Equitable Bank provides Sun Life policyholders with access to CSV line of credit
Equitable Bank has made a new lending arrangement that will allow qualifying Sun Life policyholders to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit.
A CSV line of credit is an option for Canadians to access capital. This suite of products provides access to insurance solutions that give policyholders tax-free cash flow opportunities.
"By expanding our CSV offerings through Sun Life, we're able to meet the needs of more Canadians who are looking for unique ways to pursue more of life's opportunities," said Mahima Poddar, group head and Senior Vice President of Personal Banking at Equitable Bank. "We are continually looking for new ways to provide smarter benefits that bring greater value to our end customers."
CSV can provide financing alternative to Sun Life whole life policyholders
An Equitable Bank CSV Line of Credit can provide whole life policyholders with an alternative source of liquidity rather than selling investments or other liquid assets. Whether it's planning for a home, supporting family, expanding a portfolio, planning for retirement, growing a business, or setting up an emergency fund, a CSV line of credit can help offset expenses as they come up.
"Equitable Bank's CSV Line of Credit suite will bring Sun Life clients even more customized insurance solutions to meet their unique needs,” said Dean Chambers, vice president, Insurance Management, Sun Life. “Sun Life continues to innovate for our clients to help deliver on our purpose of helping Canadians achieve lifetime financial security and live healthier lives.”
Equitable Bank's CSV Line of Credit suite is made up of two products. Its CSV FLEX Line of Credit offers access to tax-free cash while the policy continues to grow, with no need to make interest payments. This option allows borrowers to access up to 90 per cent maximum of the cash surrender value of the policy. The Equitable Bank CSV MAX Line of Credit also offers access to tax-free cash while the policy continues to grow. Borrowers are eligible for credit limits totalling 90 per cent of the cash surrender value of the policy, provided that monthly interest payments are made.