Commercial loan insurance
Commercial loan insurance can help you protect your business’ ability to meet your financial obligation in the event of your death or disability. You can enrol for commercial loan insurance directly through your participating lender at the same time you apply for a commercial business loan. We offer comprehensive life and disability 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 business’ outstanding balance, up to a pre-determined maximum.*
- Disability – If you become disabled, the insurance can pay your business’ minimum monthly payment, up to a pre-determined monthly amount and number of payments.*
Most often, acceptance can be automatic on the date you apply and medical examination may not be required for enrolment. You can often add the premiums to your loan payments. All benefits are subject to terms, conditions, restrictions and exclusions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
* The type of coverage and maximum benefit amounts may vary by lender. Full details are set out in the certificate of insurance provided on enrollment.
Learn more about creditor insurance
Have questions about how creditor insurance works? Our FAQ page can help answer them.