Borrowing
Creditor Insurance

• In the event of death, life insurance covers the outstanding insured balance of all your insured personal lines of credit and insured personal loans as of the date of death.
• There is a maximum benefit of $100,000 for life claims plus up to 6 months of interest for all insured personal lines of credit and personal loans combined.

Where two people are insured for the Account, the Life Insurance benefit is paid upon the first death only, and no other benefit will be payable.

Simplii Personal Lines of Credit – Creditor Insurance Product Summary (PDF, 190 KB)  Opens in a new window.

Simplii Personal Loans – Creditor Insurance Product Summary (PDF, 175 KB)  Opens in a new window.

• For the personal lines of credit benefit payment where the outstanding balance is less than $60.00, one payment of that outstanding amount will be made once the claim is approved. For outstanding balance(s) greater than $60.00, a benefit payment of 3% of the outstanding balance will be made once the claim is approved.
• For personal loans, if you become disabled or lose your job through no fault of your own and your claim is approved, creditor insurance will pay your combined contracted payments at the time of disability or job loss consisting of principal, interest and your insurance premium for all of your insured personal loans for the approved duration of the claim up to a maximum benefit.
• The maximum monthly benefit is $2,000 for Disability claims and $2,000 for Job Loss claims; this applies to each insured personal line of credit and each insured personal loan.

In addition, there is a $50,000 lifetime maximum benefit for each applicant for Disability and Job Loss claims combined for all Simplii Financial personal lines of credit and a $50,000 lifetime maximum benefit for each applicant for Disability and Job Loss claims combined for all insured Simplii Financial personal loans.

Simplii Personal Lines of Credit – Creditor Insurance Product Summary (PDF, 190 KB)  Opens in a new window.

Simplii Personal Loans – Creditor Insurance Product Summary (PDF, 175 KB)  Opens in a new window.

The chart below shows the premiums payable on each type of creditor insurance.

What you pay for your insurance:

• Monthly insurance premiums are based on the rate table below plus applicable taxes. These premium rates are subject to change.
   

Personal line of credit:

Your life insurance premium is calculated using the average outstanding daily balance of your personal line of credit during the previous billing period divided by $1,000 and multiplied by the appropriate rate from the table below as determined by your age and coverage status (single or joint) at the statement date.

Your disability and job loss insurance premium is calculated using the previous month's minimum payment amount divided by $100 and multiplied by the appropriate rate from the table below as determined by your age at the statement date.
 

Personal loans:

Your life insurance premium is calculated using the loan balance on the date your insurance begins, divided by $1,000 and multiplied by the appropriate rate from the table below as determined by your age and if you selected single or joint coverage at the time you apply for insurance.

Your monthly disability and job loss insurance premium is calculated using your monthly payment amount divided by $100 and multiplied by the appropriate rate from the table below as determined by your age at the time you apply for insurance.