Creditor Insurance

Imagine not being able to work because of an illness or injury.  Would you be able to carry your financial load until you are able to start working again? If you pass away, would you be putting an additional financial burden on your family?

If you’re like most Canadians, an unexpected disability or death might strain your household’s finances. First Canadian’s Creditor Insurance is an easy way to protect against this strain.  In the event of your covered disability or death, First Canadian will make your insured vehicle payments to your lender or payout the insured portion of your vehicle loan entirely.

Our benefit payments are tax-free, never have to be repaid, and are over and above any other insurance you may have.  Premiums can be included in your vehicle financing and are based only on your financed amount, not your age.  No medical exam is required. Our coverage is in place 24 hours a day, 365 days a year for the entire term of your loan (with shorter term options also available).

First Canadian offers the following creditor insurance products:

Life Insurance

First Canadian’s creditor life insurance is designed to protect your family from the financial risks of an unexpected death.

If you die before your vehicle loan is fully repaid, First Canadian will pay off the insured balance owing directly to your lender. This leaves your family with an asset instead of a liability.

You are protected during the entire term of your loan (or a shorter period if you select short-term benefits). Premiums are low and claims are easy. A few simple health questions may be required, however, no physical exam is necessary to qualify.

Disability Insurance

First Canadian’s disability insurance is designed to protect you from the financial risks of an interruption in your ability to earn an income.

If you become sick or get injured, on or off the job, and are unable to earn an income, First Canadian will pay the insured monthly vehicle payment on your behalf directly to your lender (subject to the terms and conditions of the policy). This allows you to focus on healing without the worry of making your vehicle payments.

Benefits continue for as long as you remain disabled (as defined in the policy) and you may claim as many times as necessary during the term of your coverage. Payments are made directly to the creditor monthly for each day of total disability. A waiting period after disability may apply, but benefits can be paid retroactively from the first day of disability if you choose that coverage. Partial payment options are also available to allow you to match your coverage and premium to your needs.