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Most of us use loans or lines of credit to make major purchases. Creditor Insurance can help you stay on track financially if unforeseen events disrupt your life and your income stream.
Servus Credit Union, through our partner Credit Union Insurance Services (CUIS), offers a number of creditor insurance products to provide the right kind of coverage for these instances.
Personal Loan Insurance
Life Insurance – pays off your loan in the unfortunate circumstance of your death, allowing your loved ones to focus on more important things.
Disability Insurance – covers your monthly loan payment while you are disabled and unable to work so you do not have to divert funds from other areas of your life.
Line of Credit Insurance
Life Insurance – pays a benefit based on the insured outstanding balance, meaning your other life insurance policy goes to the people it's meant to go to.
Disability Insurance – pays a monthly benefit of three percent of your line of credit balance up to $3000 per month for a maximum of 60 months.
Line of Credit Insurance premiums are only paid if you carry a balance; if there is no balance, no premium is charged. When you use the line of credit again, the coverage automatically continues and a premium will be charged.
Mortgage Insurance
Life Insurance – pays off the balance of your mortgage in the event of your death.
Critical Illness Insurance – pays the outstanding insured amount if the policy holder is diagnosed with a terminal disease or is unable to work due to illness.
Disability Insurance – pays your insured monthly mortgage payment for up to two years.
Loss of Employment Insurance – bridges the gap between unemployment insurance and your previous income levels allowing you to maintain your savings and be financially secure while you look for new employment.
To find out more about creditor insurance, talk to your Servus Credit Union Financial Advisor or call 780.496.2000, toll-free 1.877.496.2151 today.
CUIS® is a trademark of Credit Union Central of Canada and is used under license
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