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Loan insurance

Insurance exists simply because you never wish for an accident, illness or death. Good insurance plan mean less worry for you and for your beneficiaries, can protect you from the unexpected and give you peace of mind and freedom. Make sure that yourself and your family can live comfortably and that your needs are met in the event of disability due to illness, accident, or death.

What is life insurance?

It's very simple: life insurance guarantees the payment of an amount equivalent to the insured balance of your personal loan at the time of your death. In addition, the premium is included in your loan payments, so you don’t have to think about it every month. Starting today, protect your loved ones and ensure that they can maintain the same quality of life they have now in the event of your death. If, for example, you lose your eyesight as a result of an accident, your loan will be reimbursed 100% by this insurance.

What is disability insurance?

In the event of an illness or following an accident, since you will no longer be able to carry out your professional activities, your disability insurance will automatically make your loan payments. This way, you will keep your savings for emergency expenses, such as hospital bills, transportation or professional care.

Why wait?

Why wait if you are presently healthy? Your situation could change and your current health could deteriorate in the event of an accident or illness.

Benefit from numerous advantages

  • Keep peace of mind: Payment of your personal loan instalments in the event of illness or accidental dismemberment, payment of the balance of your personal loan upon the death of one of the insured.
  • Rest easy: Accidental death coverage at no additional cost, from the time you sign the application and during the application process.
  • Benefit from a flexible payment method: You can choose to pay the premium in regular instalments or a in a single payment when you sign up.

What you also gain in return

  • Coverage tailored to your needs that gives you peace of mind.
  • Simplifies life for your loved ones in the event of your death.
  • Shorter estate settlement periods.
FEATURES
  Life insurance1 Disability insurance1
Eligibility The eligibility criteria are as follows:
  • You are between the ages of 18 and 64.
  • You are the borrower, co-borrower or guarantor.
  • You are a Canadian resident.
The eligibility criteria are as follows:
  • Mandatory subscription to life insurance.
  • You are between the ages of 18 and 59.
  • Have held a remunerated job, minimum 20-hour a week for the four weeks prior to application.
  • Loan payment must be on a monthly basis.
Insurable amount The maximum insurable amount for a personal loan is $750,000. The maximum insurable amount is $2,500 per month, for a maximum duration of 60 months for a period of disability, with no limit on the number of periods of disability. Please note that arrears, property taxes and school taxes are not covered by this insurance.
Premium type The premium is payable in a lump sum when the loan is signed, and is based on the following:
  • The amount of premium is determined according to the age of the borrower and the initial amount of the loan.
  • The premium may or may not be financed.
The premium is payable in a lump sum when the loan is signed and is based on the following:
  • The amount of premium is determined according to the age of the borrower and the initial amount of the loan.
  • The premium may or may not be financed.
Insurance termination Insurance is terminated on the earliest of the following dates:
  • The borrower reaches 70 years of age;
  • The loan expires;
  • The loan is refinanced;
  • The loan is in default;
  • The insurer pays a death claim for the loan;
  • The loan is voluntarily cancelled by the insured;
  • The loan is closed.
Insurance is terminated at the first occurrence of the following:
  • The borrower reaches 65 years of age;
  • The loan expires;
  • The loan is refinanced;
  • The loan is in default;
  • The loan is voluntarily cancelled by the insured;
  • The loan is closed.
Accidental dismemberment insurance This coverage is included with your life insurance. Refer to the insurance certificate for the benefits paid. These vary from 33 to 100% of your loan balance.
Available options Insured can be covered for:
  • Life insurance only.
  • Life insurance combined with disability insurance.
There is no limit as to the number of people insured.

For more information on our insurance products and full details, please see the insurance certificate



Summary

This product is suited to you if:

  • You want to make it easier for the people handling your estate after your death.
  • You do want to keep your savings intact while honouring your loan payments should you become ill or sustain accident.
  • You want to protect your saving, or those of your beneficiaries should you pass away.



Legal notice

1. Issued by Industrial Alliance, Insurance and Financial Services Inc. Some conditions apply. For more details, refer to the summary of insurance and the insurance certificate available at branches or online at laurentianbank.ca.

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