Loan
Insurance

Coverage options

Term Plus Life Insurance

• Choice of coverage for 10, 15, 20, 25, 30 or 35 years
• Guaranteed premiums
• Level or decreasing insurance amount to 50% of the initial amount
• Renewable every 5 years, up to age 85, without evidence of insurability
• Convertible to permanent life insurance up to age 70, without evidence of insurability
• Insurance amount may be increased under the guaranteed insurability benefit
• Individual, joint and multi-life coverage available
• Proof of loan is not required at time of purchase

Critical Illness Insurance

Eligibility Requirements

• Critical illness insurance must be requested at the same time as the Term Plus life insurance at time of purchase
• Critical illness insurance is automatically granted without additional evidence of insurability, if Term Plus life insurance is approved at the standard rate and without any exclusions

Illnesses Covered

• Cancer
• Heart attack
• Stroke

$20,000 lump sum benefit with 30-day survival period

Loan Disability Insurance

Eligibility Requirements

• Insureds must take out Term Plus life insurance
• Insureds must work 21 hours or more per week for 8 months or more during the last 12 months

Eligible Loans

• Mortgage loan or line of credit
• Personal loan or personal line of credit
• Car loan
• Student loan
• Business loan
• Loan for investment purposes

Other Features

• Amount insured per month: $300 up to 1.5% of the Term  Plus life insurance amount, without exceeding $3,500
• Benefit period is 2 or 5 years or up to age 65
• Waiting period of 90 days, retroactive to the 31st day or 30 days, if total disability results directly from an accident, a hospitalization of at least 72 hours or day surgery for benefit period of 2 and 5 years
• Waiting period of 90 days for benefit period up to age 65
• Insured amount can be increased without new evidence of insurability at the same time as the Term Plus life insurance amount
• Proof of eligible loan required at time of claim

Complementary Insurance

Your clients may add other insurance products to their credit insurance contract to complete their coverage:

• Term life insurance
• Permanent life insurance
• Critical illness insurance
• Life insurance for children
• Accidental death or dismemberment insurance
• Fracture insurance
• Waiver of premium in the event of disability

Assistance Services

Your client will benefit form the following assistance services when the disability or critical illness rider is added to the contract:

• Second medical opinion
• Medical referral
• Administrative services, such as analysis of receipts for medical fees paid
• Assistance with hospital admissions and accommodation assistance outside the province or country
• Psychological assistance
• Medical assistance
• Convalescence assistance
• Concierge services
• Legal assistance

Learn more

Marketing documents are available at the Beneva Document Centre.