Instalment Line of Credit Insurance
Instalment line of credit insurance can help cover your balance or payments if you become critically ill or disabled, lose your job or pass away.
It can be added at the time you take out a line of credit or any time after your line of credit is in place and is available on Homeowner ReadiLine, Personal Lines of Credit, Homeowner's Line of Credit, and Student Line of Credit.
Easy to apply – immediate approval for your line of credit balance multiplied by your percent covered under $100,000- Flexible – coverage options of 50% or 100% that can be modified as your needs evolve
- Affordable – competitive group rates and preferred rates for joint coverage with discount of up to 20%
How does it work?
Balance Protection
Insurance to help reduce or pay off your line of credit entirely. There are two types of coverage —life insurance and critical illness insurance.
Life Insurance
Get life insurance that can help take care of your line of credit balance for a greater sense of financial stability.
Your coverage
- Choose between 50% or 100% coverage of your line of credit balance, up to a maximum of $750,000
Who is eligible?
- Canadian residents
- Borrowers or co-borrowers on a line of credit
- Individuals between 18 and 65 years old
Critical Illness Insurance
If you’re diagnosed with a covered critical health issue like cancer, heart attack, stroke or coronary artery bypass surgery, critical illness insurance can help with your line of credit balance so that you can focus on what matters most.
Your coverage
- Choose between 50% and 100% coverage of your line of credit balance, up to a maximum of $450,000. (The Critical Illness coverage amount must be equal to or less than the percentage of your Life coverage.)
Who is eligible?
- Those who are applying for or already have life insurance
- Individuals between 18 to 55 years old
Payment Protection
Insurance to reduce or completely cover your regular line of credit payments. There are two types of coverage — disability insurance and job loss insurance
Disability Insurance
If you’re seriously injured or ill, disability insurance can help with your monthly line of credit payments so that you can focus on your recovery.
Your coverage
- Choose between 50% or 100% coverage of your regular line of credit payment, up to a maximum monthly amount of $3,000
- Disability benefits are paid for up to 24 months per disability
- Benefits will kick in after a 30-day qualifying period
Who is eligible?
- Those who regularly work at least 30 hours per week and can perform the regular duties of their job
- Canadian residents
- Borrowers or co-borrowers on a line of credit
- Individuals between 18 and 65 years old
Job Loss Insurance
Involuntary job loss is stressful. Job loss insurance can help with your monthly line of credit payments, giving you one less thing to worry about.
Your coverage
- Choose between 50% and 100% coverage of your regular mortgage payment, up to a maximum monthly amount of $3,000. (The Job Loss coverage amount must be equal to or less than the percentage of your Disability coverage.)
- Job loss benefits are paid for up to 6 months per job loss
- Benefits will kick in after a 60-day qualifying period
Who is eligible?
- Those who are continuously employed for 6 months with the same employer
- Those applying for or who already have disability insurance
- Individuals between 18 and 55 years old
- Those eligible to receive Employment Insurance (EI) footnote star
footnote star details Those who are self-employed, independent contractors or those in receipt of a notice of termination are ineligible for job loss insurance.
Submit a claim
Do you have loan or line of credit protection insurance and want to submit a claim? Please choose the form that relates to the coverage you have.
Line of Credit life claim form- Line of Credit disability claim form
- Line of Credit job loss claim form
- Line of Credit critical illness claim form-Stroke
- Line of Credit critical illness claim form-Cancer
- Line of Credit critical illness claim form-Heart Attack
- Line of Credit critical illness claim form-Coronary Artery Bypass Surgery
Resources
For further information about the insurance product, product maximums, limitations and exclusions, please refer to the Certificate of Insurance.
Reach Out
Find a branch
Locate a BMO branch near you.
Come talk to us
Visit us to learn more about how our insurance coverage options could meet your protection needs.
Canadian Premier Life Insurance Company, which operates under the brand name Securian Canada, is the insurer of this product and can be reached at 1-877-271-8713 or www.canadianpremier.ca