Personal Loan - Life and Sickness & Accident Insurance

Personal Loan Life, Sickness and Accident insurance programs insure personal loans with a fixed term of repayment. The single premium for the insurance is paid at the time the loan is approved.

Life insurance coverage on your loan pays off your outstanding insured loan should you die which helps reduce the financial burden on your family during difficult time.

Sickness and Accident insurance makes your insured monthly loan payment while you are sick or injured. With sickness and accident insurance coverage, there is no need to worry about where the money for your loan will come from.

Line of Credit - Life and Sickness & Accident Insurance

Many credit union borrowers enjoy the flexibility of a line of credit. With line of credit insurance, you have the coverage while you have the debt. If there is no balance, no premium is charged.

Life insurance coverage pays a benefit based on the insured outstanding balance and any other life insurance you have will go to your survivors, rather than being used to repay the loan.
Sickness and accident insurance pays three per cent of your insured outstanding loan balance at date of sickness or accident. If you should become sick or disabled due to an accident, and unable to work, your income may be reduced and having sickness and accident coverage on your line of credit will reduce your stress during this time of uncertainty.

Group Mortgage Protection - Life, Critical Illness, Sickness & Accident and Loss of Employment Insurance

Life insurance coverage pays the outstanding insured amount in the event of your death. It frees your family from mortgage payments, which can save them from years of debt and financial stress. With life insurance on your mortgage, your family’s biggest asset is turned into its strongest asset.

Critical Illness insurance pays the outstanding insured amount if you are diagnosed with cancer; suffer a heart attack or stroke. Without coverage, a serious illness could mean using your savings for mortgage payments.

Sickness and Accident insurance pays your insured monthly mortgage payment for up to two years. With protection, you can feel confident that years of saving and building wealth are not lost during a few short months of a sickness or accident.

Loss of Employment insurance can fill the gap between unemployment insurance and your previous income and keep your savings from being lost to mortgage payments. These payments are tax-free. It’s a sensible choice for the uncertainties of today’s workplace.