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Loan Insurance - Ready to Drive Loan

Important!

The features and guides below are for information purposes. Loan Insurance – Ready to Drive Loan only applies to loans for which the authorization date is between January 16, 2012 and June 22, 2016 inclusive.

Features

With Loan Insurance - Ready to Drive Loan, you get:

  • Coverage that allows you to make your Desjardins Ready-to-Drive Loan payments in the event of death or disability
  • A choice of 2 coverages:
    • Life insurance (automatically included at no additional cost for each borrower)
    • Disability insurance (optional)
  • Disability insurance premiums that are included in the instalment payments and based on the loan balance
  • Non-taxable benefits that aren't reduced by any amounts received from other private or public plans
  • Free access to certain Guide, Protect and Support Program telephone assistance services (with disability insurance):
  • Persons eligible: holders of a Desjardins Ready-to-Drive Loan, borrowers covered under the loan
  • Life insurance:
    • No age limit for accidental death
    • Up to age 70 for death from natural causes
    • No health questions, because all holders of a Desjardins Ready-to-Drive Loan are automatically eligible for life insurance
  • Disability insurance:
    • Desjardins Ready-to-Drive Loan holders under age 65
    • 2 questions determine whether borrowers are immediately eligible - for loans of $100,000 and over, a more detailed insurability report must be submitted

Life insurance

  • In the event of death, the net debt of the Desjardins Ready-to-Drive Loan is paid off, up to a maximum of $500,0001 per participant

Disability insurance

  • In the event of total disability, the instalment payments are paid off, up to a maximum of $2,5001 per month, per participant
  • In the event of total and permanent disability or a prognosis of less than 12 months to live, provides early payoff of the loan balance, up to a maximum of $500,0001 per participant

1. For all Loan Insurance - Ready to Drive Loan policies issued by the insurer.

  • No premiums to pay for life insurance, because this coverage is automatically included at no additional cost in your Desjardins Ready-to-Drive Loan.
  • By taking out Loan Insurance - Ready to Drive Loan disability coverage, you agree to a higher interest rate on your loan. The interest rate on your loan therefore consists of 2 rates combined: the basic interest rate charged by your financial institution plus an additional interest rate for the insurance.

    This makes it possible to calculate the instalment premium based on the loan balance owing. Generally, the premium decreases as the loan balance decreases, since it automatically reflects the principal payments made. As a result, you pay a fair premium for the real risk that your loan represents.

Guides

To learn more about Loan Insurance - Ready to Drive Loan, check out the Life Insurance Guide (PDF, 102 KB) - This link will open in a new window. and the Disability Insurance Participant's Guide (PDF, 745 KB) - This link will open in a new window.. They contain everything you need to know about the product, including conditions, terms, exclusions and restrictions.

Exclusions and restrictions

Some exclusions and restrictions apply. For a complete list, see the Life Insurance Guide (PDF, 102 KB) - This link will open in a new window. and the Disability Insurance Participant's Guide (PDF, 745 KB) - This link will open in a new window. or visit your caisse to consult the insurance policy.

Legal notice
The information appearing on this site summarizes the terms and conditions of this insurance and has no contractual value. It's intended to be clear and simple, so that you can easily understand the product.

Only the policy and insurance application will be used to settle legal disputes. The insurance policy contains all the terms and conditions of this coverage.

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