Payment Protection Coverage in Canada gives business owners and self-employed professionals a way to keep their loan or lease payments on track when life takes an unexpected turn. A serious illness, a sudden injury, or an involuntary job loss can hit anyone and when it does, your financial obligations don’t pause.

The statistics make the case clearly:

• up to 40% of working Canadians will experience a disability lasting longer than 90 days before age 65
• 42% will face unexpected job loss in the next decade
• 48% don’t believe they have enough savings to cover expenses if serious illness stops them from working

If you carry an active business loan or equipment lease, this coverage could be one of the most valuable add-ons you consider.

What Is Payment Protection Coverage?

Payment Protection Coverage steps in to make your loan or lease payments on your behalf when life takes an unexpected turn. Four qualifying events can trigger a claim: disability, critical illness, involuntary unemployment, death or accidental dismemberment.

When a qualifying event occurs, the insurer pays your scheduled loan or lease payments directly to the lender. Your financial obligation stays in good standing even when you can’t work. Some conditions apply, as outlined in your certificate of insurance.

Mintage Capital offers this coverage through TKM Group Ventures Inc., administered by Trans Global Insurance Company and Trans Global Life Insurance Company.

What Does the Coverage Include?

Four coverage options are available. You can select one or more based on your needs and budget. All options carry guaranteed issue no medical questions, no health clauses for Canadian residents between the ages of 18 and 64.

Life with Dismemberment Benefit

This benefit pays the outstanding balance of your loan or lease directly to the lender (up to $250,000) upon death or qualifying dismemberment. It covers both accidental and sickness or illness-related death. Equipment leases with a residual buyout value may also qualify. Some conditions may apply.

Disability Benefit

When injury or illness stops you from working, this benefit covers your monthly loan or lease payments (up to $6,000 per month) for up to 12 months per occurrence. It covers both accidental and sickness or illness-related disabilities, with no restrictions on back, neck, mental, nervous, or psychiatric conditions. Some conditions may apply.

Unlike WCB (Workers’ Compensation Board), there’s no requirement that the injury happen on the job. A weekend sports injury, a car accident, a sudden illness; if it puts you out of work, your loan or lease payments are covered, no matter where or how it happened.

Critical Illness Benefit

A qualifying critical illness diagnosis triggers this benefit, covering life-threatening cancer, heart attack, stroke, coronary artery bypass graft, kidney failure, or major organ transplant. Survive the diagnosis for at least 30 days and the insurer pays the outstanding balance of your loan or lease (up to $250,000). No medical questions are required to enroll. Some conditions may apply.

Involuntary Unemployment Benefit

Losing your job unexpectedly is stressful enough without your loan or lease payments falling behind. This benefit covers your monthly payments (up to $6,000 per month) for up to 12 months after involuntary job loss. Some conditions may apply.

A Valuable Option for Self-Employed Canadians

Self-employed individuals often assume payment protection isn’t available to them. This program includes a dedicated coverage option under the involuntary unemployment benefit and it’s one of the most overlooked features available.

Lose all your business contracts and find yourself unable to generate income? You may qualify for up to six months of covered loan or lease payments. Few programs in the market offer this level of protection for owner-operators.

Self-employed coverage carries its own eligibility requirements, including business operating history. Some conditions apply.

Who Is Eligible?

To qualify for Payment Protection Coverage, you must be a Canadian resident between the ages of 18 and 64, with an active loan or lease in place. Existing insurance coverage stays intact this program works alongside it.

Key eligibility highlights:

• No medical questions asked
• No good health clause
• Guaranteed acceptance and guaranteed issue
• No impact on any current insurance in place
• Available to both debtors and co-debtors where applicable

How Does Enrollment and Payment Work?

Enrolling is straightforward. Coverage applies to any active loan or equipment lease. Choose the options that fit your situation, and your certificate of insurance follows. To get a quote, visit the Payment Protection Quote Link and select Mintage Capital as your lender.

Two premium payment options are available:

• Monthly — your bank account is debited directly each month, independent of your loan or lease payment
• Single Pay — pay the premium in one lump sum, or include it within your underlying financial obligation

Choose the monthly option and go on claim? The insurer waives your premiums while paying your benefits so you never pay for coverage while collecting it. Not sure it’s right for you? A 30-day right of inspection applies. Cancel within the first 30 days and receive a full premium refund.

How Does This Connect to Equipment Leasing?

Finance equipment, commercial vehicles, machinery, technology, or other business assets, and your equipment lease payments qualify for the same protection as a traditional business loan.

Can’t work due to injury or illness? The equipment you’ve invested in stays protected and your lease obligations stay current. Payment Protection Coverage gives your financing an extra layer of security and one less thing to worry about during a difficult time.

Does This Replace My Existing Insurance?

Not at all, it works alongside it. Many Canadians carry life insurance or disability coverage through an employer or individual policy. Those plans rarely protect a specific financial obligation like a business loan or equipment lease. Payment Protection Coverage fills that gap directly.

Consider this: 91% of Canadians do not carry critical illness insurance. This type of protection is far less common than most people realize. Mintage Capital makes it accessible directly through the lending and leasing process.

Final Thoughts

A business loan or equipment lease is a commitment and every commitment is worth protecting. Payment Protection Coverage helps small business owners and self-employed professionals keep their financial obligations intact when life doesn’t go as planned. Focus on recovering. Your payments are handled.

➡ Get a Quote for Payment Protection Coverage