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Credit Insurance

Credit Insurance

With over 40 years of experience, CRI Canada is one of Canada’s leading providers of credit insurance. We work with top credit unions in Canada and underwrite several types of credit insurance through Canadian Premier Life Insurance Company. The products, coverage and benefits available will vary by lender.

The wide range of insurance solutions marketed by CRI Canada are as diverse as your members - from credit life, disability, mortgage and accidental death insurance to level term life insurance and more. CRI Canada offers a wide range of innovative products to help you find coverage options that best suit you and your member’s needs.

Credit Insurance is underwritten and administered by Canadian Premier Life Insurance Company (Head Office - Toronto, ON) and is available to credit union members only

Personal Loan Life Insurance

Credit Life Insurance is designed to help pay off or reduce a borrower's loan balance in the event of the borrower's or co-borrower's death. It is available with most consumer loans and will pay off or reduce the outstanding principal plus accrued interest. It is a voluntary purchase that provides peace of mind to the credit union member.

Personal Loan Disability Insurance

Credit Disability Insurance is designed to help pay the total or partial monthly payments of a loan in the event the borrower becomes ill or falls victim to an accident or injury and is unable to work. The benefit is calculated per day of total disability. It is available with most consumer loans and is a voluntary purchase.

Mortgage Life Insurance

Mortgage Life Insurance is specifically designed to help pay off or reduce the mortgage balance in the event of the borrower's death. Although it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers purchase this insurance is to protect what is usually their largest asset - their home. Premiums are based on age, whether or not the member is a smoker or non-smoker, and are withdrawn from the member’s account mid-month.

Mortgage Disability Insurance

Mortgage Disability Insurance is specifically designed to help pay the total or partial monthly mortgage payments in the event the borrower becomes disabled due to sickness, accident or injury and is unable to work. In most cases the benefit is calculated per day of total disability. While it is available with most mortgage loans, it is not mandatory to purchase the coverage. The primary reason most borrowers purchase this insurance is to protect their credit rating and not place additional strain on the household budget in the event of disability.

Line of Credit Life Insurance

A line of credit provides the flexibility to fit today's consumer demands. Life insurance coverage on a line of credit is designed to help reduce or eliminate your outstanding balance in the event of death.

Line of Credit Disability Insurance

Line of Credit Disability Insurance is designed to pay the monthly loan payment of the insured borrower if they become ill or fall victim to an accident or injury and are unable to work.

Outstanding Balance Life Insurance

Outstanding Balance Insurance is designed to help pay off or reduce the outstanding balance on revolving or operating loans where the balance fluctuates, in the event of a covered death. With this coverage, premiums are never charged if the balance is zero, thus eliminating payments for unnecessary coverage. In the event of death, the coverage may pay off the member's outstanding loan balance up to $500,000. In addition, should the member become terminally ill, benefits may be paid prior to death.

Level Term Life Insurance

Level Term Life Insurance is designed to provide a maximum benefit of $500,000 to a designated beneficiary if an insured should die. The debt may fluctuate over the member's lifetime however the coverage will remain constant. The coverage is renewable every 10 years.

*Available exclusively in Alberta, Manitoba, Saskatchewan and Ontario

Level Term Disability Insurance

Level Term Disability Insurance works together with the Level Term Life product to deliver maximum protection to the credit union member. The Level Term Disability Insurance can cover monthly loan payments for pennies a day, and is designed to help pay insured loan payments while disabled due to a covered accident or illness.

*Available exclusively in Alberta, Manitoba, Saskatchewan and Ontario

10 Year Commercial Level Term Insurance

Level Term Life Insurance is designed to provide a maximum benefit of $500,000 to a designated beneficiary if an insured should die. The debt may fluctuate over the member’s lifetime however the coverage will remain constant. The coverage is renewable every 10 years. Insured must have at least 10% equity in the organization.

*Available exclusively in British Columbia

Level Term Disability Insurance

Level Term Disability Insurance works together with the Level Term Life product to deliver maximum protection to the credit union member. The Level Term Disability Insurance can cover monthly loan payments for pennies a day, and is designed to help pay insured loan payments while disabled due to a covered accident or illness. Insured must have at least 10% equity in the organization.

*Available exclusively in British Columbia

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