Business loan insurance
Protect your business and its future in the event of death or disability.
Call us to apply for loan insurance or to get more information.
1-877-338-8928 Phone number for business loan insurance. This link opens your phone app.
Coverages offered
Life insurance
In the event of death, this insurance covers the balance of your loan, based on the percentage you chose between 10% and 100%.
Maximum benefit: $10 million
Disability insurance
If you become disabled, this insurance covers your regular payments until your loan is paid off or until you turn 70, based on the percentage you chose. If you become disabled due to cancer, you can start receiving benefits from the day your disability began.
You can insure between 10% and 100% of your loan as long as this percentage isn’t higher than your life insurance percentage.
Maximum benefit: $10,000 per month per insured person
Benefits are tax-free and not affected by benefits paid by other private or public plans.
Eligibility
To take out loan insurance, you must:
- Be a Canadian resident
- Be a director, officer, owner or guarantor of the business
- For life insurance coverage, be 69 or under
- For disability insurance coverage, be 64 or under and also have life insurance coverage
Cost
The premium is calculated based on an additional interest rate that’s applied to your loan. Premiums vary based on:
- The coverage you choose
- The insurance percentages you choose
- The number of people being insured, their age and sex and whether or not they smoke
- The loan amount
As you pay off your loan, your insurance premium will go down.
Ways to save
You can get a discount on your life insurance if you also get disability insurance.
We encourage healthy habits for our members and clients by providing a reduced rate for non-smokers.
Assistance services
Need help? Get telephone assistance services by calling 1-877-477-3033 Phone number for psychological, legal or autonomy assistance. This link opens your phone app..
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 liquidating a succession.
Autonomy assistance
Get recommendations and help with coordinating housekeeping and daily living services in case you experience a loss of autonomy. Your caregivers also have access to this resource.
Convalescence assistance
Get help from a team of medical experts and assistance coordinators to find the information and providers you need to recover from an illness, accident or surgery.
Get loan insurance for your business
Explore our other business insurance options
Life insurance
Minimize the financial impact of your death on your business and loved ones. See our term and permanent life insurance coverage options.
Health and disability insurance
Protect your income in case of an illness or injury. See our joint coverage options for you and your business.