Universal Loan Insurance

A Loan Insurance for a Substantial Financial Obligation

Disability does not just make you incapable of doing your normal daily work but it limits your capability of paying off your loans. No one considers disability as an option when taking out a line of credit or when buying a property but disability may not be totally prevented. This plan is for Canadian citizens or residents up to 18 and under 60. The insured must also meet the underwriting criteria for IA Excellence. Furthermore, for the loan to be eligible under this plan, it must be obtained from recognized financial institutions.

Benefits and Options

This plan includes options for the insured to obtain benefits in the event of partial disability. Options are also available for a return of disability insurance premium at age 55, 60 or 65. The refunded amount will be 50% of the premiums when the paid claims have been subtracted. The disability benefit for the plan is extensible.

  • It is easy to renew the plan.
  • The premium paid will depend on the occupation of the worker.
  • The plan will cover up to 125% of the mortgage.
  • The benefit of this plan will be paid directly to you or to your beneficiary.
  • You can use one contract for all loans. This makes the policy fees for this plan relatively low.
  • Whether you have a lucrative work, both spouses can use only one plan.

 

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Additional resources

Learn more about your other insurance options from these informative articles.

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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