October 16, 2023 - Most Affordable Insurance Policy Provider in Canada | Canadian L.I.C.

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What is Loan Protection Insurance, and Why Do I Need It?

Posted on by canadianlic

What is Loan Protection Insurance, and Why Do I Need It?

By Canadian LIC, October 16, 2023, 8 Minutes

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Canadian borrowers can feel more at ease knowing they are protected by Loan Protection Insurance, also known as credit insurance or payment protection insurance (PPI) when they take out a loan like a mortgage, personal loan, or car loan. It acts as a safety net, assisting borrowers in repaying loans in the event of unforeseen events.

What is Loan Protection Insurance?

In Canada, borrowers can acquire Loan Protection Insurance while taking out loans like personal or home loans as a form of financial security. It offers protection in the event of unforeseen life events that can make loan repayment difficult, such as job loss, illness, disability, or death. Through this insurance, debtors and, frequently, their loved ones are safeguarded from the financial repercussions of such occurrences. In the Canadian environment, where preserving financial stability is of utmost significance, it can be used to make loan payments, pay off outstanding accounts, or supply financial support, bringing peace of mind and stability.

How Loan Protection Insurance Works?

Loan Protection Insurance works similarly in Canada as it does in other countries. It is a financial product designed to provide borrowers with a safety net to help them meet their loan obligations in the face of unexpected and challenging life events. In Canada, where financial stability is a significant concern for borrowers, Loan Protection Insurance offers peace of mind by covering specific risks associated with loan repayment. Here’s how Loan Protection Insurance works in Canada:

Purchasing the Insurance:

Borrowers can usually purchase Loan Protection Insurance when they take out a loan, whether it’s a mortgage, personal loan, or auto loan. It is typically offered by the lender or through a third-party insurance provider.

Types of Loan Protection Insurance:

There are different types of Loan Protection Insurance in Canada, including:

Mortgage Protection Insurance: Geared towards protecting homeowners and their mortgage obligations.

Credit Life Insurance: Designed to pay off the outstanding loan balance in the event of the borrower’s death.

Credit Disability Insurance: Covers loan payments during periods of illness or disability.

Borrowers pay premiums for Loan Protection Insurance. These premiums can be a lump sum at the beginning of the loan term or added to the monthly loan payments. The cost of premiums varies based on factors like the loan amount, the type of insurance, the borrower’s age, and health.

Coverage Terms:

Loan Protection Insurance policies have specific terms, including:

Covered events: The insurance typically covers events that could affect a borrower’s ability to repay the loan, such as job loss, illness, disability, or death.

Waiting periods: Some policies have waiting periods before benefits kick in, ensuring that claims aren’t made for events that occurred before coverage started.

Duration of coverage: The length of time for which the insurance remains in effect, which can vary depending on the policy.

When a covered event occurs, the borrower or their beneficiaries can initiate the claims process. This often involves providing documentation to support the claim, such as proof of job loss, medical records, or a death certificate.

Claims Review and Approval:

The insurer reviews the claim to determine its validity and whether it meets the policy’s criteria. Once approved, the insurer disburses benefits to the lender or directly to the borrower, depending on the policy terms.

Benefit Disbursement:

The insurance benefits are then used to cover the borrower’s loan payments during the challenging period. This ensures that the loan remains in good standing, preventing negative consequences like damage to credit scores or asset repossession.

Duration of Coverage:

Loan Protection Insurance coverage may last for a defined period, such as the term of the loan, or it may have a specified time limit. Some policies offer coverage until retirement age.

Exclusions and Limitations:

Borrowers should be aware of the policy’s exclusions and limitations. Some policies may not cover pre-existing medical conditions, certain types of employment, or events occurring within the waiting period.

Cost and Premiums:

Borrowers must understand the costs associated with Loan Protection Insurance, including the premiums. Premiums can vary, so reviewing the policy terms and comparing quotes when purchasing insurance is essential.

Customization:

Borrowers in Canada often have the option to customize their coverage to align with their specific loan type, financial situation, and risk tolerance.

Read More – Loan Protection Insurance Better

Need for Loan Protection Insurance

Here’s an explanation of what Loan Protection Insurance is and why you might need it in Canada:

Protection from Unforeseen Events:

Job Loss: In Canada, the economy can be subject to fluctuations, and job security is not always guaranteed. Loan Protection Insurance can cover your loan payments if you lose your job involuntarily.

Illness or Disability: Serious illnesses or disabilities can impact your ability to work and generate income. Loan protection Insurance can step in to cover your loan payments during such times.

Death: Credit life insurance, a component of Loan Protection Insurance, can pay off your outstanding loan balance in the event of your death. This ensures that your financial obligations do not burden your loved ones.

Maintaining Financial Stability:

In Canada, maintaining financial stability is crucial. Defaulting on loans can have serious consequences, including damage to your credit score, potential asset repossession, or foreclosure. Loan Protection Insurance helps you stay financially stable during difficult periods, ensuring you can meet your essential expenses and protect your assets.

Peace of Mind:

The peace of mind that comes with knowing you have a financial safety net is invaluable. You won’t need to worry about how you’ll manage loan payments if unexpected events occur, allowing you to focus on your well-being and that of your family.

Protecting Your Assets:

For loans secured by assets like your home or car, Loan Protection Insurance can prevent the loss of these assets in cases of non-payment. This is particularly important for homeowners and vehicle owners in Canada.

Customizable Coverage:

Loan Protection insurance can be tailored to your specific loan type and needs. You have the flexibility to choose coverage that aligns with your financial situation and the risks you want to protect against.

Benefiting Loved Ones:

In Canada, credit life insurance within Loan Protection Insurance can provide financial security to your loved ones by paying off the outstanding loan balance in the event of your death. This ensures that your family doesn’t inherit your debt.

Regulatory Requirements:

In some cases, lenders in Canada may require borrowers to have Loan Protection Insurance as a condition for loan approval, especially for higher-risk borrowers or loans.

Ease of Access:

Loan Protection Insurance is relatively easy to access in Canada, and the claims process is typically straightforward, providing timely assistance when you need it most.

Complementing Other Insurance:

Loan Protection Insurance complements other insurance policies you may have, such as health insurance or life insurance. It offers specialized coverage for loan-related risks, ensuring that you have a comprehensive financial safety net.

Flexibility:

Loan Protection Insurance policies often come with flexible options, allowing you to tailor coverage to your specific circumstances, such as choosing the duration of coverage or the types of risks you want to protect against.

While Loan Protection Insurance can offer valuable financial protection, it’s important to carefully evaluate your individual financial situation and insurance needs before purchasing a policy. Consider factors such as your existing insurance coverage, risk tolerance, and the terms and conditions of the policy. Additionally, be aware of the costs associated with Loan Protection Insurance, including premiums, and assess whether the benefits justify the expenses for your specific circumstances.

Read More – Why to Choose Loan Protection Insurance

Common Myths and Misconceptions

Loan Protection Insurance is a valuable financial product in Canada, but it’s not immune to myths and misconceptions. Here are some common misconceptions about Loan Protection Insurance in Canada:

  • It’s Mandatory: One of the most widespread myths is that Loan Protection Insurance is mandatory for all borrowers. In reality, it’s optional, and borrowers can choose whether or not to purchase it.
  • It’s Redundant with Other Insurance: Some believe that their existing life, health, or disability insurance policies already cover their loan obligations, making Loan Protection Insurance unnecessary. However, these policies might not offer the same specific coverage for loans.
  • Premiums Are Exorbitant: While premiums vary based on factors like loan amount and coverage type, many borrowers overestimate the cost of Loan Protection Insurance. In some cases, the cost may be quite reasonable, especially when compared to the potential financial risks it mitigates.
  • It Covers Pre-Existing Conditions: Loan Protection Insurance typically excludes pre-existing medical conditions. Some borrowers mistakenly assume that it will provide coverage for such conditions.
  • It’s a Scam: Skepticism sometimes leads borrowers to believe that Loan Protection Insurance is a scam. In reality, it can provide essential financial protection when unexpected events occur.
  • Benefits Are Hard to Claim: The claims process is often straightforward, provided the borrower meets the policy’s criteria. Misconceptions about a complicated claims process can discourage some from purchasing the insurance.
  • All Policies Are the Same: Borrowers may assume that all Loan Protection Insurance policies offer identical coverage. In reality, policy terms, coverage limits, and conditions can vary significantly.
  • It’s Only for Mortgages: While mortgage protection is a common form, Loan Protection Insurance can apply to various loans, including personal loans, auto loans, and lines of credit.
  • Premiums Are Always Added to Loan Amount: Borrowers might think that premiums are always rolled into the loan amount, increasing the loan principal. In some cases, borrowers can choose to pay premiums separately.
  • It’s Not Worth the Cost: Some borrowers underestimate the potential financial risks associated with unexpected events. They may believe they can handle such situations without insurance, but Loan Protection Insurance can be a valuable safety net.

These misconceptions can lead borrowers to make uninformed decisions about Loan Protection Insurance in Canada. To make the right choice, borrowers should carefully read policy terms, assess their individual financial situation, and consider the potential benefits of having this insurance as part of their financial protection strategy. Consulting with a good financial advisor like Canadian LIC can be a brilliant move and can help dispel myths and provide clarity on the value of Loan Protection Insurance in Canada.

Wrapping It Up

Ultimately, whether you need Loan Protection Insurance in Canada depends on your financial goals and the level of security you want to maintain for yourself and your loved ones in the face of unforeseen financial challenges. You can get a better understanding on whether Loan Protection Insurance is suitable for you or not here. Consulting with one of the best financial advisors in Canada, like Canadian LIC, can help you make an informed decision tailored to your unique situation and needs.

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Call 1 844-542-4678 to speak to our advisors.

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Faq's

Loan Protection Insurance is a type of insurance policy designed to help borrowers in Canada manage their loan repayments in case they face unexpected financial difficulties, such as disability, illness, job loss, or death.

Loan Protection Insurance can typically cover various types of loans, including mortgages, personal loans, auto loans, and credit card balances.

Loan Protection Insurance is not mandatory in Canada, but some lenders may offer it as an option when you take out a loan.

If you experience an event, such as a disability, illness, job loss, or death. The insurance policy can help cover your loan payments for a specified period or pay off the outstanding loan balance, depending on the policy terms and conditions.

Covered events may include disability, critical illness, involuntary unemployment, and death. The specific events covered can vary between insurance providers and policies.

Eligibility criteria can vary, but generally, you must meet certain age and health requirements to qualify for Loan Protection Insurance. Get in touch with experts at Canadian LIC to have detailed eligibility information.

Yes, you are not required to purchase Loan Protection Insurance from your lender. You can explore options from various insurance providers to find a policy that suits your needs.

The cost of Loan Protection Insurance varies depending on factors such as your age, health, loan amount, and the coverage you select. It’s important to get quotes from different insurance providers to compare prices.

Yes, in most cases, you can cancel your Loan Protection Insurance policy. However, the terms and conditions of cancellation, as well as any associated fees or refunds, will depend on the policy and the insurance provider.

No, they are not the same. Mortgage insurance in Canada typically refers to insurance required by lenders when a borrower has a high-ratio mortgage (a down payment of less than 20%). On the other hand, Loan Protection Insurance is an optional coverage that helps borrowers with loan repayments in case of unexpected events.

Loan Protection Insurance premiums are generally not tax-deductible in Canada. However, it’s essential to consult with a tax professional or advisor for specific tax-related questions.

Before buying Loan Protection Insurance, consider factors such as your current financial situation, existing insurance coverage, the cost of the policy, and the specific terms and conditions of the coverage. Make sure it aligns with your needs and financial goals.

The answer is no. You cannot add loan insurance after receiving the funds. However, you have the option to purchase a policy now and then cancel it later in case you don’t want it.

Since it is not always necessary, you can generally obtain reputable insurance for your loans from insurance providers, brokers, agents, and lenders. To obtain a policy, you must provide the provider with your permission. This can be expressed in writing, orally, or electronically.

You can call your provider and inquire about your Loan Protection Insurance to check if your lender or creditor is charging you for it. Check your bank statement to see if there are any debits relating to insurance premiums. Additionally, you can check your loan agreement to see if an insurance certificate is included.

Always remember that the terms and conditions of Loan Protection Insurance can vary, so it’s crucial to read the policy carefully and ask questions to ensure you understand how the coverage works. Additionally, comparing quotes from different insurance providers to find the best policy for your situation is wise.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

What is a Super Visa Income Requirement?

Posted on by canadianlic

What is a Super Visa Income Requirement?

By Canadian LIC, October 16, 2023, 8 Minutes

Schedule a Call

What is a Super Visa Income Requirement?

Canada is renowned for its stunning landscapes, multicultural cities, and high standard of living. It’s no wonder that many Canadian immigrants wish to reunite with their families and share in these opportunities. The Canadian government acknowledges the importance of family unity and offers various visa options, one of which is the Super Visa. In this blog post, we will get to know the Super Visa income requirement in Canada, what it entails, and how it can be a pathway to bringing your loved ones to join you in Canada.

What is a Super Visa?

The Super Visa is a special type of visa designed to facilitate family reunification in Canada. It is primarily aimed at parents and grandparents of Canadian citizens and permanent residents. Unlike a regular visitor visa, which typically allows visitors to stay in Canada for up to six months at a time, the Super Visa provides a unique opportunity.

With a Super Visa, eligible family members can stay in Canada for an extended period, usually up to five years, without having to renew their status. This means that parents and grandparents can enjoy more extended and uninterrupted stays with their loved ones in Canada.

Read More –  About Super Visa

The Super Visa Income Requirement

The Super Visa comes with specific eligibility criteria, one of the most crucial being the income requirement. To apply for a Super Visa, the Canadian sponsor (the child or grandchild inviting their parent or grandparent) must meet a specific income threshold. This threshold is intended to demonstrate the sponsor’s financial ability to support their parents or grandparents during their stay in Canada.

What is the Minimum Income Requirement?

The minimum income requirement for the Super Visa is calculated based on the size of the sponsor’s family and the number of family members they plan to support, including the parents or grandparents they are inviting. This income threshold is assessed using the Low Income Cut-Off (LICO) figures published annually by Statistics Canada. It is essential to note that the LICO figures change each year, so it’s crucial to consult the most up-to-date figures at the time of application.

The income requirement typically falls under three categories:

For single sponsors: If you are sponsoring your parents or grandparents and you have no dependents, the minimum income requirement is calculated based on the LICO for your family size.

For sponsors with a spouse or common-law partner: If you have a spouse or common-law partner and you are sponsoring your parents or grandparents, the minimum income requirement is typically higher, as it considers your partner’s income as well.

For sponsors with dependents: If you have dependents (children or other family members who rely on you for financial support), the income requirement increases accordingly.

LICO Table For 2024

The low-income Cut-off (LICO) table offers information about the poverty line in urban areas of Canada. LICO changes every year due to inflation. If your settlement funds are equal to or lower than the values of this table based on your family size, you will be categorized as a LICO.

Do you know you need a document to prove that you are meeting the Low Income Cut off Minimum (LICO) if you are applying for a Super Visa for your parents or grandparents?

Let’s have a look at LICO Table for 2024

SIZE OF FAMILY UNIT One person LICO – 6 Months
One person $28,339 $14,170
Two persons $35,282 $17,641
Three persons $43,373 $21,687
Four persons $52,662 $26,331
Five persons $59,728 $29,864
Six persons $67,362 $33,681
Seven persons $74,998 $37,499
If more than seven persons, for each additional person, add $7,634 $3,817
*Effective from January 1 to December 31, 2024

What is the Responsibility of Buyer Before Buying a Super Visa Insurance?

Also note, that it is the responsibility of the buyer of the insurance to get the tentative effective date changed to make sure that the insurance is in effect at the preferred date (that is the day your parents land in Canada). If your application is rejected due to any reason the premium paid on this insurance will be reimbursed.

There are a number of super visa insurance, it is essential that you compare the coverage and invest in the policy that offers you the best coverage. Some of the important factors to remember while choosing super visa insurance is that it must be issued by a certified Canadian insurance company, it should offer $100, 000 health/medical insurance coverage and must be valid for at least 1 year. For more details about super visa insurance, get in touch with our experts now.

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How to Prove Your Income?

Proving your income is a crucial step in the Super Visa application process. You will need to provide documents and evidence that demonstrate you meet the minimum income requirement. Here are some of the key documents you may be required to submit:

  • Notice of Assessment (NOA): This document is issued by the Canada Revenue Agency (CRA) and provides a summary of your income, deductions, and credits for a specific tax year. Your NOA is a crucial piece of evidence that shows your income.
  • Employment Letter: A letter from your employer stating your annual salary, job position, and the length of your employment can be helpful in demonstrating your income.
  • Pay Stubs: Recent pay stubs can provide additional evidence of your income. They show your income on a regular basis and can be used to support your application.
  • Bank Statements: Bank statements can demonstrate your financial stability and provide additional evidence of your ability to support your parents or grandparents during their stay.
  • Affidavit of Support: If your income alone does not meet the minimum requirement, you can include an Affidavit of Support from another family member who meets the income threshold.
  • Property Documents: If you own property or assets, you may be able to include their value in your application to meet the income requirement.

It’s essential to carefully review the specific requirements outlined by Immigration, Refugees, and Citizenship Canada (IRCC) for the most up-to-date information on the documents you need to provide.

Calculating the Minimum Necessary Income (MNI)

The Minimum Necessary Income (MNI) is the minimum income you must demonstrate to be eligible for the Super Visa. To calculate the MNI, you’ll need to consider the LICO figures and the number of people you plan to support, including your parents or grandparents. Here’s a basic formula to calculate the MNI:

MNI = LICO for your family size + 30%

The “30%” factor is added to ensure that sponsors have a little extra financial cushion. It’s a prudent approach to cover any unexpected expenses during your parents’ or grandparents’ stay in Canada.

Meeting the Income Requirement: Tips and Strategies

Meeting the income requirement for the Super Visa can be a significant milestone in your family reunification journey. Here are some tips and strategies to help you meet the income threshold:

Review the Latest LICO Figures

Stay informed about the most recent Low Income Cut-Off (LICO) figures published by Statistics Canada. These figures can change annually, so make sure you have the most up-to-date information when calculating the income requirement.

Plan Ahead

If you anticipate sponsoring your parents or grandparents in the future, start planning early. Understanding the income requirement well in advance allows you to take steps to meet it.

Combine Incomes

If you have a spouse or common-law partner, consider combining your income to meet the income requirement. This can be especially helpful if one partner has a higher income.

Increase Your Earnings

Explore opportunities to increase your income, such as taking on additional work, pursuing promotions, or investing wisely.

Seek Financial Advice

Consult a financial advisor to help you create a plan to meet the income requirement. They can provide guidance on managing your finances effectively.

Use Assets

If you have valuable assets such as property, investments, or savings, consider using them as part of your application to demonstrate your financial stability.

Gather Strong Supporting Documents

Collect all the necessary documents to prove your income, including Notice of Assessment (NOA), employment letters, pay stubs, and bank statements. Ensure that these documents are accurate and up-to-date.

Consider an Affidavit of Support

If you are unable to meet the income requirement on your own, you can explore the option of having another family member provide an Affidavit of Support.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

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To Sum Up

The Super Visa is a valuable opportunity for Canadian citizens and permanent residents to reunite with their parents and grandparents. However, the income requirement is a critical aspect of the application process. By understanding the Minimum Necessary Income (MNI), staying informed about LICO figures, and employing the tips and strategies outlined in this blog, you can better prepare to meet the income requirement and bring your loved ones to Canada. Remember that immigration policies and requirements can change over time, so it’s essential to consult the official Immigration, Refugees, and Citizenship Canada (IRCC) website or seek legal advice for the most current information and guidance on the Super Visa application process.ork with an agent if you are not interested in buying through a broker. But if you do so, then you will lose the biggest benefit of comparing different insurances available in the market. If you decide to work with an agent, it is best advised to do your proper research so that you are able to grab the best deal for your plan. 

Faq's

A Super Visa is a special visa for parents and grandparents of Canadian citizens and permanent residents that allows them to visit and stay in Canada for an extended period, usually up to five years, without having to renew their status.

A Super Visa permits parents and grandparents to stay in Canada for a longer amount of time without the need for repeated renewals, as opposed to an ordinary visitor visa, which typically allows stays of up to six months.

Parents and grandparents of Canadian citizens or permanent residents can apply for a Super Visa. They must also meet other eligibility requirements, including having a written invitation from their child or grandchild in Canada.

The primary purpose of a Super Visa is family reunification. It allows Canadian citizens and permanent residents to bring their parents and grandparents to Canada for extended visits.

A Super Visa is typically valid for up to ten years, but it does not grant continuous stays for ten years. Each entry allows the parent or grandparent to stay in Canada for up to five years at a time without needing to renew their status.

Super Visa holders are generally not allowed to work or study in Canada. The Super Visa is intended for family reunification and extended visits, not for employment or education purposes.

Super Visa holders are not eligible for publicly funded healthcare in Canada. It’s essential to obtain private health insurance coverage for the duration of their stay to cover medical expenses.

Yes, Super Visa holders can travel in and out of Canada during their visit as long as their visa remains valid. However, they must meet the entry requirements each time they return to Canada.

To apply for a Super Visa, you must submit a complete application package to the Canadian visa office responsible for your country of residence, including the required forms, supporting documents, and proof of medical insurance. It’s advisable to consult the official website of Immigration, Refugees, and Citizenship Canada (IRCC) for the most up-to-date application instructions.

No, parents or grandparents cannot apply for a new Super Visa from within Canada if they are already in the country on a visitor status, including a Super Visa. To apply for a new Super Visa, they must do so from outside of Canada, typically from their home country or their country of legal residence.

Yes, grandparents with a Super Visa in Canada can live independently if they choose to do so. They have the flexibility to decide their living arrangements during their extended visit, whether it’s with their sponsoring family or independently while adhering to immigration and insurance requirements.

Yes, you can apply for a Super Visa for your parents in Canada. To do so, you, as the sponsoring child or grandchild, must meet specific eligibility requirements and provide the necessary financial and supporting documentation to demonstrate your ability to support your parents or grandparents during their visit. The necessary forms, papers, and evidence of health insurance must normally be sent to the Canadian visa office in charge of your region as part of the Super Visa application procedure. For thorough and current information on the application process, it is advised to check out Immigration, Refugees and Citizenship Canada’s (IRCC) official website or to see a legal professional.

The Super Visa income requirement is the minimum income that the Canadian sponsor (the child or grandchild inviting their parent or grandparent) must demonstrate to be eligible for the Super Visa. It is calculated based on the Low Income Cut-Off (LICO) figures published annually by Statistics Canada.

No, you need to meet the income requirement at the time of application. Once your parents or grandparents receive the Super Visa, they can stay in Canada for an extended period, usually up to five years, without the need for you to prove your income annually.

Yes, if you have a spouse or common-law partner, you can combine your income to meet the income requirement. Combining incomes can be helpful, especially if one partner has a higher income.

You may need to provide documents such as your Notice of Assessment (NOA) from the Canada Revenue Agency (CRA), employment letters, pay stubs, bank statements, and any other relevant financial documents as proof of your income.

The income requirement is calculated based on the LICO figures and the number of people the sponsor plans to support, including the parents or grandparents they are inviting. Typically, the formula is MNI = LICO for your family size + 30%, where “MNI” stands for Minimum Necessary Income.

There are no specific exceptions to the income requirement for the Super Visa. However, sponsors who cannot meet the income requirement on their own can explore the option of having another family member provide an Affidavit of Support to demonstrate financial support.

If you do not meet the income requirement on your own and cannot provide an Affidavit of Support from another family member, your Super Visa application may be denied. It’s crucial to review the income requirement and plan accordingly carefully.

Yes, you can use valuable assets like property, investments, or savings as part of your application to demonstrate financial stability and help meet the income requirement.

These frequently asked questions (FAQs) include essential details concerning the Super Visa income requirement in Canada. However, for the most up-to-date information and direction on the Super Visa application process, it is best to seek professional advice from one of the expert brokers in Canada like Canadian LIC.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]