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 Available in IA Excellence Universal Loan Insurance
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.