" class="no-js "lang="en-US"> Equitable Bank expands life insurance lending program
Thursday, June 13, 2024

Equitable Bank expands life insurance lending program with addition of Equitable Life as partner insurer

Equitable BankCanada’s Challenger Bank™, continues to grow its life insurance lending program, announcing today that it has entered into a new lending arrangement with Equitable Life of Canada that will allow qualifying Equitable Life policy owners to access funds 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. “Over the past year, we’ve steadily added major insurers to our list of partners, helping us reshape the options that Canadians have when it comes to accessing liquidity via whole life insurance policies. With the addition of the trusted Equitable Life brand to our partner insurer roster, we’re making it even easier for many Canadians to include insurance lending in their financial planning toolkits.”

“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,” says Donna Carbell, Senior Vice President Individual at Equitable Life. “This agreement allows qualifying Equitable Life participating whole life policyholders to access a collateral loan with Equitable Bank if they choose.”

Equitable Bank’s Insurance Lending Solutions portfolio includes the CSV FLEX and CSV MAX Line of Credit products, as well as the recently launched Immediate Financing Arrangement (IFA) offering. The full suite of Insurance Lending products provides access to innovative solutions that give policyholders of all stages of life tax-free cash flow opportunities. An Equitable Bank Insurance Lending Solution can provide whole life policyholders with an alternative source of liquidity rather than selling investments or other liquid assets.

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