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Personal Loan Plan Insurance
Add Personal Loan Plan Insurance at the time you take out a Personal Loan Plan, or any time after your loan is in place. For your convenience, premiums are included in your regular loan payment.
Personal Loan Plan Life Insurance is provided by Sun Life Assurance Company of Canada:
- Pays your loan balance in the event of your death.
- Loans up to a maximum of $150,000 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 is based on your age at insurance application
date, the balance of your loan at the time of payment, and the number of days
elapsed since your last payment.
- 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.
Personal Loan Plan 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 days if not working.
- Pays up to $1,500 per month for all insured loans.
- The premium is based on the declining balance of your
loan and the number of days during the payment 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 Personal Loan Plan Insurance, or for more information, visit your nearest BMO Bank of Montreal branch.
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