Empire Life Disability Credit Protect offers policyowners with monthly benefit to ensure them meet their continuous monthly loan obligations
Empire Life Disability Credit Protect provides alternative to other mortgage insurance. (Credit: CNW Group/The Empire Life Insurance Company.)
Canada-based Empire Life Insurance Company (Empire Life) has launched a new disability rider, Empire Life Disability Credit Protect, available on most term and whole life insurance plans.
Empire Life Disability Credit Protect is designed to provide the policyowner with monthly benefit that ensures meeting continuous monthly loan obligations such as mortgages, rent or car payments when a policyholder stops working due to disability.
Empire Life retail vice-president and chief marketing officer Mike Stocks said: “Now more than ever, Canadians are looking for ways to protect their finances and preserve their family’s lifestyle when the unexpected happens.
“We believe Canadians deserve simple, affordable solutions that will help protect their loved ones financially and give them peace of mind. Combined with our Solution 25 term life insurance coverage, Empire Life Disability Credit Protect provides an attractive, competitively-priced alternative to mortgage insurance offered by the banks.”
Unlike mortgage life and disability insurance policies offered by banks or other financial institutions, where benefits are paid to the lender and used to pay off the mortgage, individual life insurance benefits are paid directly to the beneficiary. The funds can be used for any purpose, such as paying off a mortgage, helping replace income or covering short-term expenses.
The policyholders are allowed to change their lenders, as the policy is their property.
The company said that its new disability insurance policy, when combined with a critical illness insurance rider, would serve as a complete solution for protection.
Stocks added: “Our goal is to help ensure Canadian families can protect their loved ones financially in the event of serious illness, disability or premature death.
“Adding this new disability insurance rider and a critical illness insurance rider to our life coverage provides customers with a protection package that is simple, fast and easy, helping us deliver on that promise.”
Established in 1923, Empire Life is a subsidiary of E-L Financial. It is focused on making the investment, insurance and group benefits coverage easy for customers, helping them create wealth, generate income, and achieve financial security.