March 22, 2022 - TORONTO, March 22, 2022-- Equitable Bank, Canada's Challenger Bank™, continues to grow its life insurance lending program, announcing today that it has entered into a new lending arrangement with Equitable Life of Canada that will allow qualifying Equitable Life policy owners to access funds through Equitable Bank’s insurance lending solutions, which include CSV Lines of Credit and the Immediate Financing Arrangement (IFA).
“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,” said Mahima Poddar, Senior Vice President and Group Head of Personal Banking at Equitable Bank. “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.”
“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,” says Donna Carbell, Senior Vice President Individual at Equitable Life. “This agreement allows qualifying Equitable Life participating whole life policyholders to access a collateral loan with Equitable Bank if they choose.”
Equitable Bank’s Insurance Lending Solutions portfolio includes the CSV FLEX and CSV MAX Line of Credit products, as well as the recently launched Immediate Financing Arrangement (IFA) offering. The full suite of Insurance Lending products provides access to innovative solutions that give policyholders of all stages of life tax-free cash flow opportunities. An Equitable Bank Insurance Lending Solution can provide whole life policyholders with an alternative source of liquidity rather than selling investments or other liquid assets. A full list of partner insurers can be found on the Equitable Bank website.
Despite similar names, Equitable Bank and Equitable Life are not affiliated with one another.
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About Equitable Bank Wealth Solutions
Equitable Bank offers a suite of solutions tailored to individual clients' financial needs, for every stage in life. From a wide range of Canadian and U.S. dollar deposit products, including short- and long-term GICs, one-year cashable GICs, and high interest savings accounts, to asset decumulation through reverse mortgages and insurance loans (CSV lines of credit & Immediate Financing Arrangements), Equitable helps investor clients reduce portfolio volatility, grow savings, and find solutions that work for them.
About Equitable Bank
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX: EQB, EQB.PR.C and EQB.R) and serves more than 325,000 Canadians through its wholly-owned subsidiary Equitable Bank, Canada's Challenger Bank™. Equitable Bank has a clear mandate to drive change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) has been named #1 Bank in Canada on the Forbes World's Best Banks 2021 list. Please visit equitablebank.ca for details.
About Equitable Life of Canada®
Canadians have turned to Equitable Life® since 1920 to protect what matters most. Equitable Life works with independent advisors across Canada to offer individual insurance, savings and retirement, and group benefits solutions to meet your needs. Equitable Life is not your typical financial services company. Equitable Life has the knowledge, experience, and ability to find solutions that work for you. As a mutual Equitable Life provides financial security differently, by focusing exclusively on clients. This allows Equitable LIfe to develop management strategies that foster prudent long-term growth, continuity, and stability. Equitable Life is dedicated to meeting its commitments to clients – now and in the future. www.equitable.ca
