Empire Life whole life policy owners will now be able to access funds through an Equitable Bank cash surrender value (CSV) line of credit.
Equitable Bank, a wholly owned subsidiary of Toronto-based Equitable Group Inc., has a new partnership with Kingston, Ont.-based Empire Life Insurance Company: Empire Life policy owners can borrow up to 90% of their insurance policies’ CSVs through an Equitable Bank CSV line of credit.
Equitable Bank CSV lines of credit are now available to Canadians aged 50 and over who have whole life insurance policies with partnered insurers, and adequate CSVs in their policies to secure loans.
Last December, Equitable Bank’s CSV line of credit was initially available to clients with whole life policies with Great-West Life Assurance Co., London Life and Canada Life.
“We are pleased that more and more well-established insurance providers such as Empire Life are recognizing the value in our CSV lending products,” Andrew Moor, Equitable Bank’s president and CEO, said in a release.