Rest easy with one of two loan protection options.
May pay an outstanding balance in the event of death. Available to anyone 18–74 holding an ATB loan or mortgage or 18-69 holding an ATB line of credit (including HELOCs).
Life & Disability
Includes life coverage. May cover loan payments for up to 24 months in the case of disability. Applicants must be 18-64.
Life & Critical Illness1
Includes life coverage. May cover mortgage principal balance or loan payments up to a maximum of $50,000 in the event of a critical illness diagnosis.
Key product details
|Premiums||Based on age and loan amount2|
|Maximum payout (Life)||Loans and lines of credit: $75,000 HELOCs: $600,000 Mortgages: $750,000|
(Life & Disability)
|Loans and lines of credit: $75,000. Plus $1,500 per month, up to 24 months HELOCs: $600,000. Plus $4,500 per month, up to 24 months Mortgages: $750,000. Plus $4,500 per month, up to 24 months|
|Maximum payout (Life & Critical Illness)||Mortgages: $750,000, plus up to $50,000|
|Additional coverage||120-day complimentary accidental death coverage3|
Frequently Asked Questions
Loan Protection is issued and underwritten by Sun Life Assurance Company of Canada.
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.
You might also want to look into other insurance options available through ATB Insurance Advisors. If you're healthy, with a low risk profile, you're probably in a position to qualify for a more flexible policy with lower, guaranteed premiums. You may also find the option to combine all your insurance into one policy and the opportunity for cash payouts.
If you want to learn more, you can chat with an advisor by calling 1-888-404-4646.
Find the right form of credit protection for you.
Loan protection critical illness protection coverage can only be applied to mortgages.
Mortgages and time plan personal loans have a fixed monthly premium. For lines of credit (including HELOCs), the premium changes based on your average daily balance.
On mortgages and HELOCs only: If you die as the result of an accident before a decision is made on your application, your life claim may be paid.