Personal Loan Insurance
Personal loan insurance can help you protect your ability to meet your financial obligation by paying a benefit in the event of your death, disability, critical illness or job loss. You can enrol for personal loan insurance directly through your participating lender at the same time you apply for a personal loan.
We offer comprehensive life, disability, critical illness and job loss coverage. The details and benefits of coverage vary by lender and product. Benefits are paid directly to your lender.
- Life – If you die, the insurance can pay your outstanding balance, up to a pre-determined maximum.*
- Disability – If you become disabled, the insurance can pay your minimum monthly payment, up to a pre-determined monthly amount.*
- Critical illness – If you are diagnosed with a critical illness, the insurance can pay your outstanding balance, up to a pre-determined maximum.*
- Job loss – If you lose your job involuntarily, the loan insurance can pay your minimum monthly payment, up to a pre-determined monthly maximum.*
Most often, acceptance is automatic on the date you apply and medical examination may not be required for enrolment. You can often add the premiums to your regular loan payment.
All benefits are subject to conditions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
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