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Loan Insurance - Versatile Line of Credit

You can count on Loan Insurance – Versatile Line of Credit!

  • Coverage for the Versatile Line of Credit in the event of death or disability
  • Basic financial support in the event of a cancer diagnosis
  • Easy enrolment process; no middleman
  • Complete coverage for both the Versatile Line of Credit and linked loans
  • Premium paid based on borrowed amounts only

Features

With Loan Insurance - Versatile Line of Credit, you get:

  • Coverage that allows you to pay your Versatile Line of Credit payments in the event of death, a cancer diagnosis or disability
  • A choice of 2 coverages:
    • Life insurance (coverage in case of death or a cancer diagnosis)
    • Disability insurance (coverage in case of accident or illness)
  • Insurance selections that apply automatically to all amounts borrowed; no need to go to the caisse to insure new amounts borrowed against the Versatile Line of Credit
  • The benefit of only having to provide proof of good health once
  • Insurance premiums that are included in the instalment payments and automatically adjusted based on the amount borrowed
  • Benefits that are paid for the entire duration of the total disability or until the debt is completely paid off
  • Non-taxable benefits that aren't reduced by any amounts received from other private or public plans
  • Free access to certain telephone assistance services offered under the Guide, Protect and Support Program:
  • Green Homes Program participants: get free access to the Home Assistance phone service, which provides you with home-related referrals and advice.
  • Persons eligible: borrowers, their spouses or guarantors
  • Life insurance: must be under age 70
  • Disability insurance: must be under age 65 and already enrolled in life insurance

Eligibility is determined on the basis of a few questions asked when applying for the loan. Depending on the answers, you'll find out right away if you're eligible, or whether an insurability report needs to be submitted.

Life insurance

  • In the event of death, the line of credit and linked loans are paid off, up to a maximum of $10,000,0001 per participant
  • In the event of a cancer diagnosis or recurrence2 that occurs on or after November 1, 2012, a lump sum equal to 6 monthly loan payments3 (or 3 monthly payments3 if age 55 or older) is paid

    Maximum of $45,000 per participant ($22,500 if age 55 or older)

Disability insurance

  • In the event of disability, the insured portion of the instalment payments for the linked loans is paid off, as is the insured portion of the monthly payments, over a 10-year period, up to $7,5001 per month, per participant
  • Option to cover up to 150% of the instalment payments, making it possible to continue paying off the Versatile Line of Credit as well as other expenses related to the upkeep of the property (municipal and school taxes, electricity, heating, etc.)

1. For all Loan Insurance or Line of Credit Insurance policies issued by the insurer.

2. Cancer recurrence: a cancer diagnosis occurring more than 60 months after treatment for a previous cancer diagnosis has ended.

3. For the line of credit portion, the monthly payment is calculated by amortizing the debt over a 10-year period.

  • The premium is included in the instalment payments in the form of an additional interest rate that varies based on the:
    • coverages selected
    • insured loan percentage selected
    • number of insureds, their age and sex (life insurance)
    • Versatile Line of Credit's initial authorized limit (life insurance)
    • linked loan amortization period (disability insurance) - for the line of credit portion, the premium is always calculated on a fixed 10-year amortization period
    • smoking habits
  • By taking out Loan Insurance - Versatile Line of Credit, 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 your premium based on the loan balance owing. Generally, for the linked loans, the premium decreases as the loan balance decreases, since it automatically reflects the principal payments made. For the line of credit, the premium fluctuates based on the amount borrowed. As a result, you pay a fair premium for the real risk that your loan represents.

  • "Double coverage" advantage
    You can get a discount on your life insurance if you enrol in life insurance plus disability insurance

Guide

To learn more about Loan Insurance - Versatile Line of Credit, check out the Participant's Guide (PDF, 2.6 MB) - This link will open in a new window.. It contains 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 Loan Insurance - Versatile Line of Credit Participant's Guide (PDF, 2.6 MB) - This link will open in a new window. or visit your caisse to consult the insurance policy.

Legal notice

The information presented 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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