Equitable Bank expands its life insurance loan program with the addition of Equitable Life as an insurer partner

TORONTO, March 22, 2022 /PRNewswire/ – Equitable Bank, from Canada Challenger Bank™, continues to expand its life insurance lending program, announcing today that it has entered into a new loan agreement with Equitable Life of Canada which will allow eligible Equitable policyholders to access funds through Equitable Bank’s insurance lending solutions, which include RV Lines of Credit and Immediate Financing Arrangement (IFA ).

“Adding Equitable Life to our insurance lending program strengthens our program as a whole and positions our team to expand our reach across Canada through advisors and financial planners,” said Mahima Poddar, Senior Vice President and Group Head, Retail Services, Equitable Bank. “Over the past year, we have steadily added major insurers to our roster of partners, which has helped us reshape the options Canadians have when it comes to accessing cash through whole life insurance policies. With the addition of the trusted Equitable Life brand to our list of insurer partners, we are making it even easier for many Canadians to include insurance loans in their financial planning toolkits. »

“We are delighted to partner with Equitable Bank to offer more lending choices to our customers. Clients can use the cash 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 eligible Equitable Life participating whole life policyholders to access a secured loan from Equitable Bank if they wish.”

Equitable Bank’s portfolio of insurance lending solutions 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 loan products provides access to innovative solutions that provide policyholders at all life stages with tax-free cash flow opportunities. An Equitable Bank insurance loan solution can provide whole life policyholders with an alternative source of cash rather than selling investments or other liquid assets. The complete list of partner insurers is available on Equitable Bank website.

Despite having similar names, Equitable Bank and Equitable Life are not affiliated with each other.

About Equitable Bank Wealth Management Solutions
Equitable Bank offers a suite of solutions tailored to the financial needs of every customer, at every stage of life. From a wide range of Canadian and U.S. dollar deposit products, including short-term and long-term GICs, one-year cashable GICs and high-interest savings accounts, to asset decumulation through Through Reverse Mortgages and Insurance Loans (Equity Lines of Credit and Immediate Financing Arrangements), Equitable helps its investor clients reduce portfolio volatility, grow their savings and find solutions that work for them. agree.

About Equitable Bank
Equitable Group Inc. trades on the Toronto Stock Exchange CEQ EQB.PR.C and EQB.R))) and serves more than 325,000 Canadians through its wholly owned subsidiary Equitable Bank, from Canada 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 offers diversified banking services to individuals and businesses and, through its EQ Bank platform (eqbank.ca), has been named the #1 bank in Canada on Forbes World’s Best Banks 2021 list. Please visit equitablebank.ca for details.

About Equitable Living Canada®
Canadians have turned to Equitable Life® since 1920 to protect what matters most. Equitable Life works with independent advisers across Canada to offer individual insurance, savings and retirement and group benefits solutions that 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 offers different financial security, focusing exclusively on customers. This enables Equitable Life to develop management strategies that promote prudent long-term growth, continuity and stability. Equitable Life is committed to delivering on its commitments to its clients – now and in the future. www.equitable.ca

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SOURCE Equitable Bank

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