We always hope to avoid misfortune (accident, illness, disability), but when these events occur, the last thing you need is financial stress. You can buy peace of mind for a few dollars a month with credit insurance, available on mortgage loans, personal loans and lines of credit. Protect your greatest asset: yourself!
Discover how you can sleep soundly with credit insurance.
Protect your family and reduce stress
Illness and reduced income are very stressful factors. This will allow you to focus on your recovery without worrying about the financial well-being of your loved ones, knowing that they are protected.
Protect your credit rating
Late payments can lower your credit rating and thereby affect your ability to borrow in the future. You will no longer have to use other sources of financing to pay everyday expenses (credit cards, line of credit, etc.).
Protect your other insurance coverage
Each type of insurance has its role. Most workplace insurance pays between 60% and 70% of your salary and is meant to cover your basic everyday expenses. Private life insurance allows you to leave a legacy for your loved ones. The role of credit insurance is to protect your loans.
Protect your life plans
Do not tap into your RRSP or the savings you have set aside. These savings you have accumulated over the years for retirement, to send your children to university or to pay for a dream vacation remain available for your projects, not to pay your debts.
Maintain your family's standard of living
If your income is reduced due to illness or an injury that prevents you from working for a time, you may have to make sacrifices. Credit insurance will help your family maintain the standard of living to which it is accustomed.
Protect your loans
Insurance on mortgage loans, personal loans and lines of credit protects your credit and financial quality of life during a disability period. Proper coverage also helps to protect the financial interests of your loved ones in the event of death. You can have this peace of mind for just a few dollars a month!
Did you know that in the event of an accident or illness:
- Mortgage: With disability insurance, your mortgage payments are covered up to $2,500 per month for up to 24 months1* per disability.
- Personal loan: With disability insurance, your personal loan payments are covered up to $1,000 per month for up to 120 months2* per disability.
- Line of credit: With disability insurance, a percentage is paid out based on the nature of the disability, illness or accident up to $3,000 per month for up to 60 months2* per disability.
In the event of death:
- Mortgage loan, personal loan and line of credit: Life insurance3 is available to a maximum of $500,000 for all of the client's loans combined and covering up to nine persons (borrower, spouse, co-borrower, co-signer and/or shareholder). This insurance is payable on the covered loans upon the death of one of the insureds.
1 To be eligible, clients must be aged 18 to 64 inclusively. Coverage ends on the client's 66th birthday.
2 To be eligible, clients must be aged 18 to 59 inclusively. Coverage ends on the client's 65th birthday.
3 To be eligible, clients must be aged 18 to 69 inclusively. Coverage ends on the client's 75th birthday.
* Please note that disbursements begin 60 consecutive days (non-retroactive) following the start date of the disability for mortgage loans and 30 consecutive days (non-retroactive) for personal loans and lines of credit.
Legal note: This text is intended for information purposes. However, it has no contractual value. Only the contract related to this product can be used to settle legal matters.