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Personal Loan Plan Insurance

Personal loan plan insurance can help pay your loan balance should you pass away or help pay your loan payments if you can't work due to a covered illness or injury.

Why you’ll like it:

  • Easy to apply – immediate approval for your loan up to $150,000
  • Convenient – premiums are included in your regular loan payment
  • Affordable – competitive group rates and preferred rates for joint coverage with discount of up to 25%
Book an appointment

How does it work?

Balance Protection

Life insurance to help reduce or pay off your loan entirely.

  • Life Insurance

    Life insurance can help take care of your loan balance if you pass away, so your loved ones can focus on what’s important.

    Your coverage

    • You’ll be covered for 100% of your personal loan balance up to a maximum of $150,000

    Who is eligible?

    • Canadian residents
    • Borrowers or co-borrowers on the loan
    • Individuals at least 18 years of age, but no older than 64 years

Payment Protection

Disability insurance to reduce or completely cover your regular loan payments.

  • Disability Insurance

    If you’re facing an injury or serious illness, disability insurance can help you cover your monthly loan payments so you can focus on your recovery.

    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 30-day qualifying period (90 days if you are not working on the date of your disability)

    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 at least 18 years of age, but no older than 64 years

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.

  • Loan life claim form
  • Loan disability claim form

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.

    Find a branch

  • Come talk to us

    Visit us to learn more about how our insurance coverage options could meet your protection needs.

    Book an appointment

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