Equitable Bank has made another lending arrangement with a large Canadian life insurer that will allow policyholders to access funds through the bank’s cash surrender value (CSV) line of credit.
The bank started its CSV line of credit with Canada Life as an approved carrier in 2018, then Sun Life this past February. Now, Equitable has added Manulife to its list of approved carriers to make it easier for more Canadians to access capital.
A CSV line of credit is an option for Canadians to access capital through innovative insurance solutions that give policyholders tax-free cash flow opportunities. Options like a CSV line of credit are aimed at giving whole life policyholders an alternative source of liquidity rather than selling investments or other liquid assets.
CSV can free up cash
That could mean freeing up cash to plan for a dream home, supporting family, expanding a portfolio, planning for retirement, growing a business, or setting up an emergency fund.
"This is a big step forward for Wealth Solutions at Equitable as we have been able to materially broaden the reach of our creative lending solutions to more Canadians,” said Damon Knights, vice president of Sales and Distribution for Personal Banking at Equitable Bank.
“In just a few short months, we’ve expanded our lending program to cover most of the major insurers and in turn can reach thousands more Canadians who are looking for unique ways access the capital they need to live their lives fully." On its website, Equitable Bank lists its approved carrier for the CSV Line of credit. Out of the big three insurers, iA Financial Group, Empire Life and BMO Insurance also appear.
