Relax. We’ve got you covered. We never know what tomorrow will bring. With Canadian Northern Bank loan insurance, rest assured that financial security for you and your family is here to stay.

Plan ahead.

What’s life insurance?

Life insurance can help protect the financial security of your loved ones. It guarantees the payment of an amount equal to the insured balance of your loan at the time of your death. Plus, accidental dismemberment coverage is included at no additional cost.

What’s disability insurance?

In the event of an illness or accident, your disability insurance will automatically make your loan payments when you can no longer work. This way, you can keep your savings for emergency expenses such as hospital bills, transportation, and professional care.

Why not now?

It’s never too early to get coverage. A sudden accident or illness can quickly change your situation. Plan ahead and secure the financial future of your loved ones.

Benefits of taking cover.

It’s all taken care of.

Payment of your loan instalments in the event of illness or accident.
Payment of your loan balance upon death.

Covering unexpected moments.

Accidental death coverage at no additional cost from the time you sign the application and during the application process.

Flexible payment options.

When you sign up, you can choose to include the premium in your regular instalments or in one lump sum.

Added benefits.

Coverage tailored to your needs that gives you peace of mind.
Simplifies life for your loved ones in the event of your death.
Shorter estate settlement periods.

Get the facts.

Feature	Life insurance	Disability insurance
Who’s eligible	You’re eligible if: You’re between the ages of 18 and 64; You’re the borrower, co-borrower or guarantor; You’re a Canadian resident	You’re eligible if: You have the mandatory subscription to life insurance; You’re between the ages of 18 and 59; You’ve held a paid job, minimum 20 hours per week for four weeks before applying; Loan payment must be monthly.
Insurable amount	The maximum insurable amount for a personal loan is $750,000.	The maximum insurable amount is $2,500 per month, for a maximum period of 60 months of disability, with no limit on the number of periods of disability.
Premium type	The premium is payable in a lump sum when the loan is signed and is based on the following: The premium amount is determined by the borrower's age and the loan's initial amount; The premium may or may not be financed.	The premium is payable in a lump sum when the loan is signed and is based on the following: The premium amount is determined by the borrower's age and the loan's initial amount; The premium may or may not be financed.
Insurance termination	Insurance is terminated on the earliest of the following dates: The borrower reaches 70 years of age; The loan expires; The loan is refinanced; The loan is in default; The insurer pays a death claim for the loan; The loan is voluntarily cancelled by the insured; The loan is closed.	Insurance is terminated on the earliest of the following dates: The borrower reaches 70 years of age; The loan expires; The loan is refinanced; The loan is in default; The loan is voluntarily cancelled by the insured; The loan is closed.
Accidental dismemberment insurance	This coverage is included with your life insurance.	This coverage is included with your life insurance.
Available options	Insured can be covered for: Life insurance only; Life insurance combined with disability insurance; There is no limit as to the number of people insured.	Insured can be covered for: Life insurance only; Life insurance combined with disability insurance; There is no limit as to the number of people insured.

Helpful tips and resources.

Is loan insurance right for me?

Loan insurance is right for you if:

You want to make it easier for the people handling your estate after your death.
You don’t want to use your savings to make your loan payments should you become ill or have an accident.
You want to protect your savings or those of your beneficiaries should you pass away.