A product that ensures payment of several types of credit, using one affordable and easy to use solution instead of other bank products.
Any debt payable through periodic payments to a recognized Canadian financial institution.
For example, but not limited to:
|Banking Institution*||Credit insurance offered|
|Premium reimbursement||Not available||2 options: Up to 100% at age 65 or 75% after 15 years|
|Beneficiary||Lending institution||At the holder’s option, and more than one beneficiary is allowed|
|Premium||Fixed for the term||2 options: Levelled every 10 years or levelled at age 65|
|Proof of health||Usually when a claim is submitted||Full medical assessment|
|Pre-existing conditions||6, 12 or 24 months, variable depending on the contracts||None|
|Portability||No||Allows coverage to be maintained, even if there is a change to the lender|
|Flexibility||Limited||Amount, type of coverage, waiting period and fully flexible options|
|Other||Covers only the loan taken out with the institution||Can cover several different loans in several institutions|
*This is an overall summary based on the different policies available in the industry. One or several features may differ from those set out in this table.
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