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DEBT INSURANCE

Humania Assurance’s debt insurance without medical exam protects you in case of disability following an accident or an illness. You will be released from your monthly debt payments in order to focus on your healing without worrying about your creditors.

AMOUNT OF COVERAGE

Minimum $400, maximum $2,500 per month.

WAITING PERIOD

90 days.

BENEFIT PERIOD

12 or 24 months.

AGE LIMIT UPON PURCHASE

Available to persons 18 to 55 years old (inclusively) 

TYPE OF CONTRACT

Term 10 or 20 years, depending on the option chosen by the Policyholder.

RENEWAL

Guaranteed to age 65.

PREMIUMS

This policy has premiums that change every 10 or 20 years, depending on the option selected by the Policyholder. The premium is not guaranteed, and the Insurer may revise the premium at any time, based on the morbidity incidence rate for Insured Persons who have contracts with similar characteristics.

COVERED DISABILITIES

Any total disability resulting from an accident or illness.

ELIGIBLE DEBTS

Any fixed-term loan for which the Policyholder is personally and legally responsible as a borrower or coborrower with a recognized financial institution including, but not limited to: any personal loan (e.g., leverage loan, car loan, boat loan, motorcycle loan, recreational vehicle [RV] loan, student loan, renovation loan), credit card, line of credit, lease, mortgage loan and home equity line of credit.

Commercial and multiplex loans excluded.

RETROACTIVE BENEFIT

6 months.

WAIVER OF PREMIUM

3 months.

COORDINATION

Not coordinated.

Any debt covered by other insurance is not eligible.

BENEFICIARY

The Policyholder.

PRE-EXISTING CONDITION

Pre-existing condition of 12 or 24 months applies (varies according to the policy purchased by the Policyholder).

PREMIUM REFUND RIDER (OPTIONAL) 

After 20 years without claim, receive a premium refund of up to 75% of total premiums paid. Description of the rider

EXCLUSIONS AND RESTRICTIONS

Please refer to the Disability Insurance (Debt) sample policy for full details.

For full details, please refer to the sample policy. In the event of any discrepancy between the policy and this document, the policy shall prevail.
Check online right away to see if you are eligible!

For more information regarding our  Insurance Without Medical Exam, speak to your Broker (Financial Security Advisor), or send us your questions by email at info@humania.ca or else call us at 1-800-773-8404, Monday to Friday between 8 a.m. and 5 p.m. (Eastern time).
 

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Disability benefits can be coordinated when you have multiple disability insurance contracts with either the insurer or other insurers. When disability benefits payable under the policy become coordinate, the monthly benefit payable is reduced so that the amount of disability benefits payable under this policy and any other insurance does not exceed 100% the average monthly income earned by the person insured.

After three (3) months of continuous disability, the insurer will waive the subsequent premiums for as long as the person insured is eligible to receive total disability benefits.

If the person insured receives total disability benefits for six (6) consecutive months, the insurer will pay a lump sum benefit equal to the total disability benefits that would have been paid during the waiting period as though the waiting period did not apply.

If you are working: you must be unable to perform each and every important duty of your occupation. You must not hold other employment and you must be under the continuous and appropriate treatment and care of a physician.

If you are unemployed: you must be unable to perform at least one of these activities of daily living by yourself: eating, dressing, transferring, bathing, toileting or be continent. You must also be under the continuous and appropriate treatment and care of a physician.

Period, expressed in number of days, during which no benefit is payable. The waiting period begins on the date of the first medical consultation related to the disability after the onset of that disability.

No benefit for total disability will be payable if the total disability results from or is directly or indirectly related to a pre-existing condition and the person insured becomes totally disabled during the 12 or 24-month period following the effective date of this coverage. In such instance, the Insurer’s liability will be limited to a refund of the premiums paid and this policy will terminate with no further value.

A pre-existing condition is an injury, a sickness or a condition that manifests during the 12 or 24 months prior to the effective date of the policy. For a complete definition, please refer to the specimen policy document.