Canada Life

Helping to Protect You and Your Loved Ones

Canada Life

Creditor Insurance Coverage to suit your needs.




Coverage that goes the distance.

Help ensure that you or your loved ones are not burdened with financial obligations in the event of unexpected circumstances.

Easy and economical protection coverage available:

  • Life Insurance
  • Disability Insurance
  • Involuntary Unemployment Benefit

A Small Price for Enhanced Financial Security

Low monthly premiums are based on group insurance rates to help ensure that they are competitive. Single or joint life coverage is available, and in most insurances, no additional medical information is required.

It's Easy to Apply

Canada Life Creditor Insurance is available at the time financing is arranged. Your dealer can facilitate this coverage for you.

Life Insurance

Rest easy knowing you can help to ease your family's financial burden at a difficult time.

  • Life Insurance pays the outstanding balance of the loan in the event of the death of an insured borrower
  • Eligibility up to age 69 with no medical examination required to apply for coverage
  • Coverage available up to a maximum loan amount of $200, 000 with repayment term no greater than 84 months

Disability Insurance

Accidents and illnesses are a part of life; they can happen to anyone at any time.

  • If eligible, we will make your monthly payment for you during the covered period of disability
  • Monthly benefit up to $3,500 per month
  • Eligibility up to age 65 as long as you are gainfully employed

Canada Life will make your loan payments for you in the event that you become unemployed as the result of an accident. This will help to ensure your credit rating will not be adversely affected; one financial worry you can do without.

  • After a 30 day waiting period, we will continue to make your monthly payments
  • Eligibility up to 65 as long as you are gainfully employed
  • Maximum monthly benefit up to $3,500

Canada LifeCreditor Insurance helps to make difficult times less of a financial burden for your family and credit.

Frequently Asked Questions:

When will my coverage be effective?

Coverage begins immediately on the date you secure the financing for your vehicle, and the date your application is signed, if no medical underwriting is required.

Are there any eligibility requirements?

Yes. You must be a resident of Canada, as well as be within the age and employment limits as stated in the Conditions of Eligibility. Please refer to the Certificate of Insurance for details.

Are there any exclusions?

For a list of exclusions, please see the Certificate of Insurance

Are pre-existing conditions covered?

Creditor Insurance is meant to protect against life’s uncertainties. Pre-existing conditions of Insurance are not covered, please refer to the Certificate of Insurance for complete details.

Do Total Disability Benefits reset?

Yes - if a recurrent Total Disability occurs within 180 days from the initial claim, it is considered a continuation of the initial claim with no 30-day waiting period.

Are pre-existing conditions covered?

Yes if the claim occurs after 12 months following the contract issue date.

Does loss of employment insurance reset itself?

Yes. After 180 days of the initial claim period.

How are claims processed?

All claims and related questions please call the Administrator at 1-888-363-1101 or email

Interested? Get in touch to learn more.

*Please note: the prices and programs as displayed on this page are only available in Ontario. If you are located in a province other than Ontario please contact your Dealership or local Sales Representative for more information.

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