LIFESTYLE CREDIT COVERAGE
A debtor can take steps to help protect themselves and their family in the event that they experience certain unexpected life events. With the Lifestyle Credit Coverage, the loan payments and/or outstanding principal balance may be covered if the borrower experiences Total Disability, Accidental Disability, Involuntary Unemployment or loss of life. The Lifestyle Credit Coverage is offered by Co-operators Life Insurance Company and all benefits are paid to the creditor to reduce or eliminate the obligations of the Insured Person’s loan or lease agreement.
Lifestyle Credit Coverage is an optional creditor’s group insurance which can be purchased by a debtor with respect to a specific loan or lease. It is not a requirement in order to obtain a loan or lease and can be cancelled at any time.
Why Should I Have Credit Coverage? You work hard to afford your quality of life. But what if your life suddenly changes due to a death, illness, injury or loss of employment? Your loan payments don’t stop while you recover.
Credit Coverage Options
- Available in two separate insurance plans:
- 3-Way Lifestyle Credit includes: Life, Total Disability (Accident & Health), Accidental Disability Advantage
- 4-Way Lifestyle Credit includes: Life, Total Disability (Accident & Health), Accidental Disability Advantage, Critical Illness
Life
The outstanding loan balance is paid off if the insured dies before it is repaid.
Total Disability (Accident & Health)
After the waiting period and upon approval of a claim, the monthly loan or lease obligation is paid to the creditor while you are unable to work due to a covered illness or injury.
Accidental Disability Advantage
After the waiting period and upon approval of a claim, the monthly loan or lease obligation is paid to the creditor for up to 6 months per occurrence while you are unable to work due to an injury or if you are involuntarily unemployed.
Critical Illness
The outstanding loan balance is paid off if the insured is diagnosed with a first occurrence of a covered Critical Illness and survives 30 days.
Covered Illnesses*
- Cancer (life-threatening)
- Heart attack (Myocardial Infarction)
- Kidney failure
- Stroke (Cerebrovascular Accident)
- Coronary Artery Bypass Surgery
- Major Organ Transplant
- Major Organ Failure on Waiting List
- Loss of Speech
- Severe Burns
- Paralysis
- Blindness
- Deafness
- Occupational HIV infection
