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Credit Protection Insurance

What is Credit Protection Insurance?

It is an insurance protection that is triggered upon the occurrence of a “Life or Disability” event to make payment on an outstanding indebtedness.

Credit Protection is available for new and existing loans/leases (Conditions may apply).


Creditor Insurance Options

Age Limits: 18 – 64 Expiring at Age 65 for ALL Coverages

Life Insurance

The insured 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 Insurance 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 Insurance covers both Accidental & Sickness/ Illness related deaths
  • Accidental Disability covers accident only related disabilities for a maximum of 6 month benefit

Disability Insurance

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 Insurance

(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 Insurance

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

or call 1.780.435.1145


Program Advantages

  1. No “Good Health” clause for any selected coverage
  2. No Health Questions for any selected coverage
  3. Guaranteed issue up to $250,000 for Life Coverage
  4. Guaranteed issue up to $6,000 for Disability Coverage (Industry leading)
  5. Premium waiver available on monthly payment program

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

CoveragesAge for EligibilityGuaranteed Issue Amounts
Life18 – 64$250,000
Life with Accidental Benefits18 – 64$250,000 / $6,000 per month
Disability18 – 64$6,000 per month
Life with Critical Illness18 – 64$6,000 for 3 months
Involuntary Unemployment18-64$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 Insurance within 6 months prior to the effective date and during the first 12 months of coverage; the effective date.
  • Life Insurance and Critical Illness — If Death or Critical Illness occurs within the first 12 months following the effective date of insurance, claim may be declined due to any medical condition 12 months prior to effective date of insurance. If death or Critical Illness occurs after the first 12 month period, customer previous medical history NOT under review.
  • Disability Insurance — If Disability occurs within the first 12 months following the effective date of insurance, claim may be declined due to any medical condition 12 months prior to effective date of insurance. If disability occurs after the first 12 month period, customer previous medical history NOT under review

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

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.

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