Are You Prepared?
Imagine not being able to work because of an illness or injury. Would you be able to carry the financial load until you are able to start working again? If you pass away, would you be putting an additional financial burden on your family?
First Canadian Insurance helps assure that in the event of your covered death or disability the insured vehicle payments will be made to your lender to reduce or eliminate debt.
What are the Benefits?
- Benefit payments are tax-free, paid directly to the lender and never have to be re-paid.
- Creditor insurance pays over and above any additional insurance.
- Premiums are calculated based on your financed amount NOT on your age.
- No medical exam is required.
- No occupational restrictions.
- Enrolment is voluntary and made available at the time your loan or leasing agreement commences, so premiums can be included in financing as an easy payment option.
- Plans are available to both the customer and the co-signer.
- Customize coverage to fit your needs.
- Benefits are paid in addition to any other insurance.
Did you know...
Accidents are the 5th leading cause of death in Canada, causing a death every 52 minutes.
30% of Canadian households with dependant children would have immediate financial trouble if the primary wage earner died.
5 million households in Canada say the death or disability of a wage-earner would seriously impair the family's lifestyle and financial survival.
1 in 6 Canadians will be disabled for 3 months or longer before the age of 50.
If a disability lasts for 6 months or longer, on average, the person will be disabled for up to 5 years.
Over 85% of disabling accidents and illnesses do not happen in the workplace. 66% of surveyed wage earners personally know someone who has been disabled and unable to work for 3 months or longer.
Sources: disabilitycanhappen.org, StatsCan, LIMRA, MoneySense, Divide Consumer Disability Awareness Study 2010
First Canadian's life insurance is designed to protect your family from the financial risks of an untimely death. Should you die before the financial obligation on your vehicle is fully re-paid, your family will be spared the expense and worry of paying out the loan.
The insured balance owing at date of death is paid to the creditor. This provides your family with an asset as opposed to a liability.
You are protected during the entire term of your loan or a shorter period if you select short term benefits. Because administration is direct between First Canadian and the credit granting institution, premiums are low and claims are easy. A few simple health questions may be required, however no physical exam is necessary to qualify.
First Canadian offers disability insurance designed to protect you from the financial risks of an interruption in your ability to earn an income.
This 24 hour accident and sickness insurance makes your payments for an extended period of disability. If you are sick or become injured (on or off the job) and are unable to earn an income, then your monthly obligation will be paid on your behalf by First Canadian, subject to the terms and conditions of the policy.
Once the disability has continued beyond the waiting period, your monthly payment is automatically paid on your account. Benefits can even be paid retroactively from the first day of the disability if you elect that plan. Benefits continue for as long as you remain disabled as defined in the policy. You may claim as many times as necessary during the term of your coverage. All disability insurance programs protect the entire term of your loan, or a shorter period if you select short term benefits. Also, partial payment disability benefits are available to allow you to tailor the coverage and the premium to your specific needs.
- Benefit payments will be forwarded monthly, directly to the creditor for each day of Total Disability.
- Unlike WCB Benefits, coverage is in place 24 hours a day, 365 days a year.