Optional Loan Protection Questions
When you enroll in the optional Loan Protection Plan, your loan payments and/or outstanding loan balance may be covered if you experience lifetime milestones or unexpected changes.
Involuntary Unemployment
If you are laid off without cause.
Benefit: Payments may be made for up to 6 months.
Plus: if you are still unemployed after 6 months, an additional lump sum payment may be made equal to the remaining balance to a maximum of $2,000. (Maximum potential total benefit $4,000.)
Injury or Sickness
In the event that you sustain an injury or illness that prevents you from working for ten consecutive business days or longer.
Benefit: Payments may be made for up to 6 months.
Plus: if you are still unemployed after 6 months, an additional lump sum payment may be made equal to the remaining balance to a maximum of $2,000. (Maximum potential total benefit $4,000.)
Critical Illness
In the event that you are diagnosed with life-threatening cancer, suffer a stroke, heart attack, kidney failure or a major organ transplant for the first time in your life.
Benefit: 100% payment.
Your outstanding principal balance on date of critical illness. (Maximum potential total benefit $15,000.)
Loss of Life
If you pass away.
Benefit: 100% payment.
Your outstanding principal balance on date of death. (Maximum potential total benefit $15,000.)
Lifetime Milestone Support
For occasions such as retirement from employment, purchase of a home, final payment of mortgage, birth or adoption of a child, marriage, graduation from post-secondary education, first job after graduation, or attending an apprentice program training.
Benefit: Payments may be made for 3 months. (Maximum potential benefit of $2,000.)
Unpaid Family Leave Support
If you have an unpaid leave of absence from your employment for more than 14 days, approved by your employer, to provide care or support to your spouse, child, or parent with a serious health condition.
Benefit: Payments may be made for 3 months. (Maximum potential benefit of $2,000.)
Loan Protection FAQs – LendDirect
See Summary of Coverage and Certificate of Insurance for full coverage details including exclusions. The optional protection plan is a group credit insurance program underwritten by Canadian Premier Life Insurance Company and Canadian Premier General Insurance Company.