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Creditor insurance

Financial protection for you and those you care about most

When life brings an unforeseen event like an accident, disability, illness or unemployment, the last thing you want to worry about are your financial obligations. Creditor protection provides you with peace of mind knowing that you’ll be protected, and financial debts won’t be a burden during difficult times.

What is creditor protection?

  • Optional financial product available through your financial institution
  • Helps pay your mortgage, loan, line of credit or credit card if the unthinkable happens
  • Allows you to choose from a variety of coverage options that fit your individual needs
  • Offers coverage for you and your co-borrower(s), if applicable
  • Depending on your loan type, premium can be paid with one single payment upfront at the time you take out the loan, paid monthly or, built into your loan payments

How do I purchase creditor insurance?

Canadians like you can purchase our products through banks, credit unions, finance companies or other affiliated associations or groups.

4 reasons why creditor protection is right for you

Number one

Provides a financial safety net

Creates peace of mind at a time when you and your loved ones need it most

Number two

Budget friendly

Cost-effective way to add insurance protection to your overall financial portfolio

Number three

Offers more comprehensive financial protection

Supplements any existing life or disability insurance coverage

Number four

Allows time to focus on health and employment

Financially protects you and your family in the event of a critical illness or involuntary unemployment

See how creditor protection worked for Ryan and Amanda

Like you, Ryan and Amanda are interested in learning more about creditor protection and how it can help financially protect their growing family.

Click on the pictures below to watch these short videos and learn more about Ryan, Amanda and their story.

Loan insurance

Outstanding balance insurance

Mortgage insurance

Line of credit insurance

Thank you so much for the fast and efficient way in which our account was handled. Having coverage has certainly made our life easier.

Policyholder

Mortgage, loan and line of credit protection

Choose your benefits

First choose either:

  • Life insurance is a benefit that may reduce or eliminate a loan balance in the event of death

    and/or

  • Disability insurance is a benefit that may make a loan payment per month for a specified amount of time

Then, depending on loan type, add any of these additional benefits for more comprehensive coverage (life insurance required):

  • Accidental death insurance is a benefit payable to your beneficiary/estate in the event of accidental death1
  • Critical illness insurance is a benefit that may reduce or eliminate a loan balance in the event of a covered illness
  • Involuntary unemployment insurance is a benefit that may make a loan payment for a specified amount of time

Credit card balance protection

Credit card balance protection is a comprehensive product that provides multiple levels of protection in the event of death, disability, job loss, hospitalization, unemployment or critical illness.

This type of protection will pay off or make monthly payments on your outstanding balance when you can’t.

1. May not be available in all provinces, please consult with your loan advisor.

The type of products and coverage options vary by lender and province. There are eligibility requirements, terms, conditions and exclusions that apply.

For complete coverage details, please refer to the certificate of insurance or contact your financial institution loan advisor. In the event of a claim, benefits are paid directly to your lending institution, with the exception of accidental death insurance.

DOFU 2-2023

11235813