Loan Protection

Loan Protection is issued and underwritten by Canadian Premier Life Insurance Company.

For coverage on your mortgage with life and critical illness loan protection, you’re covered in the event of cancer, heart attacks and strokes.

In the case of coverage on a loan or line of credit, you don’t have to answer any questions up front. However, if you make a claim on a pre-existing condition, you will not be covered.

In the case of coverage on a HELOC or mortgage, there are different questions based on your coverage amount:

• A basic health questionnaire for $500K and under - answering "yes" to any of these questions may require a follow-up phone call
• For over $500K, the insurance company will contact you and go through the questions by phone

You would have to re-apply for coverage, and any existing health conditions when you re-apply will be considered a pre-existing condition and would most likely not be covered.

In the case of mortgages and HELOCs, existing coverage will be taken into account as part of your application. This is commonly referred to as recognition of prior coverage, in which, if you refinance your loan but your health has changed, you can maintain your previous level of coverage.

If you change your mind within the first 30 days, your premium will be refunded, no questions asked.

Although ATB's Loan Protection is great for those who might not otherwise be able to get insurance due to health conditions or other risk factors, it is limited. If you have certain health conditions you may not qualify. ATB Loan Protection only extends to loans taken out through ATB, and there are no opportunities for a cash payout beyond payments on an outstanding loan.