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What is the insured amount in the event of disability?

The benefits are prorated for each day of disability that is not part of a complete period covered by a payment.

 

Disability benefit

Maximum amount

Mortgage loan and personal loan

Insured payment, up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for all insureds for the term of the loan.

$2,000 per month

All-In-OneTM and line of credit

Accidental disability

The lesser of the following amounts (up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for the term of the loan):

  • 2% of the loan balance
  • The insured amount chosen
  • The amount of the maximum benefit

Non-accidental disability

The lesser of the following amounts (up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for the term of the loan):

  • 2% of the loan balance
  • The insured amount chosen
  • 2% of 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)
  • The amount of the maximum benefit

All-In-One: $2,000/month

Line of credit: $5,000

 

 

TM All-In-One is a trademark of National Bank of Canada.

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