Loan Protection Plan

The Loan Protection Plan is optional credit protection insurance that can be purchased by a borrower.

Injury/Sickness and IUI*

(Where you were hospitalized for 10 consecutive business days)

Benefit

Payments made for up to 6 months while you are unable to work due to injury or sickness (not to exceed your remaining outstanding balance)

Plus: if you are still unable to work after 6 months we will make an additional payment equal to the lesser of your remaining balance or $2000. (subject to a maximum potential total benefit $4000)

Involuntary Unemployment*

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

Benefit

Payments made for up to 6 months while you are unable to work due to injury or sickness (not to exceed your remaining outstanding balance)

Plus: if you are still unable to work after 6 months we will make an additional payment equal to the lesser of your remaining balance or $2000. (subject to a maximum potential total benefit $4000)

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

100% payment (maximum benefit $15,000)

Death*

Client passes away

Benefit

100% payment (maximum benefit $10,000)

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

Disclaimer: NO INSURANCE COVERAGE IS PROVIDED WITH THIS SUMMARY DOCUMENT. This is a summary of the 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

Please note that NO benefits will be paid if a client is let go WITH cause (i.e. fired) unless they provide proof of receiving EI benefits

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