participating whole life insurance policy as collateral for a tax-free bank loan," Donna Carbell, Senior Vice President Individual at Equitable Life, stated. "This agreement allows qualifying Equitable Life participating whole life policyholders to access a collateral loan with Equitable Bank if they choose."
The CSV FLEX and CSV MAX Lines of Credit, as well as the recently released Immediate Financing Arrangement (IFA), are part of Equitable Bank's Insurance Lending Solutions portfolio. The comprehensive spectrum of Insurance Lending products gives policyholders at all stages of life access to innovative solutions that provide tax-free income flow opportunities.
Rather than selling stocks or other liquid assets, an Equitable Bank Insurance Lending Solution can provide whole life policyholders with an alternative source of liquidity.
