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Semi-Revolving Instalment Loan Insurance
Add Semi-Revolving Instalment Loan Insurance at the time you take out a Semi-Revolving Instalment Loan, or any time after your loan is in place. For your convenience, premiums are included in your regular loan payment.
Semi-Revolving Instalment Loan 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 Semi-Revolving Instalment
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.
Semi-Revolving Instalment Loan 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.
- 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 Semi-Revolving Instalment Loan Insurance, or for more information, visit your nearest BMO Bank of Montreal branch.
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