Credit Insurance Rider

The Credit Insurance Rider can be purchased on any permanent or term life insurance policy with a minimum amount insured of $20,000

Personal Loan

• Ages at the time of issue: 18 to 55;
• The client must be actively employed and have worked full-time for a minimum of 20 hours/week for 9 months per year;
• The client must have earned an average annual gross income over the last 2 years equal to or greater than $11,000;
• Some occupations are limited to 2 years of benefits or ineligible (pages 13-15 of the Guide);
• Stability in the same job for at least one year.

Commercial Loan

• The client must own at least twenty-five percent (25%) of the shares;
• The client to be insured must be active on the job market within this company;
• The business must have a maximum of eight (8) employees.

• Insurance amount: 1.5% of the life insurance amount, minimum $300 per month, maximum $3,500 per month
• Waiting period:
  • 30 days when total disability is the direct result of an accident, hospitalization of more than 18 hours or day surgery
  • 90 days retroactive to the 31^st day in all other cases
• Coverage ends at age 65
• Benefit period: 2 years under Express Issue and 2 or 5 years under Immediate Issue
• Eligible for personal and commercial loans

• If the client answers “no” to all eligibility questions for the Credit Insurance Rider, it will be issued with the life insurance without any other requirements:
  • No underwriting except MIB verification;
  • A condition appearing on the MIB that is unrelated to our questionnaires will not be considered;
  • No attending physician’s report;
  • No exclusion if all questions are answered “no”.
•  If the client answers “yes” to an eligibility question for the Credit Insurance Rider, you can expect:
  • In Express, the rider will be declined;
  • In Immediate, an exclusion may be offered specifically for the following:
    • Back and musculoskeletal disorders;
    • Psychological disorders such as anxiety or depression;
    • History of disability.
  • The case will then be referred to underwriting. We may ask you for some additional information to make the decision, but in any case, you will receive a prompt response. There will be no additional screening or ordering of an attending physician’s report;
  • If underwriting accepts the endorsement, it will be issued with an exclusion on the condition that was answered “yes”;
  • In the e-App, My Universe will tell you right away if the rider is declined or if you can proceed based on a “yes” question. If you can proceed, moderate your client’s expectations by preparing them for an exclusion or decline following the analysis.

If the client qualifies for the Adjusted Premium in Immediate Issue, the Credit Insurance Rider is not offered.

View the Simplified Issue Reminder to see at a glance the medical conditions and lifestyle habits we readily accept on the Credit Insurance Rider.

Pregnant women, women on maternity leave, or parents on parental leave are eligible to the Credit Insurance Rider and will always have the following exclusion in the delivery requirements:

Pregnancy: It is hereby understood and agreed that no disability benefits will be paid under this contract for any claim of disability of the insured related directly or indirectly to complications during pregnancy, childbirth or miscarriage, which may include, but is not limited to, medical treatment or intervention or anxiety, stress, depression (including postpartum depression) or any other nervous disorder.

Women on parental leave: It is hereby understood and agreed that no disability benefits will be paid under this policy for any claim of disability of the insured directly or indirectly related to complications after childbirth which may include, but is not limited to, medical treatment or intervention and/or any complications arising therefrom including anxiety, stress, depression (including postpartum depression) or any other nervous disorder.

Men on parental leave: no exclusion.