Equitable collaborates with Desjardins to expand line of credit offering

Toronto-based Equitable Bank has expanded its cash surrender value (CSV) line-of-credit suite through an arrangement with Desjardins Insurance.

Qualifying whole-life policyholders with Desjardins can now apply for an Equitable CSV line of credit, allowing them tax-free access of up to 90% of the cash surrender value of their life insurance policies.

Equitable’s CSV lines of credit are a demand credit facility, which means Equitable can demand payment of all or part of the outstanding balance of a loan at any time. The outstanding balance must remain below 95% of the cash surrender value of a policy.

Equitable has partnered with a number of insurers for its CSV lines of credit. In February, the bank announced an arrangement with Sun Life.

“With the addition of Desjardins Insurance — a trusted name in Canadian insurance — we’re continuing to build a lending program that can meet the needs of more Canadians,” Damon Knights, Equitable’s vice-president of sales and distribution, personal banking, said in a release.

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