Simplify 4-in-1
A debtor can take steps to help protect themselves and their family in the event that they experience certain unexpected life events. With Simplify 4-in-1, the loan payments and/or outstanding principal balance may be covered if the borrower experiences Accidental Disability, Involuntary Unemployment, Critical Illness or Accidental Death. Simplify 4-in-1 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.
Simplify 4-in-1 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.
Features
- Single & Joint Coverage Available
- 3 Coverage Options including: Basic, Standard and Enhanced (each option offers higher benefit amounts)
- Coverage includes Accidental Death, Accidental Disability PLUS Involuntary Unemployment and Critical Illness
- Premiums can be 100% financed and conveniently included within the monthly payment
- No medical questions are required
- Coverage begins after a 90 day Probation period starting from the effective date of Insurance.
- 30 Day Elimination Period for each claim
- Applicant may cancel at any time
- Features include fixed premium for up to 120 months of coverage regardless of the loan amount
Benefits
- Accidental Death covers the Outstanding loan balance. Available benefit options include: $10,000, $15,000 and $25,000
- Critical Illness covers the Outstanding loan balance. Available benefit options include: $2500, $5000, and $10,000
- Accidental Disability Advantage (Accidental Disability and Involuntary Unemployment), provides a monthly payment for up to 6 months per occurrence. Available benefit options include: $300 /month, $500/month and $750/month
- Benefits are paid in addition to any other insurance
- Benefits are tax exempt
