Credit Disability Insurance (CDI) – Single Premium

Additional insurance coverage in the event of an unexpected disability for term loan products.

Peace of mind: Expand/Collapse

"You have peace of mind knowing your payments will be covered in the event of illness or disability."
- Maximum monthly benefit is $1,500.
- Maximum term of benefits may be 120 months.
- Maximum term of coverage is 180 months.
- Program pays monthly insured loan payments.

"You don't need to worry about using your other funds to make this loan payment as it is covered."
- Payments not effected by other insurance benefits received.

"You qualify for insurance without the need to answer health questions."
- No health questionnaire.  Pre-existing conditions are taken into consideration.

Affordable: Expand/Collapse

"You can purchase insurance at an affordable rate."
- Competitive rates.

Flexible: Expand/Collapse

"Your insurance is added to your loan and included in your payment amount."
- Premiums can be added to loan balance or paid in cash.

"As long as you have a loan you can apply for disability insurance today or anytime in the future."
- No closing date for application.
- Full refund of premium paid if cancelled within 30 days of applying.

Cost Savings: Expand/Collapse

"If you pay your loan out early you may be entitled to a refund of premium."

Additional Information:

- To be eligible you must be actively working for 20 hours per week, for two consecutive weeks prior to effective date.
- Disability must be for 30 days or more to start the claim.
- Coverage ceases on 75th birthday.
- 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.

Who might benefit from this product/service?

Those between the ages of 16 and 69 who would like coverage on their loan with a fixed term of repayment and would like financial security should the unexpected occur.

 

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