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What is the insured amount in the event of death?

In the event of death, the Bank will pay a death benefit in accordance with the rules set out below.

 

Death benefit

Maximum amount

Mortgage loan and personal loan

Insured loan balance as at the date of death, plus all interest accrued since the date of death

$500,000

All-In-OneTM and line of credit

Accidental death

Insured balance outstanding as at the date of death, plus all interest accrued since the date of death

Non-accidental death

The lesser of the following amounts:

  • The insured balance as at date of death
  • 110% of the average daily balance used over the past 12 months (or since the effective date of the insurance if less than 12 months)

All-In-One: $500,000

Line of credit: $1,000,000

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