The new CSV Line of Credit will help Canadians
finance their retirement
TORONTO, Dec. 5, 2018 /CNW/ - Equitable Bank, a
wholly-owned subsidiary of Equitable Group Inc. (TSX: EQB and
EQB.PR.C), announced today the launch of its Cash Surrender Value
(CSV) Line of Credit that will give Canadians aged 50 and up
another way to fund their retirement.
Today, 22 million Canadians currently own some form of life
insurance, for a total coverage amount exceeding $4.3 trillion. As the aging population continues
to grow, so too will the value of life insurance coverage.
Equitable Bank estimates that the annual origination volume of life
insurance secured loans will grow to roughly $1 billion by 2023.
Through the Equitable Bank CSV Line of Credit, Canadians can
borrow up to 90 per cent of the cash surrender value of their
participating whole life insurance policy without making ongoing
payments and affecting the growth of their policy.
"Canadians' financial needs and personal retirement goals are
very diverse, so it just makes sense to offer them a variety of
funding options," says Andrew Moor,
President and Chief Executive Officer, Equitable Bank. "The
Equitable Bank CSV Line of Credit gives a growing Canadian
demographic financial flexibility to retire comfortably and pursue
their retirement dreams, whether that is supporting a business
venture or helping a loved one."
Equitable Bank's CSV Line of Credit is initially available to
Canadians aged 50 and over who have a whole life insurance
agreement with Great-West Life, London Life or Canada Life and
adequate cash surrender value available in their policy.
This line of credit allows aging Canadians to finance a variety
of needs, including expanding an investment portfolio, plans for
retirement, growing a small business or financial support for
family members as they go through life's important milestones.
"The number of financial tools available to Canadians to finance
their future is greater than ever," said Paul Desmarais III, Co-Founder and Executive
Chairman of Portag3 Ventures. "We're excited to partner with
Equitable Bank to help people easily get the most out of what is
traditionally an under-utilized asset – their life insurance
policy."
Equitable Bank's launch of its CSV Line of Credit follows the
release of the PATH Home Plan, a reverse mortgage solution. Both
are part of an effort to offer a wider range of solutions to help
aging Canadians maintain their financial security and
independence.
Visit equitablebank.ca/lines-of-credit/csv to learn more and
speak with a financial advisor or insurance broker to assess if the
Equitable Bank CSV Line of Credit is the right solution for
you.
About Equitable Group Inc.
Equitable Group Inc. is a
growing Canadian financial services business that operates through
its wholly‐owned subsidiary, Equitable Bank. Equitable Bank,
Canada's Challenger Bank™,
is the country's ninth largest independent Schedule I bank and
offers a diverse suite of residential lending, commercial lending
and savings solutions to Canadians. Through its proven branchless
approach and customer service focus, Equitable Bank has grown to
over $27 billion of Assets Under
Management. EQ Bank, the digital banking arm of Equitable
Bank, provides state‐of‐the‐ art digital banking services to more
than 66,000 Canadians. Equitable Bank employs more than 650
dedicated professionals across the country and is a 2019 recipient
of Canada's Best Employer Platinum
Award, the highest bestowed by AON. For more information about
Equitable Bank and its products, please visit equitablebank.ca.
SOURCE Equitable Bank