What is creditor insurance?
If you have a mortgage, credit card, line of credit, or loan, creditor insurance can protect your ability to meet financial obligations by providing a benefit in the event of your death, disability, critical illness or job loss. It can be a practical option if you do not want your loved ones to worry about the responsibility of making payments by protecting the ability to cover those costs.
Canada Life offers several types of creditor insurance.
How does it work?
If you die or experience disability, critical illness or job loss, creditor insurance may ensure that specific financial obligations are met – such as your mortgage, personal loan, or credit card balances. Creditor insurance benefits are paid directly to the lender.
Canada Life underwrites creditor insurance, which is distributed through financial and lending institutions, auto dealers, and mortgage brokers. Enrolling in creditor insurance is voluntary, and coverage is generally offered when you take out your mortgage or loan.
How does it benefit you and your family?
With over 50 years of experience, we are Canada’s leading provider of creditor insurance. We work with many of the leading financial and lending institutions in Canada (coverage and benefits vary by lender and product).
Low-cost coverage
Creditor insurance is affordable, straightforward insurance available on specific financial products.
Easy and convenient
The application process is simple, acceptance can be automatic on the date you apply and medical examinations may not be required for enrolment. For mortgages, you can often add the premiums to your regular mortgage payment.
Benefits paid directly to your lender
Your lender receives creditor insurance benefits directly.
