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An easy way to protect your credit

Creditor insurance is a safety net for you and your family. It can help you pay your debt or keep up with payments if you are diagnosed with a critical illness, become disabled or pass away. 

What is creditor insurance?

When you get a house, loan, line of credit or a credit card, you want to know you won’t lose them should anything happen to you. You also want to make sure your loved ones aren’t stuck with debts they are unable to handle.

This is where creditor insurance comes in. Sometimes known as creditor protection, it can pay your mortgage or loan balance or help make debt repayments on your behalf, in case the unexpected happens.

The unexpected can be a critical illness such as life-threatening cancer, heart attack, stroke, your death or an involuntary job loss. 

How does it work?

Creditor insurance with ISG Premium can make a lump-sum payment towards your loan or make regular payments directly to your lender. The maximum amount and number of payments, and other terms of coverage, may differ depending on the lender and loan product. They will be specified in your certificate of insurance provided on enrollment.  

What can you insure?

  • Your mortgage

  • Your loan and line of credit (personal or business)

  • Your outstanding credit card balance

How do you get it?

You can apply for creditor insurance directly from most banks and other lenders when you arrange your loan. The cost of insurance or the premium will depend on the coverage you enroll for.  You will need to fill in a separate application for insurance and may need to answer a few health questions. However, in many cases, you may even automatically qualify for coverage. If you decide to cancel your insurance later, you’re free to do so at any time.  

What does it cover?

  • Critical Illness

  • Disability

  • Involuntary job loss

  • Death

Why ISG?

We have an impressive track record of more than 30 years in the business and serve over 7 million plan members — almost half of all Canadians who purchase creditor insurance get it through us. We have the expertise and financial strength to provide timely benefit payments, helping ensure you can meet your obligations, whatever may happen. ISG  can also help you with life or disability insurance, for that little bit of extra financial security in all aspects of your life. 

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