A newly announced partnership allows even more Canadians to unlock liquidity from their life insurance policies
Equitable Bank has announced a new partnership to expand its CSV Line of Credit program.
Through a newly forged arrangement with the Empire Life Insurance Company, Equitable Bank is allowing Empire Life policy owners to borrow up to 90% of their life insurance policy’s cash surrender value without making ongoing payments and affecting the growth of their policy.
“We are pleased that more and more well established insurance providers such as Empire life are recognizing the value in our CSV lending products,” said Equitable Bank president and CEO Andrew Moor. “Empire's vision of being Canada's most convenient insurance and investment company is both admirable, and one we can relate to as Canada's Challenger Bank."
Launched in December, the bank’s line of credit program was originally made available to clients of Canada Life, which at the time included the Great West Life and London Life brands; more recently, the program was opened to clients of BMO Insurance.
To be eligible for the offering, policyholders must own whole life insurance policies that they obtained from a partnered insurer, and the policy’s cash surrender value must be adequate to secure a loan.
“We are constantly looking for ways to better serve our customers" says Mike Stocks, VP and Chief Marketing Officer, Retail at Empire Life. “[T]he Equitable Bank CSV Line of Credit provides a great option for those who are looking to access capital while simultaneously allowing their policies to keep growing.”
