If you are unable to make your Personal Line of Credit (Low Cost Borrowing Account) or Personal Loan (All Purpose Loan) payments because of Job Loss, Disability or Death, Creditor Insurance* can help protect you and your family. You can insure your account with one or all three optional types of Creditor Insurance.
Is Creditor Insurance right for you? The answer may be yes if you want to help protect yourself and your family in case of any unforeseen events, plus:
- You have an outstanding balance on your personal line of credit or personal loan
- Your age is between 18 and under 65
- You are a Canadian resident
- The combined total of your approved personal line of credit and personal loan does not exceed $100,000
- You are actively employed at least 25 hours per week and additionally for Job Loss you have to be continuously employed for 6 months immediately prior to your application
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- If you are eligible to apply, you will be automatically approved for the insurance coverage with no medical examination required at the time of application.
- Both you and your co-borrower may apply.
- There is a 30-day review period: if you cancel the coverage within 30 days of receiving your Certificate of Insurance, any premiums that you have paid will be refunded and the insurance deemed never to have been in force.
- You can take advantage of a convenient premium payment:
- Personal lines of credit: insurance premium is debited from your borrowing account.
- Personal loans: insurance premium can be added to your regular scheduled payment.
To make a claim or cancel coverage, please download and print the document that applies to you:
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- In the event of death, life insurance covers the outstanding insured balance of all your insured personal lines of credit and insured personal loans as of the date of death.
- There is a maximum benefit of $100,000 for life claims plus up to 6 months of interest for all insured personal lines of credit and personal loans combined.
- Where two people are insured for the Account, the Life Insurance benefit is paid upon the first death only, and no other benefit will be payable.
- For the personal lines of credit benefit payment where the outstanding balance is less than $60.00, one payment of that outstanding amount will be made once the claim is approved. For outstanding balance(s) greater than $60.00, a benefit payment of 3% of the outstanding balance will be made once the claim is approved.
- For personal loans, if you become disabled or lose your job through no fault of your own and your claim is approved, creditor insurance will pay your combined contracted payments at the time of disability or job loss consisting of principal, interest and your insurance premium for all of your insured personal loans for the approved duration of the claim up to a maximum benefit.
- The maximum monthly benefit is $2,000 for Disability claims and $2,000 for Job Loss claims; this applies to each insured personal line of credit and each insured personal loan.
- In addition, there is a $50,000 lifetime maximum benefit for each applicant for Disability and Job Loss claims combined for all PC Financial personal lines of credit and a $50,000 lifetime maximum benefit for each applicant for Disability and Job Loss claims combined for all insured PC Financial personal loans.
The chart below shows the premiums payable on each type of creditor insurance.What you pay for your insurance:
- Monthly insurance premiums are based on the rate table below plus applicable taxes. These premium rates are subject to change.
Your life insurance premium is calculated using the average outstanding daily balance of your personal line of credit during the previous billing period divided by $1,000 and multiplied by the appropriate rate from the table below as determined by your age and coverage status (single or joint) at the statement date.
Your disability and job loss insurance premium is calculated using the previous month's minimum payment amount divided by $100 and multiplied by the appropriate rate from the table below as determined by your age at the statement date.Personal loans:
Your life insurance premium is calculated using the loan balance on the date your insurance begins, divided by $1,000 and multiplied by the appropriate rate from the table below as determined by your age and if you selected single or joint coverage at the time you apply for insurance.
Your monthly disability and job loss insurance premium is calculated using your monthly payment amount divided by $100 and multiplied by the appropriate rate from the table below as determined by your age at the time you apply for insurance.This table lists the premiums payable on each type of creditor insurance
|Age group||30 & under||31-35||36-40||41-45||46-50||51-55||56-60||61-64||65-69*|
|Personal Loan • Life Insurance (single)||$0.19||$0.23||$0.27||$0.33||$0.44||$0.55||$0.75||$1.00||$1.00|
|Personal Loan • Life Insurance (joint)**||$0.32||$0.39||$0.46||$0.56||$0.75||$0.94||$1.28||$1.70||$1.70|
|Personal Loan • Disability Insurance***||$2.91||$3.17||$3.34||$3.52||$4.47||$5.13||$5.89||$6.45||$6.45|
|Personal Line of Credit • Life Insurance (single)||$0.22||$0.23||$0.24||$0.30||$0.44||$0.62||$0.95||$1.45||$2.25|
|Personal Line of Credit • Life Insurance (joint)**||$0.37||$0.39||$0.41||$0.51||$0.75||$1.05||$1.62||$2.47||$3.83|
|Personal Line of Credit • Disability Insurance***||$1.85||$1.85||$1.85||$2.56||$2.56||$2.56||$5.38||$5.38||$5.38|
|Personal Line of Credit and Personal Loan • Job Loss Insurance***||$3.00||$3.00||$3.00||$3.00||$3.00||$3.00||$3.00||$3.00||$3.00|
*An applicant must be under age 65 to apply for insurance coverage. Coverage will continue however, until the date on which the insured person reaches age 70.
**For joint coverage, the premium rate is based on the age of the older applicant.
*** For joint coverage, the insurance premium is obtained by adding the primary borrower's premium with the secondary borrower's premium plus applicable taxes.
*Products and their features may change at any time. This is a general description only. Life, Disability and Job Loss Insurance for your PC Financial All-Purpose Loan and Personal Line of Credit are creditor's group insurance underwritten by Sun Life Assurance Company of Canada and is administered by the insurer and CIBC. CIBC receives fees from the insurer to promote and administer the plan. This insurance is subject to conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid), including pre-existing health/medical condition exclusions, that are described in a Certificate of Insurance you receive upon enrolment. For more information call the Creditor Insurance Helpline at 1-800-465-6020.
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