Toronto Electrical Utilities Credit Union

Loan Insurance - (CRI)

TEUCU offers life and disability insurance on a wide range of products through CRI Canada.

Personal Loan Insurance

Why take the risk?

Should something happen to you or you become disabled, your loan may be reduced or paid off, or your loan payments may be made for you. Life coverage can help to reduce or eliminate your outstanding debt in the event of your death, and disability coverage can help make the loan payments if you are unable to work due to covered illness or injury.

Joint Coverage?

If you have entered into a joint loan, be sure your co-borrower is protected too, with joint life and disability coverage.

How do I pay the premium?

Since the single premium for this insurance is included in the loan balance, you never have to worry about missing a payment or having your rates increased. The cost of the insurance is already calculated into your loan payment.

Rest Easy

Why worry about who will pay off your loan in the event of your death or disability. You can rest easy knowing that your benefits may be paid in addition to other insurance or company protection you may have.

Line of Credit Insurance

Borrow Only as Needed

A Line of Credit can be convenient because you do not need to re-apply every time you need additional funds. The Line of Credit is available to you, and you only pay interest on what you are using. Life & Disability coverage works the same way, whereby your monthly premium is based on your average balance for the month. This means you don’t pay a premium if you are not currently using your Line of Credit.

Joint Coverage?

Joint Coverage is available for both parties entered into the agreement for the Line of Credit. Credit Life and disability protection are both available for single and joint coverage.

How do I pay the Premium?

For your convenience, the monthly premiums are automatically deducted from your chequing account at the Credit Union. But remember, it is only based on what your average balance was the previous month, not your approved Line of Credit.

Act Today

Don’t let yourself or your family be caught off guard. Sign up for credit insurance on your Line of Credit Today. Ask your Loan Officer for more details.

Mortgage Insurance

Why take the Risk?

Purchasing a home is one of the single greatest investments a person will make. In the event of death or disability, mortgage payments may become unmanageable to a now single income family. This unfortunate situation may lead to changes in lifestyle, or may result is selling your home to repay the Mortgage.

Coverage

Coverage will remain in effect throughout the term of your mortgage, for up to 25 years, or to your 75^th birthday-whichever comes first. Discounted rates are available for non-smokers. Joint coverage is also available for both Life & Disability Insurance.

How do I pay the Premium?

For your convenience, the monthly premiums are automatically deducted from your chequing account at the Credit Union. Unlike many insurance programs, your premiums will not increase as you get older for the duration of the term.

Is there a medical questionnaire?

A medical questionnaire will need to be answered at the time of application. All medical questionnaires are kept confidential between the member and the Insurance Company, and Insurance Coverage takes affect once approved by the Insurance Company.

Outstanding Balance Insurance (Merit-Line)

Why take the Risk?

Outstanding Balance Insurance is designed to help cover the amount you owe on your Merit-Line. You purchase only the amount needed to cover your outstanding balance – so you never pay for more coverage than you need. In the event of death, the balance owing may be paid down or paid out.

How do I pay the Premium?

For your convenience, the monthly premiums are automatically deducted from your chequing account at the Credit Union. Like the Line of Credit, premiums are calculated based on your average balance from the previous month. You only pay for what you are using, not the approved amount.

Is there a medical questionnaire?

Level Term Insurance

Why take the Risk?

Ten year Level Term Insurance can be beneficial as it does not need to be tied to a specific debt and may pass a benefit to a designated beneficiary. It allows members to insure a variety of debts, such as farm equipment, home or vehicle purchase, and/or a line of credit, under one single policy. The debt may fluctuate, but the policy will remain constant.

How do I pay the Premium?

For your convenience, the monthly premiums are automatically deducted from your chequing account at the Credit Union. Your monthly premium will remain in effect for the 10 year term, at which time the premium will be renewed for another 10 year term at a the new premium based on your age at that time.

Is there a medical questionnaire?

Your Credit Life and Disability Insurance coverage is underwritten by Canadian Premier Life Insurance Company. Canadian Premier Life Insurance Company is a member of AEGON Insurance Group, which enjoys some of the highest ratings from Standard & Poor’s, A.M. Best Company, Fitch Ratings and Moody’s Investor Service, based on financial strength and operating performance.

Home & Auto Insurance (THE PERSONAL)

Enjoy the Benefits of Preferred Rates and Exceptional Service

One of Canada’s largest home and auto group insurers, The Personal insures members and employees of over 550 organizations and has over 650,000 policies in force across Canada. Thanks to The Personal and The Toronto Electrical Utilities Credit Union, you have access to privileges not available to the general public.

The Personal provides:

Preferred rates
Personalized protection
Exceptional service

The Toronto Electrical Utilities Credit Union members, their spouses and dependants are eligible for this voluntary benefit.

Take advantage of your home and auto group insurance plan.
Get a quote from The Personal
www.thepersonal.com/teucu
1-888-476-8737

Certain conditions apply.

Deposit Insurance (DICO)

Insured By the Deposit Insurance Corporation of Ontario.