Rest easy with one of two loan protection options.
Loan Protection - Life
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).
Loan Protection - Life & Disability
Includes life coverage above. May cover loan payments for up to 24 months in the case of disability. Applicants must be 18-64 and employed.
Save with joint coverage
When two or more people are insured on the same ATB loan, the premium rate for each insured customer is reduced by 15% for that coverage.
Key product details
|Premiums||Based on age and loan amount1
|Maximum payout (Life)||Loans and lines of credit: $50,000
HELOCs and mortgages: $600,000
(Life & Disability)
|Loans and lines of credit: $50,000 plus $1,500 per month, up to 24 months
HELOCs and mortgages: $600,000, plus $4,500 per month, up to 24 months
|Additional coverage||120-day complimentary accidental death coverage2
Frequently Asked Questions
To qualify for this coverage, you must be between the ages of 18 and 64 and be actively employed at least 20 hours per week.
Loan protection is issued and underwritten by Sun Life Assurance Company of Canada.
Loan Protection - Life may pay the outstanding balance of a loan following the death of the insured, up to a maximum amount of $50,000 on loans and lines of credit or $600,000 on HELOCs and mortgages.
Loan Protection - Life and Disability includes life coverage as well as disability protection that may cover your loan or line of credit payments up to $1,500 on loans and lines of credit or $4,500 per month on HELOCs and mortgages for up to 24 months. This insurance is payment protection, not income replacement, so it won't reduce other disability income.
In the case of coverage on a loan or line of credit, you don’t have to answer any questions up front but, 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 $400K and under - answering "yes" to any of these questions may require a follow-up phone call
- For over $400K, 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 would be considered a pre-existing condition and would most likely not be covered.
In the case of mortgages, 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, 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.
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.