Creditor Insurance FAQ

Who Can Apply?
Applicants must be between the ages of 18 and 64 at the time of application. They must be resident of Canada and:

• responsible for repaying the insured loan or
• responsible for managing the business, or
• a guarantor of the insured loan.

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How Many People can be Insured per Business?
There is no limit. However, each person must meet the requirements individually.

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How Much Coverage is Possible?
Each qualifying applicant could be eligible for the maximum of $2,000,000 in liability.

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Does the Business Have to Be in Canada?
To qualify and remain eligible for coverage, the business must be resident in Canada or the United States and operate in Canada.

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Is Medical Information Required?
It depends. If the policy amount is less than $350,000, and an eligible person's application shows no health risks, no medical tests or exams are needed. If the policy amount is more than $350,000 and a health risk is possible, the Insurer will contact the applicant, and medical tests or exams could be necessary.

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When are Payments Due?
Premiums are due and payable on the first day of each month.

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How Much Does it Cost?
Premiums are based on the insured person's age, gender, smoking status and the average daily outstanding balance of the insured loan. See the table below for details.

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Monthly premiums for each $1,000 of insurance (plus any applicable tax)