Insurance Services

Eckville District Savings & Credit Union Limited and CUMIS Insurance have entered into a partnership to provide our members with a wide range of insurance options that will protect you and your family from the unexpected.

Protect Your Family’s Lifestyle – At Rates You Can Afford

Who will make your loan payments if you can’t? With insurance coverage on your loans, you can rest easy knowing your payments will be made for you if anything should happen to you.

Consumers, farmers and businesspeople are all eligible for coverage, even if the farm or business is incorporated.

Mortgage Protection

The biggest investment in most people’s lives is their home. Statistics show that you are 14 times more likely to die or become disabled than to lose your home in a fire... yet everyone has fire insurance. For just pennies a day, you can protect yourself, your family and your biggest investment from the unexpected. And if you need to protect two incomes, joint coverage is also available.

All types of risks can be covered. Life insurance of up to $500,000 is available and your premiums remain the same for the entire life of the mortgage, up to 35 years. Disability coverage, that looks after your payments in the event you are unable to work, can also be added to the mix. Critical illness coverage would pay off your mortgage if you develop certain life-threatening medical conditions. And if you should happen to unexpectedly lose your job, you have the peace of mind that your payments will be covered if you have chosen to take advantage of the loss of employment coverage that is also available.

All of this protection is available for one low monthly payment that would be conveniently debited directly from your account.

Loan Protection

Single Premium Loan Insurance is another product that protects your income by insuring the loans that you have for other things, such as vehicles, vacations or consolidations. The premium is added to the loan balance and is therefore a low-cost, convenient part of your regular monthly payment. Both life and disability coverage is available and joint coverage is also available on these types of loans.

Line of Credit Protection

If you use a line of credit for any of your consumer, agricultural or commercial financing requirements, our Monthly Premium Life and Disability insurance is for you. Your monthly premium is based on the balance outstanding on your line of credit and up to $500,000 life insurance coverage and $180,000 disability insurance coverage is available.

Even though lines of credit are slightly different that traditional borrowing methods, a line of credit is a loan and still carries financial risk. With your line of credit insured, you remove the financial burden of future payments from your family.

Term Protection

All of the products mentioned thus far offer protection of only the outstanding balance of your loan commitments. We also offer term insurance. The benefit amount on this product never decreases as time goes on; if you purchase $100,000 of life insurance, you will have $100,000 of life insurance 5 or 10 years later. Therefore, this product would be useful not only for providing coverage to pay off your loans but also protecting your income levels even if you don’t have outstanding debts.

Insurance Professionals

Our loans department staff receive regular training on these products and services to make sure that you are given the service you expect. For more detailed information, please contact any of the staff in our Loans Department.