Taking out a policy loan

Loan Request Form &
Sample Form For Reference

Download Loan Request Form


Download Sample Form


Download Loan Repayment Commitment Form

FILLING OUT A POLICY LOAN FORM

1. Download the policy loan form and print it. 

2. Write your policy number and your name on the form.

3. Check your Client Access Account to check your loan available amount. Write the amount you wish to loan on the form. The minimum amount for your loan request to be processed is $500. If you wish to take out the maximum loan amount, you may also write “maximum loan amount available” on the form instead of a number.

4. Write your social insurance number, sign and date the form. Please note that Equitable Life requires a fresh wet ink signature each time. Please do not sign the form electronically or use photocopied signed forms. Doing these will result in processing delays.

5. There are two ways to receive the funds: through direct deposit or by a mailed cheque. Please note that for policy loans above $50,000, Equitable Life is not able to do direct deposit and will mail a cheque by default.
a. If you prefer a cheque, please write your mailing address.
b. For direct deposit, you may write “please direct deposit funds into the attached account” and submit a void cheque together with the form.
c. If Equitable Life has your existing banking information on file, you may skip attaching a void cheque and write “please direct deposit funds into the account on file. Please make sure that your banking information is updated on all the policies that you own if you are going with this option.

6. The Pre- Authorized Loan Repayment Option is only available for monthly premium payors. Equitable Life can add loan repayments to your existing Pre-Authorized Debit Plan. On the form, indicate the monthly repayment amount you wish to
pay and specify a start date. If you are on annual premiums, please see our Loan Repayment Guide.

7. Scan and send the form and void cheque if applicable to either inforcelifemail@equitable.ca or customer-service@equitable.ca. The average processing time for loans is 3-7 business days. If you have not received your loan after the 7th business day, please call Equitable Customer Service at +1800-668-4095.