Equitable Bank announced this week that it has a new partnership with BMO Insurance. Through Equitable Bank, BMO Insurance whole life policy owners can obtain cash surrender value (CSV) lines of credit.
Equitable Bank says eligible policyholders can borrow up to 90 per cent of the CSV of their insurance policies “without making ongoing payments and affecting the growth of their policy.”
"We are excited to be adding another reputable insurance provider to our CSV product suite," says Andrew Moor, President and Chief Executive Officer, Equitable Bank. "We look forward to working closely with advisors who are contracted with BMO Insurance to further build out our CSV lending product line, and to ensure that their clients' financial needs are being sufficiently met."
Equitable Bank's CSV Line of Credit is currently available to Canadians aged 50 and over who have a whole life insurance policy with a partnered insurer, and adequate cash surrender value available in their policy to secure a loan.
"An individual's life insurance policy is a strong, and often underutilized retirement planning asset," said Steve Cooney, Senior Vice President, Head of Individual Life and Annuities, of BMO Insurance. "We are pleased to be able to offer the Equitable Bank CSV Line of Credit to our whole life insurance policy owners as a means to help them realize their financial goals."
To learn more about the bank’s CSV lines of credit, read this article: Equitable Bank launches line of credit backed by life-insurance.