Line of Credit protection insurance* is a safety net for the unexpected and helps to protect you from defaulting on your payments if your ability to earn income is impacted by illness, disability or death. Enrolment is easy with no health questions or medical underwriting required up to $50,000 of coverage. Premiums are based on the average daily balance of the line of credit for the previous month.
Coverage pays the outstanding insured balance of your line of credit as of the date of death.
Coverage will pay 3% of your insured outstanding balance, up to $3,000 for a maximum of 60 months per claim if you become totally disabled.
Coverage pays the outstanding insured balance of your line of credit as of the date of critical illness diagnosis.
Loan protection insurance* provides protection for your borrowed money to help keep your finances in order. Enrolment is easy with no health questions or medical underwriting required. You pay one, up front premium at the time your loan is approved, and the premium can be financed in the loan and paid as part of the loan payment.
Coverage is available up to $90,000 and pays the outstanding insured balance of your loan as of the date of death.
Coverage will pay your monthly loan payment up to a maximum of $1,500 per month for a maximum of 72 months per claim if you become totally disabled.
Coverage is available up to $90,000 and pays the outstanding insured balance of your loan as of the date of critical illness diagnosis.
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*The details of this insurance product, including important exclusions, restrictions and limitations on the coverage and benefits payable, are contained in the Certificate of Insurance which you will receive when you apply.
Creditor's group insurance is optional and is underwritten by Co-operators Life insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS services Incorporated, a subsidiary of Co-operators Life insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of insurance for full Coverage details.