Are you and your family prepared?
Illness, injury or death can happen at any time. Credit insurance will assure that in the event of your death or disability, your vehicle payments will be made to your lender to reduce or eliminate your debt.
What are the benefits?
- Medical exams are not required.
- Premiums are calculated based on your financed amount NOT on your age.
- Creditor Insurance pays over and above any additional insurance.
- Benefit payments are tax-free, paid directly to the lender and never have to be re-paid.
- Enrollment is voluntary and made available at the time your loan or leasing agreement commences, so premiums can be included in financing as an easy payment option.
- Plans are available to both the customer and co-signer.
- No occupational restrictions
Life Insurance – Estate and Family Protection
The insured balance owing at date of death is paid to the creditor. This provides your family/business with an asset as opposed to a liability.
Life insurance is designed to protect your family from the financial risks of an untimely death. Should you die before the financial obligation on your vehicle is fully re-paid, your family/business will be spared the expense and worry of paying out the loan.
You are protected during the entire term of your loan or a shorter period if you select short term benefits. Because administration is direct between the insurer and the credit granting institution, premiums are low and claims are easy. No physical exam is necessary to qualify.
Disability Insurance – Credit Protection
- Benefit payments will be forwarded monthly, directly to the creditor for each day of Total Disability.
- Payments will be made until you are able to return to work, are no longer totally disabled or your insured indebtedness is paid out in full (whichever occurs first).
- Unlike WCB Benefits, coverage is in place 24 hours a day, 365 days a year.
Disability insurance is designed to protect you from the financial risks of an interruption in your ability to earn an income.
This 24-hour accident and sickness insurance makes your payments for an extended period of disability. If you are sick or become injured (on or off the job) and are unable to earn an income, then your monthly obligation will be paid on your behalf by the insurer, subject to the terms and conditions of the policy.
Once the disability has continued beyond the waiting period, your monthly payment is automatically paid on your account. Benefits can even be paid retroactively from the first day of the disability if you elect that plan. Benefits continue for as long as you remain disabled as defined in the policy. You may claim as many times as necessary during the term of your coverage. All disability insurance programs protect the entire term of your loan, or a shorter period if you select short term benefits. Also, partial payment disability benefits are available to allow you to tailor the coverage and the premium to your specific needs.