Equitable Bank announced Aug. 5 that qualifying Foresters Financial members will be able to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit.
Since launching the program in December 2018, the bank has expanded its program to include several insurers.
"Adding Foresters to our CSV lending program means we can continue to reach more Canadians who are looking for creative lending options," said Damon Knights, Vice President of Sales and Distribution for Personal Banking at Equitable Bank. "With most of the major insurers now on our list of partner insurers, we're changing the lending landscape in ways that allows Canadians to live their lives more fully. Foresters is an established and trusted name, and working together, we will undoubtedly bring greater value to our customers."
Equitable Bank says its CSV line of credit can provide whole life policyholders with an alternative source of liquidity rather than selling investments or other liquid assets.
"We are committed to offering a wide range of choices to our members," says Mike Aziz, Chief Distribution Officer, Canada Protection Plan, a Foresters Financial company. "And for those looking to access funds while keeping their policies in force, the Equitable Bank CSV Line of Credit provides an attractive option."
Equitable Bank's CSV Line of Credit suite is made up of its FLEX and MAX products. In addition to Foresters, Equitable’s list of insurance partners includes: Manulife, Sun Life, Canada Life, Desjardins Insurance, BMO Insurance, Empire Life and iA Financial Group.