Lines of Credit with Protection from the Unexpected
Apply for a personal line of credit that provides you with the money you need and covers you when the unexpected happens.
With a LendDirect line of credit, you can take steps to help protect yourself and your family when you experience certain unexpected life events. We can help take the worry away by giving you the reassurance you need with a Loan Protection Plan.
How Loan Protection Works
Peace of Mind
Ensure you, your family, your property
and your credit rating are safe.
Enrollment is as easy as checking a box
on your online loan application.
Most claims paid within 48 hours of
receipt of completed claims information.
Loan Protection Coverage
If the borrower experiences an injury, illness or fracture and are unable to work for 10 consecutive business days, then loan payments will be made for up to 6 months, with a maximum benefit of $2,000.
If the borrower is diagnosed with life threatening cancer; or suffer a stroke, heart attack, kidney failure or major organ transplant for the first time, then 100% of payments will be covered on loans up to $15,000. If, after 6 monthly benefit payments have been made, the insured person remains unable to work due to injury or sickness, an additional lump sum payment is made. The lump sum payment will be the lesser of the remaining loan balance or $2,000. The aggregate benefit limit is $4,000.
If the borrower is laid off (without cause), loan payments will be made for up to 6 months, with a maximum of $2,000. If, after 6 monthly benefit payments have been made, the insured person remains involuntarily unemployed, an additional lump sum payment is made. The lump sum payment will be the lesser of the remaining loan balance or $2,000. The aggregate benefit limit is $4,000.
Loss of Life
In the event that the borrower passes away, 100% of loan payments will be covered on loans up to $15,000.
*Loan Protection Plans are not available in British Columbia. Must be 18 years of age or older, and under 70 years of age to be eligible. Policy sold and administered by Premium Services Group Inc. Underwritten by Canadian Premier Life Insurance Company.
Note: Loans originated prior to March 25th, 2018 may have different coverage. Please refer to the Certificate of Insurance found in your Loan Documents for details.