Loan Protection ensures your vehicle loan is covered if you pass away, get sick, become disabled or lose your job.
Loan Protection
Cover your car payments should you experience a life changing event.
Eligibility
Canadian residents
Ages 17 to 71 years old
No previous critical illness or living benefit claims made
Be prepared for the unexpected
1 in 3 Canadians
will become disabled during their lifetime.
More than 1 in 3 Canadians
do not have access to paid sick leave benefits.
17.4 weeks
is the average time spent finding a new job when unemployed.
1 Canadian dies every 5 minutes
from a heart condition, stroke or vascular condition.
1 in 2 Canadians
will develop cancer in their lifetime.
How does Loan Protection cover you?
Disability coverage
Disabilities can have a major impact on your life. We’ll cover your monthly vehicle payments up to a fixed amount whenever this happens.
Loss of employment coverage
If you get laid off, we’ll cover six months of your vehicle payments up to a fixed amount each time this occurs, so you can focus on finding your next opportunity.
Life coverage
If you pass away, the balance of your loan or a portion of it will be paid up to a fixed amount, which protects your estate from outstanding debt.
Life coverage also includes the ‘living benefit’, which pays or reduces the negative equity portion of your loan if you’re diagnosed with a terminal illness.
Critical illness coverage
If you’re diagnosed with a critical illness, we’ll pay out the balance of your loan up to $100,000, ensuring your vehicle remains with you at this important time. (Only available under the Carefree plan when life coverage is also selected).
Getting the coverage you need has never been easier
No medical questionnaire or exams.
No smoker premium surcharge.
Plan premium can be included with your vehicle financing.
Choose the plan that’s right for you
Essential plan
A convenient bundled plan suited to anyone who wants basic coverage for the essentials.
Coverage included:
- Disability
- Loss of employment
- Life
Essential Plus plan
All the benefits of the Essential plan with a higher coverage limit. Ideal for those who want an increased level of protection.
Enhanced Coverage for:
- Disability
- Loss of employment
- Life
Carefree plan
Coverage fully tailored to your budget and preferences. Perfect if you want flexibility or to include critical illness coverage.
Include all or some of:
- Disability
- Loss of employment
- Life
- Critical illness
Frequently asked questions
Am I eligible for SecureDrive Loan Protection?
We offer coverage for anyone who:
- is resident in Canada for at least six months of the year; and
- is aged between 17 and 71; and
- has not made any previous claims for critical illness insurance benefit or
- living benefit under any other insurance policy/insurer.
Who underwrites SecureDrive Loan Protection?
SecureDrive Loan Protection is underwritten by CUMIS Life (Co-operators Life Insurance Company) and provided by LGM Financial Services Inc.
Is SecureDrive Loan Protection mandatory on financed or leased vehicles?
SecureDrive Loan Protection is an optional and voluntary product which offers security during times of financial hardship caused by certain life events.
Can I buy critical illness coverage if I’m self-employed?
Yes, critical illness coverage is available for self-employed customers under our Carefree plan.
How much of my loan will be paid by life coverage?
If you choose the Carefree plan, the balance of your loan will be paid up to a fixed amount. If you choose the Essential or Essential Plus plan, the negative equity portion of your loan will be paid up to a fixed amount. ‘Negative equity’ means the difference between the outstanding balance of your insured loan/lease and the average wholesale Canadian Black Book value of your vehicle.
How long can I purchase coverage for?
Coverage is available up to 96 months. All coverage will terminate on the 73rd birthday of the insured person.
Can I include SecureDrive Loan Protection in my vehicle financing?
Yes! If you purchase your contract at the same time as your vehicle, your selling dealer will generally allow you to roll everything into your vehicle financing deal.
How do I make a claim?
Call the product underwriter (CUMIS Life) to initiate the claims process. Claims must be submitted within 90 days of the date of occurrence. Toll Free: 1-855-587-8595
