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Line of Credit Insurance

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Life is full of surprises. However, not all surprises are pleasant. What would happen to your family in a worst-case scenario? Have you thought of everything in case the unexpected occurs?

Give your family peace of mind with our line of credit insurance!

By taking out line of credit insurance from Laurentian Bank, you can be certain that you will not leave your family in need in the event of death or accidental dismemberment.1

Don’t wait for the unexpected to happen. Request your quote today!

Benefit from numerous advantages

  • Have peace of mind: The balance of your line of credit is paid off in the event of your death.
  • Rest easy: Enjoy coverage in case of accidental death at no additional cost upon signing the proposal and during the application process.
  • Pay according to the balance: Your premium is calculated daily according to the balance used.

What you also gain in return

  • Make life easier for your loved ones in the event of your death.
  • Reduce delays in settling the estate.

FEATURES
Eligibility The eligibility criteria are as follows:
  • You are between 18 and 64 years of age.
  • You are the borrower, co-borrower or guarantor.
  • You are a Canadian resident.
Insurable amount The maximum insurable amount for a line of credit is $250,000.
Premium type The premium is debited each month and calculated based on the balance used.
  • The amount of the premium is based on the age of the borrower.
  • The premium remains unchanged until the line of credit is revised, you fall under a different age group or your insurance coverage is modified.
Termination of insurance

 

Insurance is terminated at the first occurrence of the following:
  • The borrower reaches 70 years of age
  • The line of credit expires
  • The line of credit or the premium is in default on two payments.
  • The insurer pays a death claim for the line of credit.
  • The insured person voluntarily cancels the insurance.
  • The line of credit is closed.
Accidental dismemberment insurance This coverage is included with your life insurance. For example, if you were to have an accident1 resulting in blindness, your line of credit will be 100% reimbursed through this insurance. Refer to the table of losses for the benefits paid. They vary from 33 to 100% of your line of credit balance.

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

Summary

This product is suited to you if:

  • You want peace of mind.
  • You do not want to deplete your savings or those of your beneficiaries in the event of your death.
  • You want your line of credit to be settled when you pass away.
  • You want to make life easier for the people in charge of your estate and reduce delays.



Legal notice

1 Accidental injury: bodily injury arising directly from the violent, sudden and unforeseen action of an external cause and independently of any other cause

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