Small Business Loan Insurance
Small business loan insurance can help pay your business loan balance should you pass away or your business loan payments if you can't work due to illness or injury.
Why you’ll like it:
Easy to apply – get immediately approved for your coverage up to $50,000- Convenient – premiums are included in your regular business loan payment
- Affordable – competitive group rates and preferred rates for joint coverage with discount of up to 25%
How does it work?
Balance Protection
Life insurance to help reduce or pay off your loan entirely.
Life Insurance
If you were to pass away, life insurance can help take care of your loan balance, so your family can focus on what’s important.
Your coverage
- You’ll be covered for your business loan up to $250,000
Who is eligible?
- Canadian residents
- Borrowers or co-borrowers on the loan
- Individuals between 18 and 65 years old
Payment Protection
Disability insurance to reduce or completely cover your regular loan payments.
Disability Insurance
If you face an injury or serious illness, disability insurance can help you cover your monthly loan payments so you can focus on getting better.
Your coverage
- You’ll be covered for 100% of your regular loan payment up to a maximum monthly amount of $1,500
- Disability benefits are paid for up to 24 months per disability
- Benefits will kick in after a 60-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
- the borrowers or co-borrowers on a loan
- Individuals between 18 and 65 years old
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.
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