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 of Canada Life’s Personal Line of Credit and Loan Insurance
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.