The new partnership will enable Empire Life Whole Life Policy Owners to access funds through an Equitable Bank CSV Line of Credit
TORONTO, Sept. 3, 2019 /CNW/ - Equitable Bank, a wholly-owned subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C), announced a new partnership with The Empire Life Insurance Company (Empire Life) today. Through the Equitable Bank CSV Line of Credit, Empire Life policy owners can borrow up to 90 per cent of the cash surrender value of their insurance policies without making ongoing payments and affecting the growth of their policy.
"We are pleased that more and more well established insurance providers such as Empire life are recognizing the value in our CSV lending products" says Andrew Moor, President and Chief Executive Officer, Equitable Bank. "Empire's vision of being Canada's most convenient insurance and investment company is both admirable, and one we can relate to as Canada's Challenger Bank."
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.
"We are constantly looking for ways to better serve our customers" says Mike Stocks, VP and Chief Marketing Officer, Retail at Empire Life "and the Equitable Bank CSV Line of Credit provides a great option for those who are looking to access capital while simultaneously allowing their policies to keep growing."
Visit equitablebank.ca/lines-of-credit/csv to learn more and speak with a financial advisor or insurance advisor 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 BankTM, 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 approximately $31 billion of Assets Under Management. EQ Bank, the digital banking arm of Equitable Bank, provides state-of-the-art digital banking services to over 85,000 Canadians and has an awarding winning mobile app. The EQ Bank Savings Plus Account reimagines banking for Canadians by offering the functionality of a chequing account to perform daily banking with ease, as well as a great everyday interest rate – currently 2.30% – to help transactional balances grow into bigger savings. From unlimited Interac® e-Transfers and bill payments to payroll deposits and no monthly fees, everyday banking is now a richer prospect for Canadians. Equitable Bank employs over 800 dedicated professionals across the country and is a 2019 recipient of Canada's Best Employer Platinum Award, the highest bestowed by AON Hewitt. For more information about Equitable Bank and its products, please visit equitablebank.ca.
About Empire Life
Established in 1923 and a subsidiary of E-L Financial Corporation Limited, Empire Life provides individual and group life and health insurance, investment and retirement products to Canadians. The company's mission is to make it simple, fast and easy for Canadians to build wealth, generate income, and achieve financial security. As of June 30, 2019, Empire Life had total assets under management of $17.8 billion. Follow us on social media @EmpireLife or visit www.empire.ca for more information.
SOURCE Equitable Group Inc.
For further information: about Empire Life insurance products, visit empire.ca or lifeandmoneymatters.empire.ca to find an advisor who can help.