Business Loan Insurance Plan
Will I pay a lower premium as my loan balance decreases?
Yes. Business Loan Insurance Plan on your daily outstanding balances. As a result, you only pay based on the amount of coverage. And, you pay nothing when the balance is zero.
How are the insurance premiums calculated?
Insurance premiums are calculated based on the current status of the insured person and the status of the insured person.
Calculate what it would cost to insure your loan (s).
How do I file for my Business Loan Insurance Plan?
We’ll be able to give you a better service if you have the following:
- Business customer card number
- Branch transit and loan account number (s)
- Customer card number for the insured person
You may also need to provide:
- The names of doctors or hospitals are stated prior to the date of the claim
- A copy of the police/fire and/or coroner ‘s reports if an accident has passed away due to an accident
Timing is important when submitting a claim, in order to ensure the claim can be paid
Refer to the Terms and Conditions for details.
Important timelines to consider:
- Critical Illness claims must be submitted within 180 days of the date of diagnosis or surgery
- Disability insurance claims must be submitted within 150 days of the date of disability
- Life insurance claims should be submitted in the year of the death date, except for residents of Quebec, in which case life insurance claims should be submitted as soon as possible
- Accidental dismemberment claims must be submitted within 90 days of the loss