Protect yourself from unexpected loss of income due to disability. Whenever you (and your spouse) borrow money, whether a personal loan or mortgage, you assume an obligation to make payments on time. If you (or your spouse) become unable to earn income because of a disability, loan insurance can make your payments for you.
If you were to suddenly die, who would pay your outstanding loans? Whether you select Loan Insurance, Group Mortgage Insurance or Term Life Insurance your debts will be paid off, leaving your personal life insurance available for your beneficiaries.
On January 1, 2016, the Ontario Regulation is
amended by adding the following section: (See: O. Reg. 277/15, s. 2)
Web promotion 42.1
(1) A credit union shall not, on a credit union website, directly or
indirectly promote, or provide access to another website that promotes, (a)
an insurer, agent or broker that deals in a type of insurance that is not an
authorized type of insurance; or (b) an insurance policy of an insurer,
agent or broker, or a service in respect of such a policy, that provides a
type of insurance that is not an authorized type of insurance. O. Reg.
277/15, s. 2.
(2) A credit union shall not engage in a promotion described in clause 42
(1) (b) on a credit union website unless the promotion relates to an
insurer, agent or broker that deals only in authorized types of insurance.
O. Reg. 277/15, s. 2.
(3) A credit union shall not engage in a promotion described in clause 42
(2) (d) on a credit union website unless the promotion relates to a policy
of an authorized type of insurance. O. Reg. 277/15, s. 2.
For further information please see the following:
http://www.fsco.gov.on.ca/en/creditunions/Bulletins/Pages/cucp-01-15.aspx
If you have any questions or comments please
contact:
Ministry of Finance:
http://www.fin.gov.on.ca/en/contact/index.html
Financial Services Commission of Ontario; contactcentre@fsco.gov.on.ca.
Protect yourself and your family when travelling outside of Ontario.
In Ontario, the moment you become a credit union
member and make a deposit, your insurable deposits are protected.
Non-registered insurable deposits held at an Ontario credit union in
Canadian funds, payable in Canada, have a maximum coverage amount of
$250,000, while deposits in registered accounts have unlimited coverage.
For detailed information on deposit insurance please visit the FSRA
(Financial Services Regulatory Authority of Ontario) by clicking on this
link:
https://www.fsrao.ca/consumers/credit-unions-and-deposit-insurance
