Credit Life Insurance (CLI) - Single Premium

A life insurance coverage for term loan products.

Peace of mind: Expand/Collapse

"You have peace of mind knowing your assets and family are protected should you pass away."
- Specific insurance for term loans.
- Maximum coverage is $90,000.
- Maximum term of coverage is 180 months.
- Program pays a monthly benefit that is the equivalent of the loan payment.

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

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 insurance today or anytime in the future."
- No closing date for application.
- Full refund of premium paid if cancelled within 30 days of applying.

Affordable: Expand/Collapse

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

Cost Savings: Expand/Collapse

"Joint account holders can insure the loan for a lower combined premium."
- Joint coverage available.

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

Convenience: Expand/Collapse

"You can meet your insurance and borrowing needs in one convenient package."
- Present and future insurance needs.

Additional Information:

- Insurance only available upon application for credit.
- 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 a tragedy occur.

 

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