What is Line of Credit Insurance?
This coverage helps you pay off your line of credit in case of death or disability.
Why get it?
Protect your loved ones
Lighten their financial load by getting insurance that helps pay off your line of credit in the event of your death.
Maintain a good credit report
Get help to continue to pay off your line of credit if you develop a health problem.
Get support
Get support from healthcare and legal professionals during difficult times.
Coverages offered
Life insurance
This coverage pays off the amount you’ve insured on your line of credit of $10,000 or more. If you haven’t named a beneficiary, any amount that’s left over will be paid to the estate account.
Disability insurance
While you’re disabled, we’ll make monthly payments on your line of credit for the amount you’ve insured, for up to 60 months. Any amount that’s left over will be deposited to your account.
Benefits are tax-free and not affected by benefits paid by other private or public plans.
Eligibility
To be eligible, you must:
- Have an authorized amount of at least $10,000
- Be a resident of Canada
- Be the borrower or the borrower’s guarantor
- Be age 69 or under (for life insurance coverage)
- Be age 64 or under and have life insurance coverage (for disability insurance coverage)
Cost
The premium is based on:
- The amount insured
- The coverages chosen
- The number of people insured, their age, sex and whether they smoke or not
The monthly premium is automatically withdrawn from your account.
Assistance services
Need help? Call 1-877-477-3033 Phone number for psychological, legal or convalescence assistance. This link opens your phone app. to get telephone assistance services
Psychological assistance
Benefit from a set number of confidential sessions with a mental health professional to help you during difficult times.
Legal assistance
Discuss with a lawyer or notary to get information on your rights and obligations and see what recourses are available to you in case of legal trouble. These professionals can also help you with settling an estate.
Convalescence assistance
Get help from a team of medical experts and assistance coordinators to help you find the information and providers you need to recover from an illness, accident or surgery.
Explore our other insurance options
50+ Life Insurance
Get lifetime coverage tailored to people ages 50 to 75. No medical exam needed.
Disability insurance
Get insurance that pays out a monthly amount if you’re unable to work due to a disability.