Creditor Insurance

Creditor insurance is an optional coverage that can help pay down your balance or cover your monthly payments on your mortgage/loan/line of credit if you lose your job, pass away or are recovering from a covered critical illness or disability.

Some coverages can be purchased alone, and others come only as a package. For instance, you can purchase life insurance by itself or combined with critical illness insurance where applicable, but you can’t purchase critical illness insurance on its own – it can only be purchased together with life insurance. Likewise, you can purchase disability insurance by itself or combined with job loss insurance where applicable, but you can only purchase job loss insurance together with disability insurance – not on its own.

You can reduce your coverage from 100% to 50% of your loan amount or your loan payment for mortgage and installment lines of credit anytime. If coverage is increased, a new application will have to be completed. There are some limitations and exclusions, all details are available in your Certificate of Insurance. Contact 1-877-225-5266 or talk to your branch representative.

Absolutely! You can cancel or modify your insurance at any time to suit your needs. If you cancel within 30 days of the coverage start date, you will get a full refund of any premium you have paid – it’s as if the coverage never took effect. If you cancel after the 30-day review period, you will not receive a refund. Contact 1-877-225-5266 or talk to your branch representative.

The maximum amount of coverage varies depending on the product. Follow the links to learn more about the maximum coverage for mortgage protection insurance, loan and line of credit insurance, or Credit Card Balance Protection.

The Certificate of Insurance explains the important details of your coverage, including what’s covered, what’s not covered, when the coverage might be limited and when you’re eligible to make a claim.

It’s a quick and easy process! For Critical Illness, Disability or Job Loss claims, you can submit them through the Digital Claims Portal for real time tracking. For all coverages including Life, you can also download the claim forms that correspond to your type of claim or pop into a BMO branch to get a claim package and instructions.

Note: Securian Canada provides administrative services on our behalf.

To submit a claim through the Digital Claims Portal, register for an account by following the on-screen instructions at https://dcp.securiancanada.ca. You will be asked to provide personal information along with the account number associated with the product you are submitting a claim for. For more information visit the full FAQ section or contact BMO Life Assurance Company at 1-877-271-8713. Monday to Friday 8 a.m. – 8 p.m. ET.

If you did not receive a code after a couple minutes, you can click on “Resend code”. If you forgot your password, click on “forgot password”. If you cannot access your email for any reason, a new account will need to be set up. For more information visit the insurer’s full FAQ section or contact 1-877-271-8713. Monday to Friday 8 a.m. – 8 p.m. ET.

Note: Securian Canada provides administrative services on our behalf.

The system will log you out after 30 minutes of inactivity or after 60 minutes of activity to protect and secure your account. For more information visit the full FAQ section or contact BMO Life Assurance Company at 1-877-271-8713. Monday to Friday 8 a.m. – 8 p.m. ET.

Note: Securian Canada provides administrative services on our behalf.

Submitting your claim digitally allows for real time claim tracking however, it is not required. A paper claim form may still be submitted. Please make sure to select the correct product and coverage type for the correct claim form. Print out your claim form and be sure to have every section completed. For the portion to be filled in by a branch representative, you can visit your nearest branch for assistance in filling up that section. Once all sections are completed, you can send your completed forms and all other required documents by email to creditor.claims@securiancanada.ca or fax the documents to 1-866-748-8486. If you require assistance sending your claim through to the insurer, your branch representative can assist you.

Note: Canadian Premier Life Insurance Company (a Securian Financial Company) provides administrative support services on our behalf.