President's Choice Financial|accounts and products|low-cost borrowing|creditor insurance

creditor insurance creditor insurance¹

insurance protection in the event you are unable to make your all-purpose loan or low-cost borrowing account payments

Creditor insurance helps protect your family and dependents from the worry of handling debt in the event of death, disability or job loss. In most cases, the premium can be automatically added to your repayment schedule for your convenience.

Insurance may be a good fit for you if

you have personal liability for a low-cost borrowing account or all-purpose loan (as a borrower or co-borrower)
you want protection for your family in the case of unforeseen events
you are between the ages of 18 and 64
you are a Canadian resident
the combined total of your approved President's Choice Financial all-purpose loans and low-cost borrowing accounts does not exceed $100,000

how you can benefit from benefit from creditor insurance:

life, disability and job loss insurance are all available on the low-cost borrowing account and all-purpose loan — you can protect your low-cost borrowing account and all-purpose loan with only one type of insurance or all three
both you and your co-borrower may apply for insurance
convenient premium payments — for low-cost borrowing accounts, the insurance premium is debited to your borrowing account; for all-purpose loans, the insurance premium can be added to your regular scheduled payment
if you decide you do not want this protection, you may cancel at any time. If you cancel within 30 days of the effective date of insurance all premiums paid by you will be refunded.

three kinds of insurance to protect you

life insurance

In the event of death, life insurance covers the outstanding insured balance of all your insured low-cost borrowing accounts and insured all-purpose loans. There is a maximum benefit for each applicant of $100,000 for life claims for all insured all-purpose loans and all insured low-cost borrowing accounts combined.

disability and job loss insurance

If you become disabled or lose your job through no fault of your own, the insurance will pay1 your combined contracted payments at the time of disability or job loss of principal, interest and your insurance premium for all of your insured all-purpose loans with President's Choice Financial services for the approved duration of the claim. For low-cost borrowing accounts, the insurance will pay your minimum monthly payment at the time of disability or job loss for all of your insured low-cost borrowing accounts with President's Choice Financial for the approved duration of the claim. There is a maximum benefit payable for each applicant of $2,000 monthly for disability and job loss claims for all insured all-purpose loans and $2,000 monthly for disability and job loss claims for all insured low-cost borrowing accounts. In addition there is a $50,000 lifetime maximum benefit for each applicant for disability and job loss claims for all insured low-cost borrowing accounts and a $50,000 lifetime maximum benefit for each applicant for all insured all-purpose loans.

check out our premiums

use the creditor insurance premium calculator to estimate the amount of your premiums
view the premium rates chart to see our competitive rates.

it's easy to apply

Most of our customers are automatically approved with no medical testing required. To add insurance to your low-cost borrowing account or all-purpose loan, just call us at 1-888-723-8881.

make a claim or cancel coverage

make a life insurance, job loss or disability insurance claim (pdf)
make a life insurance claim (pdf)
make a job loss or disability insurance claim (pdf)
cancel your insurance coverage (pdf)

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Insurance is provided by Sun Life Assurance Company of Canada and is subject to the terms and conditions including limitations and exclusions set out in the certificate of creditor insurance.

You can get more details about this insurance by calling the Creditor Insurance Helpline at 1-800-465-6020.

Products and their features may change at any time. This is a general description only. For more information and product terms and conditions, please call the Creditor Insurance Helpline at 1-800-465-6020.