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Loan Protection

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SecureDrive Loan Protection

Loan Protection provides life, critical illness, loss of employment, and disability coverage when it’s needed most.  If an unforeseen life event occurs leaving a customer unable to service their financial commitments, this coverage is in place to provide peace of mind and protect consumer credit standing.

SecureDrive Loan Protection provides various coverage options to best suit your need for peace of mind.

Life

In the event of your death, SecureDrive Life coverage will pay out the balance of your loan to ensure the asset you purchased remains with your beneficiary or your estate. With SecureDrive Loan Protection, both you and your family need not worry about the potential loss of an asset as a result of the loss of life.

Eligibility –

Issue Ages 18 through 59: up to $500,000

Issue Ages 60 through 71: up to $200,000

  • Accelerated death benefit – if medically diagnosed as terminally ill, the life insurance benefit is paid immediately
  • Only 6 month pre-existing condition clause for Life coverage

Life & Critical Illness

Combined with the benefits of SecureDrive Life, Critical Illness coverage protects your financial commitment in the event you suffer a heart attack, stroke or are diagnosed with life threatening cancer. Should one of these ailments afflict you, or in the event of death, SecureDrive Loan Protection will be there to make your payments to ensure your vehicle stays with you and your family.

Eligibility –

Issue Ages 18 through 59: up to $500,000

Issue Ages 60 through 71: up to $200,000

  • Only 12 month pre-existing condition clause for Critical Illness coverage

Critical Illness Coverage (available with the purchase of Life coverage) includes:

  • Heart Attack
  • Stroke
  • Life Threatening Cancer

Life & Loss Of Employment

The job market is volatile, but SecureDrive Loan Protection Life and Loss of Employment coverage can help. If you become unemployed through no fault of your own, you can rest easy knowing that your monthly loan or lease payments will be made and your vehicle remains with you and your family.

Eligibility –

All Life Eligibility Requirements met

Issues Ages 18 through 65 inclusive: up to $500,000

  • The debtor must be employed and have been continuously working at occupation for a minimum of 20 hours per week for 12 consecutive months; and
  • The debtor must have not have personally received formal or informal notice of the impending loss of your employment.

Disability

In the event you are disabled for a covered medical reason, SecureDrive Disability will make the monthly payments of your loan until you get back on your feet; regardless if the critical incident is at work, at home or at play.

Disability Coverage –

Issue Ages 18 through 65: up to $4,500 per month

  • Choice of 6 waiting periods – 14 day retro, 14 day non-retro, 30 day retro, 30 day non-retro, 60 day retro, 60 day non-retro
  • Only 6 month pre-existing condition clause for Disability coverage

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