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 Loan Protection

 

While you can't predict the future, there are ways to protect you and your family from the unexpected.

With ATB Loan Protection, you know that in the event of death or disability your family will have the time they need to deal with concerns that are more important than financial obligations.

Features:

  • Freedom from loan payments.
    In the event of death, life insurance may pay off part or all of your loan, depending on your level of coverage. If you become disabled, your payments may be covered for up to 24 months. Disability coverage is considered payment protection, so it won't reduce other disability income. That means you can use other disability income to replace your employment income instead of to make loan payments—leaving you free to focus on recovery.
  • Recognition of prior coverage.1
    If you refinance your loan but your health has changed, you can maintain your previous level of coverage.
  • 120-day complimentary accidental death coverage.1
    If you die as the result of an accident before a decision is made on your application, your life claim may be paid.
  • 30 days free.
    If you change your mind within the first 30 days, your premium will be refunded, no questions asked.

What does loan insurance cover?

Loan Protection (Life)

Loan Protection (Life) may pay the outstanding balance of a loan following the death of the insured. On a fully insured loan or line of credit, the outstanding debt may be paid by the insurance. On an insured line of credit, any additional insurance money over the outstanding debt will be credited to the account.

Loan Protection (Life) coverage is available to any person aged 18–742 who is a borrower, co-borrower, or guarantor on an ATB Financial loan.

Life Insurance Needs Tool
Use this tool to determine how much coverage you need.

Loan Protection (Disability)

Loan Protection (Disability) may cover your payments for up to 24 months. Loan Protection (Disability) is considered payment protection, not income replacement, so it won’t reduce other disability income. That means you can use other disability income to replace your employment income instead of to make loan payments—leaving you free to focus on recovery.

Loan Protection (Disability) applicants must be aged 18–64 and be actively employed at least 20 hours per week. Applicants for this disability insurance coverage must also apply and be approved by the insurer for ATB Financial Loan Protection (Life) coverage.

Disability Insurance Needs Tool
Use this tool to determine how much coverage you need.

Full details of coverage are available in the sample:
Certificate of Insurance.3

How much does loan protection cost?

The cost of your insurance coverage is based on these factors:

  • Your age at the time that you apply for coverage
  • The initial balance of your loan
  • The level of coverage you choose

Once your insurance is approved, you will pay a monthly premium for the term of your loan.4 Joint insurance coverage is available to co-applicants, and represents a significant savings over the individual rates. When two or more people are insured on the same ATB Financial loan, the premium rate for each insured customer is reduced by 15%.

Calculate your premiums with this handy worksheet:
Download Worksheet (PDF - 74kb)

1 Only available on mortgages, Home Equity Lines of Credit, and independent business and agriculture loan products. 218–74 age range only applies to Time Plan Person Loans and mortgages. For lines of credit (HELOC & LLOC), the age range is 18–69. 3This is the sample certificate of insurance for mortgages only. For all other insured products please speak to an ATB representative for the appropriate sample certificate of insurance. Loan insurance at ATB Financial is provided by Sun Life Assurance Company of Canada, a member of the Sun Life group of companies. 4Mortgages and time plan personal loans have a fixed monthly premium. For lines of credit (HELOC and LLOC), the premium is based on outstanding balance.
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Calculate Your Premiums

Use this rate table to find the appropriate individual rate based on age and loan type.

Download (PDF - 72KB)