Personal Line of Credit and Loan Insurance

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The Coverage you Need for your Line of Credit and Loan

Disability, death and critical illnesses can dramatically affect your ability to meet your financial obligation. However, with Canada Life’s personal line of credit and loan insurance, you can meet your financial obligation seamlessly. You can enroll the coverage through your participating lender when you apply for a loan or a personal line of credit. The insurance plan will cater to your outstanding balance up to a predetermined maximum if you die. The insured will receive his minimum monthly payment up to a predetermined monthly amount and number of payments if he becomes disabled. In addition, the coverage will pay your outstanding balance up to a predetermined maximum if you are diagnosed with a critical illness.

Top Features and Benefits

The personal line of credit and loan insurance offers an automatic acceptance, in most cases, to the insured. The insured will be automatically accepted on the same date he applies for the personal line of credit and loan. In addition, no medical examination is required for enrolling in this plan.

  • You don’t need a medical exam to enroll in Canada Life’s mortgage insurance plan.
  • The insurance plan provides the robust coverage you need in the event of death, disability or when diagnosed with a critical or illness.
  • On enrolling for the insurance, you will receive a certificate of insurance that fully describes all benefits subject to restrictions, conditions, terms, and exclusions.
  • You can opt for the personal line of credit or loan insurance directly through your participating lender. You can enroll as soon as you apply for a personal line of credit or loan.
  • In most cases, acceptance to this coverage can be automatic on the same date you apply.


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Additional resources

Learn more about credit from these informative articles to help you decide in choosing the best plan for you.

Insurdinary provides a comprehensive quotes comparison sends straight to your inbox so you can start comparing health coverage in minutes. See plans from several major Canadian insurers to choose the right option for you. Our customer health specialists are also available to address your questions and concerns.

For more information, you may contact us at 1-877-574-7475, or complete the form below.

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