Line of Credit

Line of Credit - Life and Disability Insurance

Line of Credit Life and Disability programs insure your revolving loans. Your premiums are paid monthly, based on the average outstanding loan balance and your age. In the event of tragedy, your insurance program either makes the insured monthly loan payment to your credit union on your behalf or repays the insured the insured loan balance.

Life insurance at a glance:

  • Insurance is available on loans up to $500,000 if you are under age 65
  • For ages 65 – 69, coverage is available on loans up to $100,000
  • Coverage ceases at age 70
  • If death is due to an accident, your benefit is equal to your outstanding balance at death, to a maximum of $500,000

Disability Insurance at a glance:

  • Maximum issue age is 59 and maximum coverage age is 65
  • To qualify, you must be working 20 hours a week for two consecutive weeks immediately preceding the loan date
  • Disability benefits pays three per cent of your insured outstanding loan balance at date of disability
  • Maximum monthly benefit is $3,000
  • Maximum benefit period is 60 months
 

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