Creditor insurance is a safety net for you and your family. It can help you pay your debt or keep up with payments if you are diagnosed with a critical illness, become disabled or pass away.
When you take out a mortgage, personal loan, line of credit, or credit card, you want to know you and your family will be protected if something should happen to you, and that your loved ones won’t be stuck with a debt they can’t handle. This is where creditor insurance comes in. Sometimes known as credit protection, it can help pay off or pay down your mortgage or loan, or make your payments if the unexpected should happen. This can include coverage if you die.
Get help with your Canada Life products and services.
Creditor insurance with Canada Life can make a lump-sum payment towards your loan or make regular payments directly to your lender. The maximum amount and number of payments, and other terms of coverage, may differ depending on the lender and loan product. They will be specified in your certificate of insurance provided on enrollment.