Loan and line of credit insurance
Worry-free coverage in case of the worst
A smart financial plan includes the right coverage, just in case. A disabling accident or a loss of life causes enough upheaval; you don’t want to saddle your loved ones with debt on top of grief.
Pay by Monthly Premium
Our Monthly Premium products are designed for your revolving line of credit, or personal, fixed term loan. Your premium is based on the average daily balance of the prior month. If your authorized limit or loan amount is greater than $50,000, you’ll need to answer some questions pertaining to your health.
| Loss of life | Disability |
|---|---|
Coverage repays the outstanding balance of your insured line of credit, plus accrued interest and any cheques in transit. |
Coverage pays your monthly insured loan payments (for fixed term loans) or 3% of the outstanding balance of your insured line of credit at time of claim. |
|
|
Pay by One-Time Premium
Our Single Premium products are designed for personal, fixed-term loans. You pay one, up-front premium at the time your loan is approved.
| Loss of life | Disability |
|---|---|
Coverage pays your insured loan, plus accrued interest, plus settlement interest. |
Coverage pays out your monthly insured loan payments. |
|
|
Talk to us about insuring your line of credit or personal loan. Visit a Vancity branch or call 604-877-7000 for more information.
The details of this insurance product, including important exclusions, restrictions and limitations on the coverage and benefits payable, are contained in the Certificate of Insurance which you will receive when you apply.