Creditor Insurance

Creditor insurance: life, disability and loss of employment.

Creditor insurance offers peace of mind. It can protect your ability to meet financial obligations in the event of your death or if you experience disability, critical illness or job loss – absolving loved ones from the responsibility of making payments in the event of a tragedy.

Creditor insurance is:

  • Available on mortgages, personal loans, or credit card balances

  • Affordable and straightforward

  • Hassle-free with a simple application process

  • Voluntary

  • Paid directly to the lender

5 reasons to consider creditor insurance:

  • Financial stability for you and your family

  • Protect your credit rating

  • Coverage to suit your specific needs

  • Affordable premiums

  • It's simple to apply and often approval is immediate


Credit life insurance

Credit life insurance is a life insurance policy designed to pay off your debt in the event that you die. The amount you pay for a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time until both reach zero value.

Disability Insurance

Disability insurance provides income in the event you are unable to work and earn money due to a disability.

Loss of employment

In the case of involuntary unemployment, loss of employment (LOE) insurance pays your insured monthly loan payments directly to the financial institution, relieving the burden on you and your loved ones.

Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s 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.