Coverage

Line of Credit Insurance offers you 2 types of coverage:

• Life Insurance. In the event of death, the Insurer pays the insured amount indicated on your insurance application form. This amount cannot be less than $10,000 or exceed the amount of your line of credit (maximum $10 million¹ per participant).
• Disability Insurance. In the event of total disability, the Insurer pays the monthly amount indicated on your insurance application. This amount can be up to 3% of the life insurance amount chosen, for a maximum of $7,500¹ a month.

Example

An entrepreneur opens a $65,000 line of credit. He must repay $750 a month. He decides to take out life insurance for an amount equal to the total amount of his line of credit, or $65,000, and disability insurance in the amount of $750 a month.

If he dies, Desjardins Financial Security (DFS) will repay the balance of his line of credit. Any surplus will be paid into his chequing account.

In the event of total disability, DFS will reimburse $750 a month for the duration of this disability, for a maximum of 60 monthly payments per period of disability.

1. For overall Line of Credit Insurance or Loan Insurance contracts issued by the Insurer.