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.
“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.