CUIS Products - Single Premium Credit and Disability Programs

Our Product Portfolio Overview

What is the best security you can have on a loan?

A house? Your member’s hard-earned savings?

If a member defaults on a loan or a family is faced with tragedy, we know it is not the credit union way to take the house. That approach is counter to the values of the Canadian credit union system; that is what differentiates credit unions from many other financial institutions. We recognize credit unions offer a better way to secure loans to members.

Quite simply, we recognize the best security on a loan is insurance.

We give your credit union members a financial safety net in the event of illness, involuntary loss of employment or worse, tragedy.  And it ensures the financial security of your credit union for the benefit of all members.

Our single premium products protect your members' personal fixed term loan, with the premium paid at the time the money is borrowed.

Single Premium Credit Life and Disability Programs

These programs were designed to meet the specific needs of your members at a specific point in time. These programs insure a personal loan with a fixed term of repayment. The premium is paid at the time the loan is approved.

In the event of tragedy, our insurance programs either make the monthly loan payment to your credit union on behalf of your member or repays the balance of the loan.

Single Premium Credit Life Coverage

• Maximum coverage:  $50,000 to $90,000
• Maximum term of coverage: 60 months to 120 months
• Maximum issue age: 69
• Age coverage ceases:  70
• Program pays outstanding loan balance, plus accrued interest, plus settlement interest

Single Premium Credit Disability Coverage

• Maximum monthly benefit: $500 to $1,500
• Maximum term of coverage:  60 months to 120 months
• Maximum term of benefits:  60 months to 120 months
• Maximum issue age:  59
• Age coverage ceases:  65
• Elimination period (before benefits become payable):  30 day non-retroactive
• Program pays monthly loan payments

Claim Forms

English

Initial Claim Form for Disability Benefits EP-021(34 KB) 
Supplemental Disability Claim Form EP-014(36 KB) 
Proof of Death - Physician's Statement EP-012(27 KB)  
Authorization for the Release of Information EP-047(25 KB) 
Credit Insurance Life Claim Form EP-029(29 KB) 

Français

Formulaire initial de demande d'indemnite pour invalidite EP-021F(34 KB) 
Formulaire de demande d'indemnite supplementaire EP-014F(37 KB) 
Preuve de deces - declaration du medecin EP-012F(27 KB) 
Autorisation de communiquer des renseignements EP-047F(25 KB) 
Formulaire de demande d'indemnite d'assurance-vie de credit EP-029F(29 KB) 

Interested?

If you would like more information on how any of our products and services can help protect your credit union and your members, call our Customer Contact Centre.

Credit union employees call: 1 (877) 564-2847

Credit union members call: 1 (800) 263-9120

Monday to Friday, 8:00 a.m. – 8:00 p.m., Eastern Time.