eligible policyholders of Equitable Life to access funds through insurance lending solutions of Equitable Bank, which include CSV Lines of Credit and the Immediate Financing Arrangement (IFA).
Mahima Poddar, Senior Vice President and Group Head of Personal Banking at Equitable Bank, expressed confidence over the partnership. She said, “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. 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.”
Donna Carbell, Senior Vice President Individual at Equitable Life, expressed delight over the partnership. “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”. She added, “This agreement allows qualifying Equitable Life participating whole life policyholders to access a collateral loan with Equitable Bank if they choose.”
The Insurance Lending Solutions portfolio of Equitable Bank comprises the CSV FLEX and CSV MAX Line of Credit products and the recently introduced Immediate Financing Arrangement (IFA) service. The comprehensive array of Insurance Lending products enables policyholders at all stages of life to take advantage of the income flow opportunities that are free of tax. An Equitable Bank Insurance Lending Solution can offer an alternative source of liquidity to the whole life policyholders to overcome the selling of investments or other liquid assets. The Equitable Bank website provides a complete list of partner insurers. Despite the fact that they have similar names, Equitable Bank and Equitable Life are not associated with one another.
