Payment Protection Coverage
What is Payment Protection Coverage?
A Payment Protection Benefit is triggered upon the occurrence of an unexpected life event to make the payment on an outstanding lease or loan.
Payment Protection is available for NEW and EXISTING loans/leases (Conditions may apply).
Coverage Options:
Life Benefit
The balance owing at date of death is paid to the creditor. This provides your family with an asset as opposed to a liability.
Full Details:
- Guaranteed Issue up to $250,000
- Life Benefit covers both accidental and sickness/ illness related deaths
Life with Accidental Disability
- Guaranteed Issue up to $250,000 for Life Coverage
- Guaranteed Issue up to $6,000 per month for Disability Coverage
- Qualified clients can obtain up to $6,000 per month of Accidental Disability Coverage
- Life Benefit covers both Accidental & Sickness/ Illness related deaths
- Accidental Disability covers accident only related disabilities for a maximum of 6 month benefit
Disability Benefit
Accidents and illnesses are a part of life; they can happen to anyone at any time.
- If eligible, your monthly payment is made on your behalf during the selected term of coverage
- Allows you to maintain your credit rating
- Monthly benefit up to $6,000 per month
- Eligibility up to age 65
Full Details:
- Guaranteed Issue up to $6,000 per month
- Qualified clients can obtain up to $6,000 per month of Disability Coverage for a term of 6 months, 12 months, or 24 months provided their age does not exceed 65
- Accidental & Sickness/ Illness related disabilities are covered
- Available on a “Stand-Alone Basis” (i.e. not required to take Life Coverage in order to obtain Disability Coverage Protection)
- 30-Day Elimination offered:
30-Day Elimination ─ Provides protection after a waiting period of 30 days. Customer must be disabled for 30 consecutive days and the benefit paid on day 31.
Critical Illness Benefit
(only available in conjunction with the purchase of Life Coverage)
Provides a payment if you are diagnosed with a covered critical illness and survive for at least 30 day
Full Details:
- Guaranteed Issue up to a maximum of $6,000 per month
- Maximum benefit of $18,000
- Critical Illness covers Life Threatening Cancer, Heart Attack, Stroke, Coronary Artery Bypass Graft, Kidney Failure and Major Organ transplant.
Involuntary Unemployment Benefit
Unemployment coverage is available for both employed and self employed applicants (*conditions may apply – please speak to our representative for more information).
- Guaranteed Issue up to $6,000 per month.
- Involuntary Unemployment covers job loss up to 12 months per occurrence.
- Monthly Pay Option includes premium waiver benefit
Life Benefit
The balance owing at date of death is paid to the creditor. This provides your family with an asset as opposed to a liability.
Full Details:
- Guaranteed Issue up to $250,000
- Life Benefit covers both accidental and sickness/ illness related deaths
Life with Accidental Disability
- Guaranteed Issue up to $250,000 for Life Coverage
- Guaranteed Issue up to $6,000 per month for Disability Coverage
- Qualified clients can obtain up to $6,000 per month of Accidental Disability Coverage
- Life Benefit covers both Accidental & Sickness/ Illness related deaths
- Accidental Disability covers accident only related disabilities for a maximum of 6 month benefit
Disability Benefit
Accidents and illnesses are a part of life; they can happen to anyone at any time.
- If eligible, your monthly payment is made on your behalf during the selected term of coverage
- Allows you to maintain your credit rating
- Monthly benefit up to $6,000 per month
- Eligibility up to age 65
Full Details:
- Guaranteed Issue up to $6,000 per month
- Qualified clients can obtain up to $6,000 per month of Disability Coverage for a term of 6 months, 12 months, or 24 months provided their age does not exceed 65
- Accidental & Sickness/ Illness related disabilities are covered
- Available on a “Stand-Alone Basis” (i.e. not required to take Life Coverage in order to obtain Disability Coverage Protection)
- 30-Day Elimination offered:
30-Day Elimination ─ Provides protection after a waiting period of 30 days. Customer must be disabled for 30 consecutive days and the benefit paid on day 31.
Critical Illness Benefit
(only available in conjunction with the purchase of Life Coverage)
Provides a payment if you are diagnosed with a covered critical illness and survive for at least 30 day
Full Details:
- Guaranteed Issue up to a maximum of $6,000 per month
- Maximum benefit of $18,000
- Critical Illness covers Life Threatening Cancer, Heart Attack, Stroke, Coronary Artery Bypass Graft, Kidney Failure and Major Organ transplant.
Involuntary Unemployment Benefit
Unemployment coverage is available for both employed and self employed applicants (*conditions may apply – please speak to our representative for more information).
- Guaranteed Issue up to $6,000 per month.
- Involuntary Unemployment covers job loss up to 12 months per occurrence.
- Monthly Pay Option includes premium waiver benefit
Program Advantages
- No “Good Health” clause for any selected coverage
- No Health Questions for any selected coverage
- Guaranteed issue up to $250,000 for Life Coverage
- Guaranteed issue up to $6,000 for Disability Coverage (Industry leading)
- Premium waiver available on monthly payment program
Additional Coverage Features
- Partial coverage is available to accommodate needs and affordability
- Disability payment benefits are non-taxable
- 30 Day “Right of Inspection” – if cancelled within the first 30 days, a full refund is issued
- Easy to use, state of the art, industry-leading online software
IMPORTANT INFORMATION TO KNOW
• Accidents are the 5th leading cause of death in Canada
• You have a 23% chance of becoming disabled for 3 months or longer
• 1 in 3 Canadian households would have immediate financial trouble if the primary wage earner died
• Over 90% of disabling accidents and illnesses do not happen in the workplace
• 1 in 6 Canadians will be disabled for 3 months or longer before the age of 50.
Summary of Coverages
| Coverages | Age for Eligibility | Guaranteed Issue Amounts |
| Life | 18 - 64 | $250,000 |
| Life with Accidental Benefits | 18 - 64 | $250,000 / $6,000 per month |
| Disability | 18 - 64 | $6,000 per month |
| Life with Critical Illness | 18 - 64 | $6,000 for 3 months |
| Involuntary Unemployment | 18-64 | $6,000 per month |
Pre-Existing Condition Definitions
- A claim may be declined due to the existence of such medical conditions: Life With Dismemberment Benefit claim within 6 months prior to the effective date; Disability Benefit within 6 months prior to the effective date and during the first 12 months of coverage; the effective date.
- Life Benefit and Critical Illness — If Death or Critical Illness occurs within the first 12 months following the effective date of benefit, claim may be declined due to any medical condition 12 months prior to effective date of benefit. If death or Critical Illness occurs after the first 12 month period, customer previous medical history NOT under review.
- Disability Benefit — If Disability occurs within the first 12 months following the effective date of benefit, claim may be declined due to any medical condition 12 months prior to effective date of benefit. If disability occurs after the first 12 month period, customer previous medical history NOT under review
Premium Payment Options
Monthly
This option allows for a monthly premium payment that is directly debited from the customer’s bank account. This premium payment is independent of the underlying loan/ lease payment.
Single
This option allows for the premium to be paid in a single lump sum and is included with in the underlying financial obligation (i.e. the premium is financed within the underlying loan/ lease and included within the loan/ lease payments) or in a single payment independent of the underlying loan/ lease.