What is creditor insurance?

Also known as credit protection, creditor insurance ensures that your loved ones aren’t responsible for paying your debt if you develop a serious illness, become disabled, lose your job involuntarily, or pass away.

How it works

Using creditor insurance, your loans can be paid off or paid down in one of two ways: as a lump-sum payment or as regular payments. The terms of coverage will vary by the lender and type of loan, and will be outlined in your certificate of insurance when you enrol.