Loan insurance for individuals and Credit card payment insurance

Triangle rouge 1 - Admission and subscription

1.1 Am I eligible for life insurance?
1.2 Am I eligible for disability insurance?
1.3 What is the insured amount in the event of death?
1.4 What is the insured amount in the event of disability?
1.5 Am I insured while my application is being studied?

Triangle rouge 2 - Insurance contract

2.1 What is a waiting period?
2.2 What is the pre-existing conditions clause?
2.3 If the request for benefits is approved, is payment made by cheque or is it deposited in my bank account?
2.4 Do I have to continue making my payments while my file is being studied?

Triangle rouge 3 - Risk assessment by the insurer

3.1 What is a medical requirement for an insurance application?
3.2 What are the risk factors the insurer evaluates?
3.3 What are the next steps in the analysis of my insurance application?
3.4 What are a consulting firm and a paramedical firm?
3.5 What is the insured amount?

Triangle rouge 4 - Claims

4.1 Who should I contact if I have any questions while my file is being studied?
4.2 How do I submit a claim?
4.3 For claims due to loss of employment, why do I have to submit a form completed by my former employer in addition to the termination of employment?
4.4 Do I have to reimburse you for the payments you make on my credit card?
4.5 How long do I have to file a claim?

1 - Admission and subscription

1.1 Am I eligible for life insurance?

To be eligible, you must be 18 to 64 years of age at the time of application, and be a borrower, co-borrower, guarantor, endorser or the spouse of one of these.

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1.2 Am I eligible for disability insurance?

To be eligible, you must have enrolled for life insurance and, in the past four weeks, have been remunerated for employment totalling at least 60 hours or, if you are self-employed, have generated an income of at least $10,000 per annum.

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1.3 What is the insured amount in the event of death?

In the event of death, the Insurer will pay the death benefit to the Bank based on the following rules: Personal or mortgage loan: loan balance calculated on the date of death, plus all accrued interest.

Line of credit or demand note: outstanding balance calculated on the date of death, plus all accrued interest.

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1.4 What is the insured amount in the event of disability?

Benefits are calculated in proportion to each day of disability that is not part of a complete period covered by a payment.

Mortgage loan or personal loan with mortgage security: monthly payment up to a maximum of 24 payments for the same disability, without exceeding 48 monthly payments for the entire duration of the loan.

Personal loan: Monthly payment until the loan is paid off. Line of credit or demand note: Coverage not available.

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1.5 Am I insured while my application is being studied?

For the period during which evidence of insurability must be submitted to the Insurer and before receipt by the Insurer of all the tests and forms required by it pertaining to medical evidence, benefits are not payable except in the case of accidental death or disability during the first 120 days following the signing of the application.

However, if the application would have been accepted, benefits will be payable.

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2 - Insurance contract

2.1 What is a waiting period?

A certain number of continuous days of disability following an insured event during which time no benefits are payable.

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2.2 What is the pre-existing conditions clause?

If death or disability occurs within 12 months after the insurance takes effect and you were treated during the 12 months prior to the insurance taking effect for the same illness or injury that directly or indirectly resulted in the death or disability, then no benefits will be payable.

You are considered to have been treated if you consulted or received treatment from a physician or other health care professional, underwent tests, took medication or were hospitalized.

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2.3 If the request for benefits is approved, is payment made by cheque or is it deposited in my bank account?

If your claim is approved, the payments will be applied directly to your loan. If you have already made the payment, then the payment will be deposited in the bank account from which your loan payments are debited.

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2.4 Do I have to continue making my payments while my file is being studied?

While the Insurer is evaluating the application for benefits, you must continue making payments.

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3 - Risk assessment by the insurer

3.1 What is a medical requirement for an insurance application?

Before the insurer can adequately evaluate the state of your health, certain medical information is required. These medical requirements form the basis for evaluating the state of your health. The requirements vary depending on the age of the insured and the amount of coverage requested. With this information in hand, the analyst evaluates the risk of financial loss that the insurer incurs in insuring you.

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3.2 What are the risk factors the insurer evaluates?

The main factors analyzed by the insurer are :

  • weight;
  • medical history;
  • use of tobacco;
  • use of alcohol and drugs;
  • other lifestyle habits.

Other factors may also be evaluated as each file is processed individually.

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3.3 What are the next steps in the analysis of my insurance application?

The analysis of your file follows a specific process :

  • A representative from a consulting firm or a paramedical firm will contact you. After identifying himself, he or she will ask you questions in order to determine the medical requirements needed to analyze your file.
  • If necessary, a nurse will visit you at your convenience, either at home or at work, to carry out general texts (e.g., urine samples, blood tests).
  • In some cases, more specific tests may be required (e.g. electrocardiograms at rest and during exercise, respiratory tests).
  • We may contact your physician to obtain details that are important for your file.

Once the analysis is complete, the insurer will notify you, in writing, of its decision regarding your file.

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3.4 What are a consulting firm and a paramedical firm?

To properly carry out its medical analysis, the insurer has forged partnerships with a number of consulting firms and paramedical firms.

A paramedical firm is a company that specializes in activities related to medicine, and employs nurses and doctors who, among other things, assist insurance companies in evaluating the health of their clients. A consulting firm helps the insurer gather information.

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3.5 What is the insured amount?

The sum insured is equal to the debit balance appearing on the last monthly credit card statement of account before the date of the insured event. The sum insured must not exceed $10,000.

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4 - Claims

4.1 Who should I contact if I have any questions while my file is being studied?

For information about your file, you can call our customer service experts at 1 877 871-7500 or (514) 871-7500.

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4.2 How do I submit a claim?

To submit a claim, call our Customer Service Department at 1 877 871-7500 or (514) 871-7500.

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4.3 For claims due to loss of employment, why do I have to submit a form completed by my former employer in addition to the termination of employment?

You have to submit a form completed by your former employer because we need to know the exact reason why you left your job and the number of hours worked per week.

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4.4 Do I have to reimburse you for the payments you make on my credit card?

No, you don't have to reimburse the payments that the Insurer will deposit in your card account.

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4.5 How long do I have to file a claim?

You must file your claim within 90 days following the insured event.

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Contact us by e-mail

(514) 394-5555 (Montreal area)
or toll free number 1-888-4-TelNat