Looking for ways to enhance the retirement income for existing clients?

Whole Life Collateral loans are now available from TD. TD Bank will accept applications for collateral loans for up to 90% of the cash surrender value of your client's whole life policy, to a maximum of $450,000, for a low rate of Prime + 1.25%.

Stay tuned for marketing material and updated illustration software to help you promote this new loan program with your existing clients.

WHAT DOCUMENTS ARE REQUIRED?

1. Completion of the TD loan application which includes the following forms:
• TD ILS loan application - form #529890
• TD ILS loan and security agreement - form #529916
• TD ILS disclosure statement - form #511560
• TD ILS designation of irrevocable beneficiary for Quebec only - form #511546
• Not required: The Pledge Letter – form #511568, which is included in the TD loan kit is not required for collateral loans on a whole life insurance policy.
2. A copy or printout of the whole life insurance policy. Note: The original policy is required in Quebec. Copies or printouts are not sufficient.
3. A letter of direction with instructions for the funds once loan is approved.

The TD Investment Loan Forms Tip Sheet offers tips on how to complete the above forms.