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Loan Disability Insurance
FOR THE ABILITY TO PAY YOUR DEBTS IN CASE OF DISABILITY If you were unable to work due to an accident or illness, would you be able to meet your financial obligations? SOLO Loan insurance covers your monthly loan payments during this difficult time.
What is Loan Disability Insurance?
Loan disability insurance is a type of insurance policy that is designed to help borrowers meet their loan payments in the event that they become disabled and unable to work. This type of insurance is typically offered as an optional add-on to personal loans, car loans, and other types of credit.
If the borrower becomes disabled and is unable to work, the insurance policy will typically make payments on their behalf to cover the loan payments for a specified period of time. The length of time and the amount of the payments will depend on the specific terms of the insurance policy.
Loan disability insurance can provide peace of mind for borrowers who are concerned about their ability to meet their loan obligations if they become disabled. However, it’s important to carefully review the terms of the policy before purchasing to ensure that it meets your needs and provides adequate coverage.
Ideal for you and your loved ones
- Be able to make loan payments (mortgage, line of credit, etc.) if an injury or illness prevents you from working.
- Upgrade your current disability coverage.
- Keep up your current standard of life without using up all of your savings.
- Have coverage every single day.
The right choice if you want to
DID YOU KNOW?
More than 4 in 10 Canadians with disabilities have a severe or very severe disability.
Source: Statistics Canada
How it works
You select the monthly payment that corresponds to your total recurring loan payments (or less, depending on your needs). Upon presentation of financial documentation for loans with payments that are equal to or greater than the selected amount, SOLO Loan Insurance will pay you that sum, tax-free, in the event of disability.
All types of loans taken out from any financial institution authorized to do business in Canada are eligible.
Personal or business loans
- Mortgage and mortgage line of credit, including multi-dwelling
- Line of credit
- Car/motor home/boat/motorbike loan or long-term lease
- RRSP loan or any other investment financing (leverage loan)
- Credit card
- Personal/student/renovation loan
- Business loan
- All other fixed-term loans with regular payments (with or without minimum capital payments)
- Rent also eligible
While you’re receiving your monthly amounts, you don’t have to pay the SOLO Loan Insurance premiums.
FLEXIBLE OPTIONS
Depending on your loans and budget, choose:
- The monthly amount you’d like to receive in the event of a disability: between $400 and $5,000.
- The benefit period during which you’ll receive your monthly amount: 2 years, 5 years or to age 65.
- The waiting period before receiving your first monthly amount: from 30 to 120 days.
Coverage isn’t tied to a specific loan/lending institution, but to your total eligible debt. That means it stays in force if your loans or lending institutions change.
Exchange your SOLO Loan Insurance for SOLO Disability Income if your debts reduce significantly, but you want to remain covered in case of disability. Some criteria may apply. Contact your Life and Health Insurance advisor1 for more information.
DISTINCTIVE FEATURES
- The monthly amount2 is paid from the first day of disability resulting from hospitalization or day surgery if you choose a waiting period of 90 days or less.
- Except for insurance on the same loan or lease, your monthly amount will never be reduced if you’re receiving other disability income or government benefits
Your financial stability is built on your ability to pay your debts. We can help you protect it.
