Credit insurance is a term used to describe both business credit insurance  and consumer credit insurance, e.g., credit life insurance, credit disability insurance, and credit unemployment insurance.

Types

1) Business credit insurance is credit insurance that businesses purchase to insure payment of credit extended by the business.

2) Consumer credit insurance is credit insurance that consumers purchase to insure payment of credit extended to the consumer.

What are creditor group life and disability insurance products?

Life

Decreasing Term Life Insurance purchased in conjunction with a consumer credit transaction -- provides a death benefit to pay off all or part of the credit obligation in the event of an insured's death during the term of the coverage. Decreasing term life ensures that your family estate is left with an asset not a liability.

Critical Illness

Decreasing Term Critical Illness Insurance purchased in conjunction with a consumer credit transaction -- provides a benefit to pay off all or part of the credit obligation in the event that the Insured is diagnosed with a covered Critical Illness during the term of the coverage. CI Insurance is designed to eliminate the financial strain of a vehicle loan, giving you the freedom to focus on getting well.

Disability

Canadian insurers pay disability benefits under loan insurance plans in excess of $230 million per year.

Home Protector

Insurance can pay off or reduce your mortgage balance in the event of death, to a maximum of $500,000. If you become disabled, it can help maintain your regular mortgage payments for up to 24 months, to a maximum payment of $3,000 per month.

Loan:-

If you become disabled, it can help maintain your regular loan payments and pay 3% of your qualified balance on your line of credit for up to 60 months, to a maximum payment of $3,000 per month.

If you have further query please contact Canada Insurance Plan.