Paying off your student loan?

Available only in Quebec.

According to the Service d'aide financière aux études (AFE) 56,239 graduates had to consolidate their government student loans in 2002-2003. The average amount of a student loan to be repaid was $8,195.

Did you know that if you were to die, your estate would be responsible for paying off your loans if you didn't have any savings, insurance or sufficient asset Asset: Item or amount of money belonging to a natural person. s to repay these loans?

Loan Insurance: a great way to take responsibility!

From now on, when you consolidate your student loan, Desjardins offers you the possibility of enrolling in Loan Insurance automatically, without having to fill out an insurability report or a medical questionnaire. By accepting it as is, this insurance protects you in the event of death by repaying the balance of your loan. In the event of disability and for as long as it persists, the insurer will make your periodic loan payments for you.

By taking out Loan Insurance on your loan, you are looking out for your financial security and you prevent your debt from becoming a financial burden on your estate if such an event were to occur.

In addition, Loan Insurance offers you 1 telephone assistance service:

• Legal Assistance for questions about the laws and your rights. For example: The noise coming from my neighbour's apartment wakes me at night. I've talked to my super about it often but he tells me there's nothing he can do about it. Do I have any recourse? Can I break my lease to find another quieter apartment?
  
  

You should also know that the cost of Loan Insurance is calculated according to the term and balance of your loan, as well as your age. This way, you pay only for the real risk your loan represents and your age ensures that the insurance cost is minimal. To put it another way, Loan Insurance offers good protection at an affordable price!

Source: Desjardins Financial Security and the Service d'aide financière aux études (AFE).