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Loan and Line of Credit

Whether you have a personal fixed-term loan, a revolving loan or a business with an operating line-of-credit, CUMIS keeps you covered.
 
With coverage designed for most scenarios, we ensure you have peace of mind when borrowing from your credit union. 


Member Term Life - for commercial line of credit

This level term coverage is designed for credit union members with a commercial line of credit. This product is available in 5 or 10 year term options.
 
In the event of your death, the policy will pay off the insured line of credit to a maximum of $2,000,000 up to age 75. 


Payment Protection for Loans

Designed for personal, fixed-term loans; the premium is paid once, at the time the loan is approved and is based on the loan amount.

Whether you suffer a total disability, are diagnosed with a critical illness or pass away, CUMIS will make sure your loan is secured.


Life

CUMIS pays the outstanding insured balance of your loan to a maximum of $90,000* for loans with a maximum term of 180 months* up to age 75.
* Contract limits vary by credit union. Talk to your credit union representative for more information.


Disability

CUMIS will pay your insured monthly payment to a maximum of $1,500* up to the maximum benefit period* up to age 75.

 

* Contract limits vary by credit union. Talk to your credit union representative for more information.


Critical Illness

CUMIS will pay your insured loan, up to $90,000* if you are diagnosed with a critical illness. You may apply for coverage through age 59 with a maximum term of 180 months and coverage ends when you turn 75.


*Contract limits vary by credit union. Talk to your credit union representative for more information.


Products may vary by credit union, talk to your credit union representative to learn more or Contact Us if you are not sure if your credit union provides this coverage.
 
 

Payment Protection for Lines of Credit

 
Designed for a revolving line of credit (in some cases a fixed-term loan), this coverage will protect you in case of total disability, diagnosis of a critical illness or death. Your premium is paid monthly and is based on the average daily balance of the prior month.


Life

As a credit union member, this coverage pays your insured loan balance to a maximum of $1,000,000*.


* If you apply for coverage prior to age 65, the maximum coverage is $1,000,000. If you apply for coverage after your turn 65, the maximum coverage is $100,000. Coverage ends at age 75.

 

Disability

CUMIS pays 3% of your insured balance, up to $3,000 for a maximum of 60 months (per claim) up to age 75 if you become totally disabled.
 


Critical Illness

CUMIS will pay off your insured loan balance upon diagnosis of a critical illness to a maximum of $1,000,000*.
Coverage is available to purchase up to age 59 and ends when you turn 75. 
 

* Subject to the conditions of your policy. Talk to a CUMIS Insurance representative for more information.

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

1-800-263-9120

Monday to Friday, 8 a.m. to 8 p.m. ET

E-mail: customer.service@cumis.com