Click here for our most recent updates. Click here to visit our FAQ.

Fermer

Insurance on the Line of Credit

Fulfill your financial obligations under your line of credit in the event of death, disability or critical illness without any hassle.
Are these coverages for you?
  • You have a business line of credit at your Caisse.
  • You are looking for protections that will allow you to meet the financial obligations related to your line of credit in the event of death, disability, or critical illness.
Outlines

Types of insurance:

  • Life
  • Disability1
  • Critical illness1

 

1Life insurance is a prerequisite for disability and critical illness coverage.

Features
Type of insurance Insurable persons Age of eligibility Termination of insurance
Life Borrower

Borrower’s spouse

Co-borrower

Guarantor or surety

(9 insureds maximum)

Between 18 and 69 years old inclusively 75 years old
Disability1 Borrower

Co-borrower

Guarantor or surety

(2 insureds maximum)

Between 18 and 64 years old inclusively 70 years old
Critical illness1 Borrower

Co-borrower

(2 insureds maximum)

Between 18 and 55 years old inclusively 70 years old
1Life insurance is a prerequisite for disability and critical illness coverage.
You must also be a permanent resident or a Canadian citizen when you sign the application.

Coverages

Life insurance: Life insurance protects your family from the financial impact of a death. The insurer pays a benefit at the time of death of an insured.

Disability insurance: Disability insurance enables you to keep up with your commitments while maintaining your lifestyle if you are no longer able to work due to an accident or illness. The insurer pays a benefit upon the insured’s disability, following the 60-day waiting period.

Critical illness insurance: Critical illness insurance protects you from the fi­nancial consequences associated with diagnosis of a critical illness such as cancer, heart attack or stroke. The insurer pays a benefit when a critical illness is diagnosed, following the 30-day survival period.

Cost

  • Premiums are calculated based on the:
    • coverages selected
    • number of insureds and their age
    • sum insured
  • The monthly premiums are automatically withdrawn from your account.

Benefits

  • Death benefit:
    • Insurance coverage of up to $500 000
  • Disability benefits:
    • Max. $2,500/month
    • Flexible coverage – 50% or 100%
    • Benefit can be paid for up to 24 months
  • Benefit for Critical Illness:
    • Mortgage or long-term (121+ months) personal loan: max. $250,000 (all products combined) | Flexible coverage – 25%, 50% or 100%
    • Line of credit: max. $250,000 (all LOCs combined) | 100% coverage
    • Covered conditions :
      • Stroke (Cerebrovascular accident resulting in persistent neurological deficits)
      • Cancer (Life-threatening)
      • Heart attack (Acute myocardial infarction)
    • Non-taxable benefits that aren’t reduced by any amounts received from other private or public plans

 

More information

Exclusions and limitations

Insurance coverages on the line of credit are offered by Acadia Life. They include certain exclusions and restrictions. To find out what they are, you can consult the insurance contracts available at your Caisse.

Legal notice

The information presented on this site summarizes the nature and conditions of the insurance coverages available on the line of credit. It has no contractual value. This information is intended to be clear and simple and to facilitate your understanding of these products.

The insurance contracts contain all the terms and conditions of the insurance coverages. Only the contracts can be used to determine legal issues.

Want to know more about the types of insurance coverages available on the line of credit?

For more information, do not hesitate to contact us to schedule an appointment.

You may also be interested in these personal financial products...
Better informed!
Our blog abounds with articles of real interest to you
Read our blog
Read our blog
Skip to content