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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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FDIC-Insured - Backed by the full faith and credit of the U.S. Government

Insurance Line of Credit

If you need quick access to funds, our interest-only, revolving Insurance Line of Credit* is a great option for both personal and business needs. You can easily borrow against the cash value of a whole life insurance policy.

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Explore Possibilities with Provident

Features & Benefits Include:

  • A streamlined application process
  • Monthly, interest-only payments on outstanding principal balance
  • Interest may be tax-deductible1
  • Flexible payment options such as, but not limited to: ACH, auto pay, checks, wires
  • Multiple policies can be combined and used as collateral for a single line of credit
  • No credit obligation will be reported on the borrower’s credit report2

Structure & Pricing: 

  • Line of Credit up to 97% of the cash surrender value of the Whole Life Insurance Policy3
  • Term: 5 Years
  • Lines starting at $80,000 up to $10 million (larger lines considered upon request)
  • Competitive interest rates
  • Policy must be in effect for at least 6 months4
  • Ability to increase the credit line during the term5
  • Loans may be eligible to qualified borrowers with eligible life insurance policies, including individual owned or trust owned policies6

Accessing Funds: 

  • Funds can be easily accessed by writing a check or scheduling a wire transfer
  • Monitor your account activity using ProvidentConnect Online Banking and Mobile Banking

Use Your Funds For: 

Personal needs such as

  • Short or long term financial needs
  • Consolidating expenses or managing cash flow
  • Maintaining flexibility for further plans

Business needs such as

  • Working capital
  • Business purchases or acquisitions
  • Recapitalization

Eligible Insurance Carriers7: 

Whole life insurance policy must be issued by one of the following approved insurance carriers to be eligible as collateral: Guardian Life, New York Life, MassMutual, Metropolitan Life, John Hancock, Northwestern Mutual, Brighthouse Financial, Penn Mutual, AuguStar Life (formerly Ohio National Life Insurance Company), and Pacific Life.

Our Insurance Line of Credit Experts

Justin Delle Donne

Justin Delle Donne, Team Leader

  • Phone NumberPHONE973.440.5652
EMAIL ME
Divya Sheel

Divya Sheel, Relationship Manager

  • Phone NumberPHONE973.433.6995
EMAIL ME

Everyday Tools for Your Business

ProvidentConnect for Business

Securely manage your accounts with ease through ProvidentConnect for Business Online Banking.

Learn More

Mobile Banking for Business

Bank anywhere, anytime with our mobile app. Enjoy secure, convenient access to your business accounts.

Learn More

Treasury Management

Run your business more efficiently, more profitably, and with more cash flow management control.

Learn More

Frequently Asked Questions

Disclosures

*This line of credit is available to individuals, trusts and eligible entities. This product can be used for both business and consumer purposes, subject to applicable laws and disclosures.

1Consult your Financial Advisor or accountant.

2Only credit inquiry from Provident Bank will appear on a borrower’s credit report.

3Line is contingent on the life insurance policy remaining in good standing and subject to credit approval & underwriting.

4Unless policy was a Section 1035 Exchange.

5Based upon cash surrender value of insurance policy(s).

6Assignment and loan documents must be completed by all policy owners. If the Trust is the policy owner, the trustee(s) must execute assignment & loan documents. No business owned or corporate owned policies.

7Provident Bank is not affiliated with nor endorses any specific insurance company.