Line of Credit - Life and Disability Insurance

Line of Credit Life, Disability and Critical Illness 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 CUA on your behalf or repays the insured the insured loan balance.

Life insurance at a glance:

• Insurance is available on loans up to $1,000,000 if you are under age 65.
• For ages 65 – 69, coverage is available on loans up to $100,000.
• Coverage ceases at age 75.
• If death occurs due to an accident, the life benefit is equal to the outstanding balance of your insured line of credit as of the date of death. If death occurs from causes other than an accident, the life insurance benefit is equal to the lesser of the following amounts, as calculated:
  • The outstanding balance of your insured line of credit as of the date of your death; and
  • 110% of the average monthly outstanding balance of your insured Line of Credit for the 12 month period preceding the date of your death.

Disability Insurance at a glance:

• Maximum issue age is 69 and maximum coverage age is 75.
• To qualify, you must be working 20 hours per week for two consecutive weeks prior to effective date of insurance.
• Maximum coverage or maximum benefit for Disability is 3% of insurable outstanding balance at time of disability (to a maximum of $3,000/month).
  • Accidental: 3% of insured outstanding balance at time of disability (to a max of $3,000/month).
  • Non-Accidental: Benefit equals 3% of the lesser of 110% of the average outstanding balance preceding 12 months or balance at date of disability
• Maximum benefit period is 60 months.

Critical Illness insurance at a glance:

• Maximum issue age is 59 and maximum coverage age is 75.
• Maximum coverage or benefit for Critical Illness is $1,000,000. If diagnosed with a critical illness, the benefit equals the lesser of 110% of the following amounts:
  • The outstanding balance of your insured Line of Credit as of the date of diagnosis of your Critical Illness; and
  • 110% of the average monthly outstanding balance of your insured Line of Credit for the 12 month period preceding the date of diagnosis of your Critical Illness.
    • This includes accrued interest on the applicable amount as calculated and settlement interest.

* No health questions if Line of Credit is less than $50,000.00
* Health questions required if Line of Credit is more than $50,000.00

*Some conditions apply. For details, please visit www.cumis.com.

For more information please contact CUMIS directly at 1-800-263-9120 and speak with a Licensed Insurance Representative.

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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.