Keep making your loan payments, no matter what happens.
The loan insurance solution provides the means to keep making the payments on your loans in the event of death, disability or critical illness.
Comprehensive and flexible, this solution allows you to insure several types of loans at once, regardless of the lending institution. You can even change lenders without losing your coverage—a key difference with banks and other financial institutions. This is all about acting in your best financial interests.
The idea is to give you the freedom to take out insurance that works for you.
To help you pay off a large loan if you no longer have an income, or wish to leave a debt-free asset to your loved ones.
What debts does the loan insurance solution cover?
Beneva can help you cover most types of loans. Here are a few examples.
Personal line of credit
Your personal line of credit can sometimes add up to thousands of dollars.
Mortgage loan or line of credit
You may still have 20 years to go before the house is paid off, so insuring your mortgage is a good call.
This can be a loan you took out for your car, recreational vehicle, home renovations, studies, and so on.
Commercial mortgage loan
Protect the loans you take out to keep your business running: commercial mortgage, agricultural loan, equipment upgrade, etc.
Coverage to ensure your capacity to pay
Term Life Insurance
If the worst happens, term life insurance can be used to pay off the balance of your debt. Your family needs to grieve, they shouldn’t have to worry about debt.
Disability Income Benefit
If a disability prevents you from working and earning an income, receiving a benefit allows you to meet your financial obligations while you recover.
Critical Illness Insurance
It provides a tax-free lump-sum payment, which you can use as you see fit to cover expenses while you recover and focus on your health.
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That means you're in control; you decide the terms of your insurance, and you benefit from the coverage. In the event of your death, your estate will receive the amount you chose—not the lending institution, which uses your insurance to reimburse itself to pay off your mortgage balance.
Bonus: it also means your insurance premiums aren’t added to your mortgage—which saves you from paying the extra interest.
Even if you switch financial institutions, your insurance policy will still cover you.
If you add this option to your coverage, you receive a monthly benefit to help you with your loan payments in case of disability. In the event of involuntary job loss, your policy premiums are refunded, up to a specific amount.
In the event of death, critical illness or disability, you or your beneficiary receive the benefits. If you insure your loan with a financial institution, it receives the benefit to pay off the loan.
That's the beauty of insuring your debt with Beneva. You can take out the amount of life insurance you want, unlike mortgage insurance from a lending institution. You can even convert your term life insurance to permanent life insurance if needed, no medical exam required.
As long as you are insured with us, your premiums won’t go up.