Do you have family responsibilities and dependants who rely on your income? Is your total debt load more than 25% of your income? Meeting your loan payments without your income can cause financial stress for your whole family. Additional medical, childcare, or housekeeping costs can be an extra burden if your income is reduced due to accident or illness. Protect your savings with loan insurance.

Credit life and disability insurance can protect you and your family from the unexpected.


Choice of life only, disability only, or both. **Critical Illness or all three.

  • Available for all joint parties and guarantors or co-signers
  • Premiums can be added to borrowed amount
  • Protects credit rating and security
  • Flexible choice of single or joint coverage
  • Convenient with benefits paid directly to Progressive Credit Union Limited on owners behalf


Credit Life Insurance and ** Critical Illness Coverage


  • Maximum Coverage        $90,000.00
  • Maximum Term               180 months
  • Minimum Age                  19
  • Maximum Age                  69
  • Available to age 69 - expires on 75th birthday
  • All borrowers under age 70 qualify

**Critical Illness coverage is only available to borrowers who have also purchased Life Insurance coverage.


Pre-Existing Conditions 

  • Loans with balances $10,000 or less pre-existing conditions are covered with no exclusions
  • Loans with balances greater than $10,000 are not covered if death occurs within first six months from loan date and results from a pre-existing condition. Death from other causes are covered. Pre-existing conditions are covered after six months.


Credit Disability Insurance


  • Maximum Monthly Coverage        $1500.00
  • Minimum Age                                19
  • Maximum Age                               Coverage through to age 69 – expires on 75th birthday
  • Elimination Period                          60 Days
  • Maximum Benefits                         172 Months
  • Qualify prior to 60th birthday and only covered to your 65th birthday
  • Temporary or permanent disability
  • Must be working a minimum of 20 hours a week or for seasonal workers, capable of working
  • Maximum coverage is for all loans combined
  • Can be added at time of loan application or within first 60 days by paying premium in full  

Creditor's group insurance is optional and is underwritten by Co-Operators Life Insurance
Company.  Supporting services, such as enrolment intake, medical underwriting and claims
administration, are provided by the employees of CUMIS Services Incorporated,
a subsidiary of Co-operators Life Insurance Company. Coverage is governed by the terms
and conditions of the creditor group insurance policy issued to the creditor and is subject to
terms, conditions, exclusions and eligibility requirements. See the Product Guide and
Certificate of Insurance for full coverage details.
To contact CUMIS, A Division of Cooperators Life Insurance Company
visit or call 1-800-263-9120