Monthly Premium Credit Life & Disability Programs

Monthly Premium Credit Life and Disability programs insures revolving loans or fixed term loans. Premiums are paid monthly, based on the average outstanding loan balance and your age.

In the event of tragedy, our monthly premium programs either makes the monthly loan payment to your credit union on your behalf or repays your credit union the balance of the loan.

Monthly Premium Credit Life Coverage

• Maximum coverage: $500,000 (application prior to age 65)
• Maximum coverage: $100,000 (application age 65 through 69)
• Maximum issue age: 69
• Age coverage ceases: 70
• Program pays outstanding loan balance

Monthly Premium Credit Disability Coverage

• Maximum monthly benefit: $3,000
• Maximum term of benefits: 60 months
• Maximum issue age: 59
• Age coverage ceases: 65
• Elimination period (before benefits become payable): 30-day or 60-day non-retroactive
• Program pays 3 per cent of outstanding loan balance at date of disability or pays monthly loan payments on fixed term loans.