Call us at 1-800-332-8383. or visit your local branch.
ATB Loan Protection
While you can't possibly know what's in store for you and your family, there are some ways to ensure that if the unforeseen does happen, you're protected.
Simply put: peace of mind. If something happens, you know your family will have the time they need to deal with important things instead of with financial obligations.
ATB Loan Protection offers:
Freedom from your payments. In the event of death, life insurance may pay your loan to your level of coverage. In the case of disability, your payments may be covered up to 24 months. Plus, disability coverage is considered payment protection, so it won't reduce other disability income. Other disability income can then be used for income replacement so you can focus on recovery rather than debt repayment.
Recognition of prior coverage.* If you refinance your loan and your health has changed, you can maintain your previous level of coverage.
120-day complimentary accidental death coverage.* If you die as the result of an accident before a decision is made on your application, your life claim may be paid.
30 days free. If you change your mind within the first 30 days, your premium will be refunded, no questions asked.
Loan Protection (Life) may pay the outstanding balance of a loan following the death of the insured. On a fully insured loan or line of credit, the outstanding debt may be paid by the insurance. On an insured line of credit, any additional insurance money over the outstanding debt will be applied as a credit to the account.
The Loan Protection (Disability) may make you payments for up to 24 months. Plus your benefit is considered payment protection, not income replacement. Loan protection leaves the disability income received from other sources for income replacement, so you can focus on recovery rather than debt repayment.
ATB Financial Loan Protection is designed to protect you and your family, so it is important to insure anyone who helps make your loan payments. This may be a co-signer, a guarantor, or both.
It is important that you have enough coverage, but that you don't pay for more than you need. An insurance needs-assessment can help you determine the necessary amount of coverage. Our insurance needs tools will help you consider your current situation and how much life and disability coverage you need for your ATB Financial loan.
The cost of your insurance coverage is based on a) your age at the time that you apply for
coverage, b) the initial balance of your loan, your monthly payment amount, and c) level of coverage you choose. Once your insurance is approved you will pay a fixed monthly premium for the term of your loan.
Joint insurance coverage is available to co-applicants, and represents a significant savings to the individual rates. When two or more people are insured on the same ATB Financial loan, the premium rate for each insured customer is reduced by 15%.
Over 85% of ATB Financial customers who apply are automatically approved for coverage.***
Loan Protection (Life) coverage is available to any person aged 18-74, who is a borrower, co-borrower, or guarantor on an ATB Financial loan.
Coverage is provided subject to the eligibility requirements specified in the sample Certificate of Insurance.**
If your application requires medical underwriting before your coverage is approved, and you die accidentally before an approval is given, the amount of your insurance may be paid provided death occurs within 120 days of the insurance application date.
Loan Protection (Disability) applicants must be aged 18-64, and be actively employed at least 20 hours per week. Applicants for this disability insurance coverage must also apply and be approved by the insurer for ATB Financial Loan Protection (Life) coverage.
For more information, drop by your local branch or call us at 1-800-332-8383. For branch hours and locations, please use our branch locator tool.
*Only available on Mortgages, HELOC’s, and Business and Agriculture loan products.
**This is the sample certificate of insurance for Mortgages only, for all other insured products please speak to an ATB representative for the appropriate sample Certificate of Insurance.
***Based on all applications processed by ATB Financial between January 1 and December 31, 2008.
Loan insurance at ATB Financial is provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies
