In today's world, most of us carry debt, sometimes quite a substantial amount when you factor in mortgages, lines of credit, and credit card balances.  The last thing you want if you die is for your family to be saddled with overwhelming debt.  This is where creditor insurance can play an important role.

Mortgage Insurance

Mortgage insurance is a relatively low-cost policy that offers life and disability insurance.  It is purchased at the time you take out your mortgage.  The premiums are paid in addition to your mortgage payment.

• Mortgage life insurance allows your family to live mortgage free should anything happen to you or your spouse ($500,000 maximum)
• Disability or illness mortgage insurance pays your monthly mortgage payment ($3,000 maximum) for up to two years

Loan and Line of Credit Insurance

Loan and line of credit insurance is very similar to mortgage insurance in that it provides coverage for life and disability.  It is purchased at the time you take out your loan and the premiums can be added to your regular loan payment.

Is Creditor Insurance Right For You?

Whether these types of policies are right for you depends on your personal situation.  If you already have life insurance, it may be sufficient to cover these types of debts.  If you don't have life insurance or would have a difficult time obtaining it due to your age or health, creditor insurance may be a viable and economical option.  Creditor Insurance available through Creston & District Credit Union is underwritten by Canadian Premier Life Insurance Company.

We Are Here to Help

Protecting yourself and your family in the event of misfortune is critical.  Please contact one of our friendly and knowledgeable lending officers who will help you decide which insurance product suits your needs.