Personal Loan Creditor Insurance

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Personal Loan Creditor Insurance

HSBC Personal Loan Creditor Insurance can provide protection in your time of need

Money is the last thing you or your family should worry about in a time of crisis. HSBC Personal Loan Creditor Insurance could reduce or pay off your HSBC Loan in the event of death or disability.

Two types of Personal Loan Creditor Insurance provide you with coverage:

HSBC Personal Loan Creditor Life Insurance

Personal Loan Creditor Life Insurance could reduce or pay off your HSBC Loan balance should you or your co-insured partner pass away.

Key benefits:

Reduces or pays off your HSBC Personal Loan balance of up to $100,000^*
Personal Loan Creditor Life Insurance provides an affordable way to ensure your assets are protected
Available for loans for yourself or if you are co-signing a loan for someone else

For more details, read our Frequently Asked Questions

Plan for the unexpected with HSBC Personal Loan Creditor Life Insurance

To apply:

Call toll-free

1-888-310-4722

Visit a branch

HSBC Personal Loan Creditor Disability Insurance

Personal Loan Creditor Disability Insurance pays your HSBC Loan payments if you become disabled from a covered illness or injury.

Key benefits:

Pays up to $2,000 per month for up to 60 months^**
Assists in preserving your credit history at a time of financial stress
Gives you the security of having your loan payments made while you recover

For more details, read our Frequently Asked Questions

Plan for the unexpected with HSBC Personal Loan Creditor Disability Insurance

To apply:

Call toll-free

1-888-310-4722

Visit a branch

Calculate your Creditor Insurance premium

Protect the things you love. Choose the Creditor Insurance protection that is right for you.

Launch Creditor Insurance Calculator

HSBC Personal Loan Creditor Insurance FAQs

With Personal Loan Creditor Life Insurance, your personal loan will be reduced or paid off in the event of death, freeing up benefits from any other coverage you may have to assist with your family’s other important expenses, such as household needs or your children’s education.

With Personal Loan Creditor Disability Insurance, your loan payment^*** will be paid in the event you become disabled, helping you focus on recovery.

There is some important information to keep in mind when deciding whether to purchase Personal Loan Creditor Disability coverage:

Employment plans usually cover only 50%-70% of your salary
Your work insurance plan may be interrupted if you change jobs

You may have additional medication or treatment costs during your disability

It's important to protect yourself against these realities and Personal Loan Creditor Disability Insurance will help you maintain your lifestyle should your take-home pay be reduced.

Anyone between the ages of 18 to 64 is eligible to apply.

If you are applying for Personal Loan Creditor Disability Insurance, you must have Personal Loan Creditor Life Insurance and be working at least 20 hours per week. If you are seasonally employed and not at work on the date you apply, you must be able to perform your job duties.

You will be covered until your loan is paid out, you cancel the insurance, you reach age 70, or for 84 months, whichever comes first.

Benefits begin when you are unable to work for a minimum of 30 days and are retroactive to the first day of illness or injury.

In most cases, Personal Loan Creditor Insurance costs just pennies a day.

Premiums are based on your original loan amount and amortization, plus sales tax, if applicable.

For Personal Loan Creditor Life Insurance, the monthly premium remains the same for the life of your loan.

For Personal Loan Creditor Disability Insurance, your premium will change if your monthly loan payment increases or decreases.

Joint applications receive a premium discount.

Personal Loan Creditor Life Insurance
Amortization	Up to 12 months	13-24 months	25-36 months	37-48 months	49-60 months	61-72 months	73-84 months	85-120 months	121-180 months
Single Rate	0.46	0.46	0.48	0.50	0.52	0.54	0.56	0.67	0.74
Joint Rate	0.82	0.84	0.87	0.91	0.94	0.98	1.02	1.20	1.33

Personal Loan Creditor Life Insurance
Amortization	Single Rate
Up to 12 months	0.46
13-24 months	0.46
25-36 months	0.48
37-48 months	0.50
49-60 months	0.52
61-72 months	0.54
73-84 months	0.56
85-120 months	0.67
121-180 months	0.74

Amortization	Joint Rate
Up to 12 months	0.82
13-24 months	0.84
25-36 months	0.87
37-48 months	0.91
49-60 months	0.94
61-72 months	0.98
73-84 months	1.02
85-120 months	1.20
121-180 months	1.33

Premiums are calculated per $1,000 of the original loan amount and the amortization of your loan, plus sales tax, if applicable.

Personal Loan Creditor Disability Insurance
Amortization	Up to 12 months	13-24 months	25-36 months	37-48 months	49-60 months	61-72 months	73-84 months
Single Rate	1.56	2.32	3.19	3.70	4.25	4.63	5.02
Joint Rate	2.65	3.94	5.42	6.30	7.22	7.86	8.53

Personal Loan Creditor Disability Insurance
Amortization	Single Rate
Up to 12 months	1.56
13-24 months	2.32
25-36 months	3.19
37-48 months	3.70
49-60 months	4.25
61-72 months	4.63
73-84 months	5.02

Amortization	Joint Rate
Up to 12 months	2.65
13-24 months	3.94
25-36 months	5.42
37-48 months	6.30
49-60 months	7.22
61-72 months	7.86
73-84 months	8.53

Premiums are calculated per $100 of your loan payment and the amortization of your loan, plus sales tax, if applicable.

You won't need to take complete a medical underwriting review or answer any health questions. The Pre-existing Conditions Exclusion will apply.

Yes. Personal Loan Creditor Insurance is optional and may be cancelled at any time. You have 30 days to review your plan with a money-back guarantee.

Important documents:

Complete details outlined in Certificate of Insurance issued upon application, or available for review at your HSBC Bank Canada branch. Life and Disability Insurance is underwritten by Canadian Premier Life Insurance Company. Exclusions and limitations apply. Canadian Premier Life Insurance Company, a Securian Financial Company, is the insurer of this product. To contact the insurer, call 1-877-271-8713 or visit www.canadianpremier.ca.

* This is the maximum total coverage for all of your insured HSBC Personal Loans combined.

** Benefits begin after a 30-day waiting period, and are retroactive to the date of covered injury or illness

*** Up to $2,000 per month for a maximum of 60 months.

Personal Loan Creditor Insurance

HSBC Personal Loan Creditor Insurance can provide protection in your time of need

Two types of Personal Loan Creditor Insurance provide you with coverage:

HSBC Personal Loan Creditor Life Insurance

Plan for the unexpected with HSBC Personal Loan Creditor Life Insurance

HSBC Personal Loan Creditor Disability Insurance

Plan for the unexpected with HSBC Personal Loan Creditor Disability Insurance

Calculate your Creditor Insurance premium

HSBC Personal Loan Creditor Insurance FAQs

I already have life and disability insurance. Why do I need Personal Loan Creditor Insurance?

I'm insured for disability at work. Why do I need Personal Loan Creditor Disability coverage?

Who can apply for HSBC Personal Loan Creditor Insurance?

How long is the coverage period for HSBC Personal Loan Creditor Insurance?

How much does HSBC Personal Loan Creditor Insurance cost?

Do I need to complete a medical underwriting review when applying for coverage?

Is there a review period or money-back guarantee?

How do I apply?

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