Insurance that combines three types of coverage
of your loan balance paid in the event of death
of disability benefits–the insurer will make your loan or line of credit payments to the Bank
Advantages of loan insurance
- Your loan or line of credit is covered in the event of death, disability or critical illness.
- In the event of disability or critical illness, the insurer will pay off all or part of your balance so you can focus on getting better.
- Your insurance premiums are based on the outstanding balance of your line of credit.
In the event of death, the insured balance of your loan will be repaid so your loans won't become a burden to your loved ones. The maximum insurable amount is $500,000 for a personal loan and $1 million for a line of credit.
Rest easy knowing that if you become disabled and are unable to work, some of your payments will be made for you. Get up to 48 months of benefit payments for the duration of the loan for all insureds and up to 24 consecutive months of benefit payments per disability. See the eligibility criteria.
If you're diagnosed with cancer or suffer a stroke or heart attack, we'll cover your insured balance so you can focus on getting better. The maximum insurable amount is $150,000 for a personal loan and $1 million for a line of credit.
Little details that matter
||Place of residence
||18 to 64 years old
||Within Canada and the U.S.
||Be a borrower, co‑borrower, guarantor or endorser
|Have signed up for life insurance
• Have worked a minimum of 60 hours during the 4 weeks preceding the insurance application
• Self-employed worker: Have earned at least $10,000 in income during the fiscal year preceding the date the insurance application was signed
|Critical illness and accidental dismemberment
||Have signed up for life insurance
* You are not eligible for disability insurance if you receive income replacement benefits, are on a leave of absence or are unemployed
Loan insurance claims
AMF fact sheet, summaries and insurance certificates
The terms and conditions of our loan insurance are set out in the summary and the insurance certificate. To learn more about your rights before subscribing to a loan and line of credit insurance, read the AMF fact sheet.
||Summary (f.30923) [PDF]
Insurance certificate (f.16330) [PDF]
|Line of credit
||Summary (f.19928) [PDF]
Insurance certificate (f.16334) [PDF]
||Summary (f.31241) [PDF]
Insurance certificate (f.16332) [PDF]
|Personal loan with mortgage security
||Summary (f.31242) [PDF]
Insurance certificate (f.16336) [PDF]