Cost

The premium is calculated based on the amount you have chosen to insure and the applicable premium rates based on the age attained by each insured.

The first premium is due on the date the insurance becomes effective. The following premiums are payable on the same date each month.

Note that the first two premium payments are withdrawn on the first day of the second month of insurance.

Example

An entrepreneur takes out Line of Credit Insurance on March 12. Her first two premiums will be withdrawn from her chequing account on April 12.

The next premiums will be withdrawn on the 12th of every month. If, during the insurance year, the entrepreneur changes age group and therefore incurs a premium rate change, she will be notified approximately two months before her birthday.