Loan, line of credit, and mortgage insurance

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Line of credit protection

Line of credit protection insurance* is a safety net for the unexpected and helps to protect you from defaulting on your payments if your ability to earn income is impacted by illness, disability, or death. Enrolment is easy with no health questions or medical underwriting required up to $50,000 of coverage. Premiums are based on the average daily balance of the line of credit for the previous month.

Loss of lifeDisabilityCritical illness
Coverage pays the outstanding insured balance of your line of credit as of the date of death.Coverage will pay 3% of your insured outstanding balance, up to $3,000 for a maximum of 60 months per claim if you become totally disabled.Coverage pays the outstanding insured balance of your line of credit as of the date of critical illness diagnosis.
  • Maximum coverage is $1,000,000 (application prior to age 65)
  • Maximum coverage is $100,000 (application from age 65 to age 69)
  • Coverage is available through age 69 and coverage ends at age 75
  • Includes a living benefit feature that helps protect you if you’re diagnosed with a terminal illness with a life expectancy of 12 months or less
  • Coverage is available through age 69 and coverage ends at age 75
  • You’re eligible to apply for coverage if you’re not working as of effective date of insurance; you must be considered actively at work (working 20 hours per week for 2 consecutive weeks) prior to making a disability claim
  • Maximum coverage is $1,000,000 (application prior to age 65)
  • Maximum coverage is $100,000 (application from age 65 to age 69)
  • Coverage is available through age 59 and coverage ends at age 75
  • Coverage helps provide financial protection in the event of a heart attack, stroke, or diagnosis of cancer
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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.

Creditor’s group insurance is optional and is underwritten by Co-operators Life insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS services Incorporated, a subsidiary of Co-operators Life insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full Coverage details.