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Protect Your Loan
Add insurance at the time you take out a Personal Loan Plan, or an RRSP Readiline,or any time after your loan is in place.
Life Insurance for your Loan
- Pays your loan balance in the event of your death.
- Loans up to a maximum of $150,000 can be insured.
Personal Loan Plan Life Insurance: Monthly premium rate table - rates are pro-rated accordingly if your payments are other than monthly
| Your Age on date of Insurance Application |
Life Insurance rate, per $1,000 Outstanding Loan Balance* | |
|---|---|---|
| Single | Joint | |
| 18 - 44 | $0.45 | $0.68 |
| 45 - 54 | $0.75 | $1.13 |
| 55 - 64 | $1.45 | $2.18 |
*Any provincial sales tax on insurance coverage premiums will be added.
RRSP ReadiLine Life Insurance: (Monthly premium rate table)
| Your attained age (in years, as at January 1st) |
Life Insurance rate, per $1,000 average RRSP ReadiLine account balance* | |
|---|---|---|
| Single | Joint | |
| 18 - 44 | $0.45 | $0.68 |
| 45 - 54 | $0.75 | $1.13 |
| 55 - 69 | $1.45 | $2.18 |
*Any provincial sales tax on insurance coverage premiums will be added.
- Maximum of 2 borrowers per loan.
- Single or joint coverage for borrowers age 18 to 64 at time of insurance application.
- Joint coverage available for 50% more than the cost of single coverage, based on the age of the oldest applicant.
- Premium is based on your age at insurance application date, the balance of your loan at the time of payment, and the number of days elapsed since your last payment.
- Coverage continues to age 70.
- No medical questionnaire to complete – acceptance is automatic.
- Pre-existing health conditions are not covered in the first 12 months.
- Sample Certificate for Personal Loan Plan Life Insurance (PDF - 24Kb)
- Sample Certificate for RRSP ReadiLine Life Insurance (PDF - 29Kb)
Disability Insurance for your Loan
- Loan payments are made when you can't work due to illness or injury.
- Available to the borrower and co-borrower loan applicant(s) who is age 18 to 64 and actively working at the time of the insurance application.
Personal Loan Plan Disability Insurance: Monthly premium rate table - rates are pro-rated accordingly if your payments are other than monthly
| Your Age on date of Insurance Application |
Disability Insurance rate, per $1,000 Outstanding Loan Balance* |
|
|---|---|---|
| Single | Joint | |
| 18 - 64 | $1.25 | $2.00 |
*Any provincial sales tax on insurance coverage premiums will be added.
RRSP ReadiLine Disability Insurance: (Monthly premium rate table)
| Your attained age (in years, as at January 1st) |
Disability Insurance rate, per $1,000 average RRSP ReadiLine account balance |
|---|---|
| 18 - 69 | $1.25 |
*Any provincial sales tax on insurance coverage premiums will be added.
- Single coverage (Joint coverage available on Personal Loan Plans only)
- Coverage continues to age 70
- Borrowers must be between 18-64 years at the time of application
- Premium is based on your age at insurance application date, the balance of your loan at the time of payment, and the number of days elapsed since your last payment.
- No medical questionnaire to complete – acceptance is automatic.
- Pre-existing health conditions are not covered in the first 12 months
- Sample Certificate for Personal Loan Plan Disability Insurance (PDF - 24Kb)
- Sample Certificate for RRSP ReadiLine Disability Insurance (PDF - 29Kb)
