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RRSP ReadiLine Insurance
Add RRSP ReadiLine® Insurance at the time you take out an RRSP ReadiLine Loan, or any time after your loan is in place. For your convenience, premiums are included in your regular loan payment.
RRSP ReadiLine Life Insurance is provided by Sun Life Assurance Company of Canada:
- Pays your loan balance in the event of your death.
- Loans up to the authorized RRSP ReadiLine Loan limit
can be insured.
- Maximum of 2 borrowers per loan.
- Single or joint coverage for borrowers age 18 to 64
at time of insurance application.
- Joint coverage available for 50% more than the cost
of single coverage based on the age of the oldest applicant.
- Premium based on age and average balance during the
statement period.
- Coverage continues to age 70.
- No medical questionnaire to complete – acceptance is
automatic.
- Pre-existing health conditions are not covered in the first 12 months.
RRSP ReadiLine Disability Insurance is provided by Sun Life Assurance Company of Canada:
- Loan payments are made when you can't work due to
illness or injury.
- Only available to the primary loan applicant who is
age 18 to 64 and actively working at the time of the insurance application.
- Benefits start after 30 days of continuous disability
when working, after 90 day if not working.
- Pays up to $1,500 per month for all insured loans.
- Continuing coverage on advances up to the authorized
credit limit.
- Premium based on your average balance during the
statement period.
- Coverage continues to age 70.
- No medical questionnaire to complete – acceptance is
automatic.
- Pre-existing health conditions are not covered in the first 12 months.
To apply for RRSP ReadiLine Disability Insurance, or for more information, visit your nearest BMO Bank of Montreal branch.
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