Equitable Bank announced July 14 that it has expanded its life insurance lending program with a new arrangement with Desjardins Insurance. This will allow qualifying Desjardins policyowners to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit.
The bank started its CSV line of credit with Canada Life as an approved carrier in 2018. On its website, the bank also lists Manulife, Sun Life, BMO Insurance, Empire Life and iA Financial Group as its approved carriers for CSV arrangements.
Equitable Bank says its CSV suite of products provides access “to innovative insurance solutions that give policyowners tax-free cash flow opportunities. An Equitable Bank CSV Line of Credit can provide whole life policyowners with an alternative source of liquidity rather than selling investments or other liquid assets.”
Damon Knights, Vice President of Sales and Distribution for Personal Banking at Equitable Bank, says the "exponential growth” of the bank’s CSV lending program “comes at a time when more and more Canadians are seeking out different ways to access capital for their everyday lives…With the addition of Desjardins Insurance – a trusted name in Canadian insurance – we're continuing to build a lending program that can meet the needs of more Canadians."
"This partnership allows Desjardins Insurance to expand its range of services to policyowners who would like to use their life insurance in order to carry out short-term projects," stated Yves L. Giroux, Vice-President - Multi-Network Business Development. "This arrangement will offer more options to our clients and an easier access to credit facilities."
