Securing an IRP Line of Credit with Manulife Bank
The Insured Retirement Program (IRP) is a financial planning strategy designed to meet your client’s dual need for insurance protection today and a supplement to retirement income in the future. When your client needs the retirement income, they use their insurance policy to secure a loan, structured as an IRP line of credit from Manulife Bank.
Advisors frequently ask: “What does my client need to do to secure an IRP Line of Credit from Manulife Bank?”
To secure an IRP line of credit, the client must first sign the IRP illustration and consumer guide. This could have been completed at the time of sale or while the policy has been inforce. If these documents have not been signed, advisors will need to take the following steps:
How to get the Inforce IRP illustration & Consumer Guide:
The advisor requests an inforce product illustration through Repsource.
o (refer to - Does your client want to access the cash value of their inforce life insurance policy?)
The inforce support team will send the information to Advanced Sales along with the IRP instructions. The IRP illustration is returned to the advisor for review with the client and signatures.
The consumer guide can be secured off Repsource (Form# MK1296)
Note: For Corporate IRP applications the process is the same, except use the Corporate IRP consumer guide (Form #MK1297)
Applying for the IRP/CIRP Line of Credit with Manulife Bank
When your client is ready to apply for the IRP line of credit with Manulife Bank, there are forms and requirement specific to the bank. Information regarding this process can be found on Repsource under Banking ? Loans ? IRP, or by calling Manulife Bank Advisor Sales Support at 1-800-567-9170 or your Manulife Bank Representative. Review Manulife Bank’s IRP loan information: Insured Retirement Program Line of Credit
Once Manulife Bank has approved the IRP application, the collateral assignment is recorded on the applicable life insurance policy. It is important your clients understand the implications of a collateral assignment on the policy.
Updated June 2018