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Line of Credit Life Insurance
Have you considered what would happen if you were unable to pay off the balance of your Line of Credit because of death? Add Creditor Life Insurance for low cost financial security.
Creditor Life Insurance is designed to help your family or estate when you are not able to.
How Much Will It Cover?
The amount of coverage depends on your Line of Credit:
Automatic Approval
If the limit on your Line of Credit is $25,000 or less, your application for insurance will be automatically approved.
Who is Eligible?
Any borrower or co-borrower on a Bank-approved Line of Credit may apply. At the time of application, each person (maximum of two) must be:
- Between the ages of 18 and 64, inclusive
- A Canadian resident
When Can I Apply?
You may apply for Creditor Life Insurance at any time.
How Much does it Cost?
Creditor Life Insurance is an inexpensive form of financial protection. Premiums are calculated monthly based on your outstanding Line of Credit balance and your age. If you have an instalment agreement, premiums are included in the blended payment. For added convenience, premiums are billed to your Line of Credit account. Please refer to the Certificate of Creditor Insurance (PDF, 80K) for detailed rate information.
Add Even More Protection
To add even more financial security, you can include Disability or Disability Plus Insurance with your Creditor Life Insurance.
30 Day Guarantee
If you are unhappy with your coverage within the first 30 days, simply contact us and any premiums already charged will be refunded.
To apply for Line of Credit Life Insurance, call 1 877 CALL-BMO or visit your closest BMO Bank of Montreal branch.
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