The E-CLIPTM Plan is a simple and sensible way to unlock the value from your in-force life insurance policy and turn it into cash to help you afford or enhance your care needs.
An E-CLIPTM Plan is a series of cash payments made to you or directly to your home care provider and secured by the equity in your life insurance policy.
The E-CLIPTM Plan is designed exclusively for elder care residents aged 70 and older. This age qualification applies to both you and your spouse.
You can receive benefits of up to 70% of the face value of your life insurance policy. The specific amount is based on your age, gender, type and terms of your in-force life insurance policy. Click Here and confidentially submit your personal particulars to get an indication of how much you could qualify for from the equity in your life insurance policy.
You can choose the program that suits you best. Fixed or variable rate options are available. E-CLIPTM Plan offers a range of different financing alternatives, so you can choose the program that best suits you.
You receive the money tax-free. The cash advanced is a loan. As such, it is not added to your taxable income so it doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
You keep all the equity remaining in your life insurance policy. Your E-CLIPTM Plan can be repaid at any time. The advances and accrued obligations from your E-CLIPTM Plan become fully due and payable only upon your death out of the proceeds from your life insurance policy.
Your estate is well protected. We guarantee that the amount to be repaid will never exceed the face value of your life insurance policy.
No matter what, a minimum of 20% of your policy’s payout value will go to your heirs or estate.