When you take out a mortgage, personal loan, line of credit, or credit card, you want to know you and your family will be protected if something should happen to you, and that your loved ones won’t be stuck with a debt they can’t handle.

This is where creditor insurance comes in. Sometimes known as credit protection, it can help pay off or pay down your mortgage or loan, or make your payments if the unexpected should happen. This can include coverage if you die.

• Your mortgage
• Your loan and line of credit (personal or business)
• Your outstanding credit card balance
  

How do you get it?

You can apply for creditor insurance directly from most banks and other lenders when you arrange your loan. The cost of insurance or the premium will depend on the coverage you enroll for.  You will need to fill in a separate application for insurance and may need to answer a few health questions. However, in many cases you may even automatically qualify for coverage. If you decide to cancel your insurance later, you’re free to do so at any time.  

We have an impressive track record of more than 60 years in the business and serve over 7 million plan members — almost half of all Canadians who purchase creditor insurance get it through us. We have the expertise and financial strength to provide timely benefit payments, helping ensure you can meet your obligations, whatever may happen. Canada Life can also help you with life or disability insurance, for that little bit of extra financial security in all aspects of your life. 

Here’s everything you need to know about submitting a claim and what will happen after you submit it.

Get info on average processing times, the appeal process, when you’ll get status updates for your claim, and how you’ll receive payment.