TORONTO, Aug. 5, 2021 /CNW/ - Equitable Bank, Canada's Challenger Bank™, announced a new lending arrangement with Foresters Financial™ that will allow qualifying Foresters members to access funds through an Equitable Bank Cash Surrender Value (CSV) Line of Credit.
By joining forces with Foresters, Equitable further expands its life insurance lending program to make it easier for more Canadians to access capital.
"Adding Foresters to our CSV lending program means we can continue to reach more Canadians who are looking for creative lending options," said Damon Knights, Vice President of Sales and Distribution for Personal Banking at Equitable Bank. "With most of the major insurers now on our list of partner insurers, we're changing the lending landscape in ways that allows Canadians to live their lives more fully. Foresters is an established and trusted name, and working together, we will undoubtedly bring greater value to our customers."
"We are committed to offering a wide range of choices to our members," says Mike Aziz, Chief Distribution Officer, Canada Protection Plan, a Foresters Financial company. "And for those looking to access funds while keeping their policies in force, the Equitable Bank CSV Line of Credit provides an attractive option."
The CSV suite of products provides access to innovative solutions that give policyholders an option for tax-free cash flow opportunities1. With flexible options provided via trusted lending arrangements -- like this one with Foresters -- Canadians have more choices than ever to think about the life they want to be living. An Equitable Bank CSV Line of Credit can provide whole life policyholders with an alternative source of liquidity rather than selling investments or other liquid assets.
Equitable Bank's CSV Line of Credit suite is made up of the FLEX and MAX products. Visit www.equitablebank.ca/lines-of-credit/csv to learn more and connect with your financial or insurance advisor to decide if the Equitable Bank CSV Line of Credit is the right solution for you. A full list of partner insurers can be found on the Equitable Bank website.
1 Based on current tax laws and subject to each individual's specific situation. This is not tax advice. Individuals are encouraged to engage their own financial and/or legal professionals for providing such advice.
About Equitable Bank Wealth Solutions
Equitable Bank offers a suite of solutions tailored to individual clients' financial needs, for every stage in life. From a wide range of Canadian and U.S. dollar deposit products, including short- and long-term GICs, one-year cashable GICs, and high interest savings accounts, to asset decumulation through reverse mortgages and CSV lines of credit, Equitable helps investor clients reduce portfolio volatility, grow savings, and find solutions that work for them.
Equitable Group Inc. trades on the Toronto Stock Exchange (TSX: EQB and EQB.PR.C) and serves nearly three hundred thousand Canadians through Equitable Bank, Canada's Challenger Bank™. Equitable Bank has grown to become the country's eighth largest independent Schedule I bank with a clear mandate to drive real change in Canadian banking to enrich people's lives. Founded over 50 years ago, Equitable Bank provides diversified personal and commercial banking and through its EQ Bank platform (eqbank.ca) has been named #1 Bank in Canada on the Forbes World's Best Banks 2021 list. Please visit equitablebank.ca for details.
Foresters Financial is quietly redefining the life insurance and individual savings industry across the U.S., Canada and UK by enriching the lives, communities, and overall well-being of its members. Agents and members alike appreciate the turnkey-decisioned product offerings and end-to-end digitized processes that make it easy to get life insurance without traditional medical exams. State-of-the-art mobile tools help agents deliver tailored plans to prospective and current members. Dedicated to its members' well-being, Foresters offers a suite of member benefits and is redefining the conventional life insurance model, bringing improved financial security and overall wellness to everyday North American families. Foresters recently merged with Canada Protection Plan to become a leading life insurance distributor in Canada. Foresters Financial is the trade name for The Independent Order of Foresters, the oldest non-denominational fraternal benefit society. For 20 straight years, The Independent Order of Foresters has received an "A" (Excellent) rating from A.M. Best.2
For information purposes only.
™Foresters Financial, Foresters, and Helping Is Who We Are are trade names and/or trademarks of The Independent Order of Foresters (a fraternal benefit society, 789 Don Mills Rd, Toronto, Canada M3C 1T9) and its subsidiaries.
Canada Protection Plan is a trademark of Canada Protection Plan Inc.
2 The A.M. Best ratings assigned on August 5, 2020 reflect overall strength and claims-paying ability of The Independent Order of Foresters (IOF). An "A" (Excellent) rating is assigned to companies that have a strong ability to meet their ongoing obligations to policyholders and have, on balance, excellent balance sheet strength, operating performance and business profile when compared to the standards established by A.M. Best Company. A.M. Best assigns ratings from A++ to F, A++ and A+ being superior ratings and A and A- being excellent ratings. In assigning the ratings for IOF, A.M. Best stated that the rating outlook is "stable", which means it is unlikely to change in the near future. See ambest.com for our latest ratings.
SOURCE Equitable Bank