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Creditor Insurance
Consumer Guide to SAL Creditor Group Life and Disability
Insurance.
 Purchasing
a vehicle can be an exciting time. The financial investment can be sizeable
though, with the accompanying payments representing a large portion of
your monthly budget.
SAL Group has been providing Canadians with quality products
for over 40 years. Through our economical group insurance products, you
can be assured that the financial obligations that come with your vehicle
purchase are secure and protected. To learn more about our Creditor Group
Life and Disability products, please follow one of the links below.
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Why do I need insurance? |
Many feel that, even at a low price, loan repayment insurance
is an unnecessary addition to their monthly loan payment. The "it
could never happen to me" attitude is understandable when your health
is good and you're in the prime of your life, but the statistics on death
and disability add a different perspective:
- Over 6,000,000 Canadians a year will suffer an accidental injury
- Accidents are the leading cause of death for Canadians 45 years
of age and under
- One in four Canadians between 25 and 45 years will be disabled
for at least 90 days
- Canadian insurers pay disability benefits under loan insurance
plans in excess of $230 million per year.
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Sources: Statistics Canada; ICBC; CLHIA; Canadian Institute of Actuaries
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What are creditor group life and disability insurance
products? |
| Life
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- Decreasing Term Life Insurance purchased in conjunction with
a consumer credit transaction (loan, lease, mortgage) -- provides
a death benefit to pay off all or part of the credit obligation
in the event of an insured's death during the term of the coverage.
Decreasing term life ensures that your family estate is left with
an asset not a liability.
- For a lease contract, or for a contract with a balloon/residual
component, add residual Life Insurance for complete coverage.
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Critical Illness (CI)
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- Decreasing Term Critical Illness Insurance purchased in conjunction
with a consumer credit transaction (loan, lease, mortgage) --
provides a benefit to pay off all or part of the credit obligation
in the event that the Insured is diagnosed with a covered Critical
Illness during the term of the coverage. CI Insurance is designed
to eliminate the financial strain of a vehicle loan, giving you
the freedom to focus on getting well.
- For a lease contract, or for a contract with a balloon/residual
component, add residual CI Insurance for complete coverage.
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Disability
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- Canadian insurers pay disability benefits under loan insurance
plans in excess of $230 million per year.
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Creditor Group life and disability benefits are payable
to the creditor, or financial institution to reduce your financial obligation.
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My Purchase is an Automobile or Light Truck or
Sports & Marine Equipment |
SAL Creditor Group Life and Disability Products
are available for purchasers of automobiles, light trucks, motorcycles
or personal recreational products (snowmobiles, personal watercraft, jet
boats, etc.).
SAL Group provides a full range of insurance products to
help protect your vehicle investment. If you are financing your vehicle,
choose between Companion, Companion Plus and Companion Ultra. If you are
leasing your vehicle select LeaseGuard Plus.
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Companion |
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Creditor Group insurance designed to complement
short term disability coverage. |
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Companion
Plus |
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Companion Plus offers up to $72,000 of life insurance
coverage and is a more inclusive product than Companion. |
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Companion
Ultra (Not Available for sale in Quebec) |
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SAL Group's flagship product offers one of the
most comprehensive insurance plans in the industry and up to $150,000
of life insurance coverage. Companion Ultra offers many enhanced
features such as: critical illness, hospitalization and AD&D
benefits. |
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LeaseGuard
Plus |
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An innovative product designed for the lease market,
LeaseGuard Plus is age-banded to tailor to the needs of the lease
client. |
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My Purchase is a Recreational Vehicle |
Creditor Group Life and Disability Products available
for purchasers of Recreational Vehicles.
Purchasing a Recreational Vehicle can be an exciting time.
Your financial investment can be sizeable though, with the accompanying
payments representing a large portion of your monthly budget. SAL Group
provides the following insurance products to help protect your investment:
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Companion |
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Creditor Group insurance designed to complement
short term disability coverage. |
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Companion
Ultra (Not available in Quebec) |
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SAL Group's flagship product offers one of the
more comprehensive plans in the industry and up to $150,000 of life
insurance coverage. Companion Ultra offers many enhanced features
such as: critical illness, hospitalization and AD&D benefits. |
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RV
Ultra (Available in Quebec only) |
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A premium creditor group insurance product, designed
for recreational vehicle purchases. RV Ultra offers the same enhanced
features as Companion Ultra but extends the coverage to reflect
the longer finance terms available. |
The
Recreational Vehicle Dealers
Association of Canada (RVDA) is proud to endorse SAL Group's creditor
insurance and extended warranty program.
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My Purchase is a Heavy Truck, Farm or Construction
Equipment |
SAL Creditor Group Life and Disability Products
available for purchasers of heavy trucks, agricultural or construction
equipment.
Disability income coverage through your employer seldom
provides the level of financial security you enjoy when you are working.
And, if you are self-employed, you may not have coverage at all. The extra
costs you face in a crisis-related situation can drain your resources
and affect your credit rating. Through Jumbo Ultra and Jumbo Plus, you
have the peace of mind that your financial obligations are secure, no
matter what occurs.
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Jumbo
Ultra |
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For life insurance coverage up to $200,000 or
disability benefits up to $3,500 per month. |
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Jumbo
Plus |
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For life insurance coverage up to $400,000 or
disability benefits up to $4,000 per month. |
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Our Creditor Group Life and disability Insurance
Products |
Creditor products are traditionally offered to customers
at point of sale by lending officers. The following group creditor products
are available:
- Mortgage Life Insurance up to $500,000
- Mortgage Disability Insurance up to $2,000 per month
- Personal Loan Life Insurance up to $75,000
- Personal Loan Disability Insurance up to $1,000 per month
- Outstanding Balance Life Insurance up to $500,000.
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