Loan
Personal Loan - Life and Disability Insurance
Personal Loan Life, Disability and Critical Illness insurance programs insure your personal loans with a fixed term of repayment. Your premium is paid at the time your loan is approved. In the event of tragedy, your insurance program either makes the insured monthly loan payment to us on your behalf or repays the insured loan balance.Life insurance at a glance:
- Maximum issue age is 69 and coverage ceases at age 75.
- Insurance benefit is equal to outstanding balance owing at the time of death and diagnosis for Critical Illness to a maximum of $90,000.
- Pays off your outstanding insured loan if you should die.
Disability Insurance at a glance:
- Maximum issue age is 69 and coverage ceases at age 75.
- The insurance benefit is a monthly benefit and the insured monthly loan payment is a maximum of $1,500/month. The maximum term of disability benefit is 72 months per claim. There is an at work eligibility requirement for Disability where you must be working a minimum of 20 hours per week for two consecutive weeks prior to effective date of insurance.
Critical Illness Insurance at a glance:
- Maximum issue age is 59 and coverage ceases at age 75.
- Insurance benefit is equal to outstanding balance owing at the time of death and diagnosis for critical illness to a maximum of $90,000.
For more information please contact CUMIS directly at 1-800-263-9120 and speak with a Licensed Insurance Representative.
Creditor’s group insurance is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS Services Incorporated, a subsidiary of Co-operators Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions, and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details. To contact CUMIS, please visit www.cumis.com or call 1-800-263-9120.
