Optional Loan Protection Plan

The optional Loan Protection Plan is a Credit Group Insurance Plan underwritten by Canadian Premier Life and Canadian Premier General Insurance Company.

Involuntary Unemployment*

Layoff without cause (If you have been employed for at least 60 days and are eligible for EI benefits)

  • The benefit payment for Involuntary Unemployment is 120% of the scheduled payment. Example: Scheduled Payment = $100; Benefit Payment = $120
Benefit

Payments are made for up to 6 months while you are involuntarily unemployed. An additional lump sum payment equal to the lesser of the outstanding loan balance and $2,000 is made if you remain involuntarily unemployed after 6 monthly payments have been made.

Injury/Sickness*

Where you are unable to work for 10 consecutive business days

  • The benefit payment for Involuntary Injury/Sickness is 120% of the scheduled payment. Example: Scheduled Payment = $100; Benefit Payment = $120
Benefit

Payments are made for up to 6 months while you are disabled due to injury or sickness. An additional lump sum payment equal to the lesser of the outstanding loan balance and $2,000 is made if you remain disabled after 6 monthly payments have been made.

Lifetime Milestone*

Big moments are special, and we know it. If you’re celebrating a marriage, graduation, retirement and more, the optional Loan Protection will provide support, so you have one less thing to worry about.

Example: Retirement, Home purchase, Birth/adoption, Marriage, Post-secondary graduation, Attending an apprentice program, etc.

Benefit

Equal to the lesser of either a one time payment equal to three scheduled payments (biweekly, monthly, etc) up to the Maximum Benefit ($2,000) OR the remaining Loan balance.

Death*

Insured client passes away

Benefit

100% payment of the remaining balance (maximum benefit $15,000).

Unpaid Family Leave*

If you need to take more than 14 days off to care for a spouse, child, or parent with a serious health condition, and leave of absence is approved by the Insured’s employer, the optional Loan Protection Plan is here to help with your loan so you can focus on what matters most.

Benefit

Equal to the lesser of either a one time payment equal to three scheduled payments (biweekly, monthly, etc) up to the Maximum Benefit ($2,000) OR the remaining Loan Balance.

Critical Illness*

You are diagnosed with life-threatening cancer, suffer a stroke, heart attack, kidney failure, or a major organ transplant for the first time in your life

Benefit

Payment of the outstanding balance on the date of diagnosis of a covered critical illness, up to the Maximum Benefit. ($15,000)

48-72 HOUR CLAIM RESPONSE – OPTIONAL AND NOT A CONDITION OF FINANCING
PROVIDES PEACE OF MIND – 30 DAY FREE LOOK CANCELATION AT ANY TIME

Coverage provided by Canadian Premier Life Insurance Company© and Canadian Premier General Insurance Company

Disclaimer:  This is a summary of the Optional Loan Protection Plan for informational purposes only. If you choose to apply for insurance and are approved, a Certificate of Insurance will be provided to you confirming the terms and conditions of the insurance. No insurance is in force until such time as you apply for the insurance, and receive a Certificate of Insurance and the lender advances funds to you.

*Limitations and exclusions apply for all coverage types. Please refer to Certificate of Insurance for complete details

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