Choose your settings

Choose your language

Loan Insurance

Get coverage to help you pay off your loan in the event of death or disability. Book an appointment on AccèsD to get more information or apply for loan insurance.

Already have Loan Insurance?

What is Loan Insurance?

Loan Insurance1 covers your loan, your Versatile Line of Credit and any tied loans in case you die or become disabled, based on the insurance percentages you've selected.

Why get it?

Protect your loved ones

Lighten their financial load by getting insurance that helps pay off your loan in the event of your death.

Maintain a good credit report

Get help to continue to pay off your loan if you develop a health problem.

Get support

Get support from healthcare and legal professionals during difficult times.

Coverages offered

Life insurance

In the event of death, this insurance covers the balance of your loan, based on the percentage you chose (between 10% and 100%).

Maximum payable: $10 million

Disability insurance

If you become disabled, this insurance covers your regular payments until your loan is paid off or until you turn 70, based on the percentage you chose. If you become disabled due to cancer, you can start receiving benefits from the day your disability began.

You can insure between 10% to 100% of your loan as long as this percentage isn’t higher than your life insurance percentage.

Maximum payable: $10,000 per month per insured person

Benefits are tax-free and not affected by benefits paid by other private or public plans.

Eligibility

To be eligible, you have to be:

  • A Canadian resident
  • The borrower or the guarantor for the borrower
  • Age 69 or younger (for life insurance)
  • Age 64 or younger and enrolled in life insurance (for disability insurance)

Cost

Loan Insurance

The premium is calculated based on an additional interest rate that's applied to your loan. It varies depending on the:

  • Coverages purchased
  • Insurance percentages selected
  • Number of people insured, their age, sex and whether they smoke or not
  • Amount of the loan

As you pay off your loan, your insurance premium goes down, so you always pay a fair price for your insurance.

Loan Insurance – Versatile Line of Credit

The premium:

  • Is calculated only on the amount of credit you use
  • Is calculated on a 10-year amortization period
  • Is included in your installment payments
  • Varies based on the authorized limit for the Versatile Line of Credit

You're covered right away if you borrow against your Versatile Line of Credit in the future.

Other savings and discounts

  • We give you a discount on life insurance when you also take out disability insurance.

  • We encourage healthy habits for our members and clients by providing a reduced rate for non-smokers.

Assistance services

Psychological assistance

Benefit from a set number of confidential sessions with a mental health professional to help you during difficult times.

Legal assistance

Discuss with a lawyer or notary to get information on your rights and obligations and see what recourses are available to you in case of legal trouble. These professionals can also help you with liquidating a succession.

Convalescence assistance

Get help from a team of medical experts and assistance coordinators to help you find the information and providers you need to recover from an illness, accident or surgery.

Podcast episode on life insurance basics

Insuring your loan can help protect you when the unexpected happens. In this episode, journalist Élise Jetté gives us a 5-minute overview of the many advantages to getting coverage.

What is the difference between life insurance and Loan Insurance?

  • Individual life insurance pays out an amount to your beneficiaries in the event of your death.
  • Loan Insurance helps to pays off your loan if you die before paying it off yourself.

Make an appoint­ment for your Loan Insurance

Online

Book an appointment on AccèsD if you're a member, and meet with an advisor online, in person or over the phone.

Explore our other insurance options

Accident insurance

Get financial help to cover costs related to an accident.

Learn more about accident insurance.

Life insurance for ages 50 and over

Get lifetime coverage tailored to people ages 50 to 75. No medical exam needed.

Learn more about life insurance over 50.

Useful information

Policyholders who signed their insurance application before November  24, 2019 can view their documents on AccèsD.

The information on this site is intended to help you understand the product by providing a simple, clear summary of the nature and conditions of the insurance. Only the insurance contract and the insurance application will be used to settle legal disputes. Refer to the insurance contract for a full list of terms and conditions. Life insurance and living benefits products are manufactured by Desjardins Financial Security Life Assurance Company.Certain conditions, exclusions and limitations may apply.