A customer is eligible to enroll for insurance on either a Loan or Lease plan, providing as of the effective date of insurance shown on the Insurance Enrollment they meet the following criteria:
- They are a Canadian resident (living in Canada at least 6 months out of the year).
- They have a legal obligation to repay the Loan or Lease to the Creditor, either as a Borrower or Lessee, Co-Borrower or Co-Lessee, Co-Signer, Guarantor or Endorser.
- They have a legal obligation to repay the Loan or Lease to the Creditor either as a Business owner, key person, or any person associated with the Business who is obligated to the debt
- The customer must be within the “Minimum/Maximum Eligibility Age” for insurance, as outlined on the Insurance Enrolment.
- They have not made a claim for a living benefit under any Creditor’s group insurance policy or certificate of insurance issued by the Co-Operators.