Protecting your financial future: the importance of creditor insurance

Discover how creditor insurance can help you manage or pay off your debt if you face the unexpected in your personal life.

By ATB Financial 24 April 2024 2 min read

In the face of an unpredictable economic climate, safeguarding your financial health is one of the most empowering (and important) things you can do. If you're like many Albertans, you carry debt that's allowed you to reach your goals or simply live your everyday—think mortgages, personal loans and lines of credit. While these offer opportunities for growth and stability, they can become daunting if you face personal uncertainty, including illness, injury or job loss. This is where creditor insurance—or as we call it, ATB Loan Protection—can come into play.


What is creditor insurance?

Creditor insurance protects you during unforeseen periods of personal uncertainty that may impact your ability to meet your loan obligations. This insurance can cover various debts, including mortgages, personal loans and lines of credit. Ultimately, creditor insurance gives you peace of mind about your debt during challenging times.


The purpose of creditor insurance

Creditor insurance maintains your—and your family's—financial security. If you can't work because of illness or injury, creditor insurance steps in to cover your loan payments so you can focus on your health, not your bank account. It can even pay off the outstanding balance in the event of your passing. Creditor insurance guarantees that your assets are safe, and your family's standard of living is maintained without the added stress of managing debt.


Benefits of creditor insurance

  • Peace of mind: knowing that your debts will be taken care of can give immense peace of mind, allowing you to focus on recovery or restructuring your life without added financial stress.
  • Financial stability: creditor insurance prevents your financial plans from getting derailed by temporary setbacks, protecting your credit rating and your ability to secure future loans or credit.
  • Flexibility and convenience: many financial institutions offer creditor insurance with simple enrolment processes and no medical exam required for approval. Securing protection for your loans is straightforward and hassle-free.
  • Support for your family: if you experience disability or pass away unexpectedly, creditor insurance provides a critical safety net through covering your monthly payments or paying off the remaining balance, so your loved ones don't have to manage debts during an already difficult time.

Discover how creditor insurance can support you

Choosing creditor insurance is a powerful step towards safeguarding your current assets, future financial health and family's wellbeing, especially when facing economic complexities. 

Feel empowered to make the best choice today to secure your tomorrows. Connect with an advisor to discover how ATB Loan Protection can work for you.

You might be interested in

Need help?

Our Client Care team will be happy to assist.

Chat now
ATB Virtual Assistant
The ATB Virtual Assistant doesn't support landscape mode. Please tilt your device vertically to portrait mode.