Critical Illness


Creditor group critical illness insurance takes care of your financial obligation towards the purchase or lease of a vehicle in case you are diagnosed with a covered condition, such as life threatening cancer, heart attack, stroke, coronary artery by-pass surgery, major organ failure requiring transplant, or paralysis. With an eligible critical illness insurance claim, the outstanding amount of the insured loan will be paid off to relieve the financial burden on you and your loved ones and allows you to focus on getting better.

The covered conditions may vary depending on the program offered to you by your dealer, please refer to the back of the certificate for the complete list.

As with any insurance product, there are eligibility requirements and you need to make sure you are aware of the limitations and exclusions as listed on the certificate. 

Eligibility Requirements

  • be within the eligible age range as indicated on the certificate of insurance
  • have not had a critical illness as defined on the certificate prior to the effective date of insurance

Note: eligibility requirements may vary depending on the insurance program offered to you by your dealer. Please refer to the eligibility section of your certificate of insurance. At the time of purchase of insurance coverage, after reviewing the eligibility requirement, you need to decide if you are eligible for the coverage. If unsure, please contact our eligibility line at 1-800-761-4655.

Supplemental Health Questionnaires & Underwriting

Unlike individual insurance, creditor group insurance does not require as much information regarding your health and medical history. Health questions and underwriting are only required when applying for insurance above certain dollar amounts. However, pre-existing condition clause (see below) applies to any amount applied for, and therefore, you need to make sure you understand how this clause works.

If a supplemental health questionnaire or underwriting is required, most insurance programs provide temporary insurance while the application is being processed (refer to your certificate for details). If the insurance is rejected, the declination letter will be mailed to you, the temporary insurance terminates and any premiums paid would be refunded to the financial institution advancing the loan. If approved, you will receive an approval letter and the insurance will be in force as of the date approved.

20 Day Free Look

You will have 20 days after the effective date of the insurance to decide whether or not you want the coverage. If not, the certificate should be returned to our divisional headquarters or the dealer you purchased the insurance from and we will cancel the insurance and refund any premium paid jointly to you and/or the financial institution named on the certificate.

Pre-existing Conditions

Your coverage contains Limitations and Exclusions which are set out in detail on the back of the Certificate. In particular, your claim for benefits will not be covered if it is caused or contributed to by a Pre-existing Condition.

In general, a Pre-existing Condition means any condition for which you have consulted a doctor, received treatment, taken medicine, or generally had symptoms within the 6 month period before you purchase insurance. However, if you are symptom and treatment free for the 6 months following your purchase, and have not consulted a doctor, your condition will not be considered Pre-existing (Note: The actual periods may vary from 6 to 24 months depending upon the terms of Certificate).

For example, in case of critical illness insurance, if the insured has a stroke and survives, and makes a claim under the critical illness coverage, the fact that he or she was being treated for a sprained ankle within the pre-existing condition qualification period, would not affect the payment of the claim and is not considered a pre-existing condition as long as the stroke is not in any way related to the sprained ankle.

However, if the insured was being monitored for heart problems during the pre-existing condition qualification period, then the claim would be considered a pre-existing condition and no benefit would be paid.

Note: The determination of pre-existing condition is based on a case by case basis. The above is intended for illustrative purposes only and is not intended to bind the Company. In the event there is any discrepancy between it and the Certificate, the wording of the Certificate will prevail. For greater certainty regarding your coverage, please refer to your Certificate. For questions regarding eligibility or pre-existing conditions, contact 1-800-761-4655.

Limitations and Exclusions

As with any insurance product, there are some limitations and exclusions varying from product to product and from provider to provider. Make sure to refer to the back of the insurance certificate for a complete list.

Here are some common examples of the limitations and exclusion you would see on group creditor insurance:

  • Pre-existing condition or claim caused directly or indirectly as a result of treatment for a pre-existing condition
  • Intentionally self-inflicted injury while sane or insane
  • War or any act of war whether declared or undeclared
  • Suicide
  • Participation in a criminal act or attempt to commit a criminal offense, including but not limited to operating a motor vehicle, vessel or aircraft while the concentration of alcohol in 100ml exceeds 80mg
  • Chronic or excessive use of alcohol
  • Drug or substance use apart from controlled drugs used as legally prescribed by and on the advice of a physician
  • Pregnancy, childbirth, or termination of pregnancy
  • Cosmetic or elective surgery

In addition to the general limitations and exclusions above, below are some limitations and exclusions you would see specific to group creditor critical illness coverage.

No benefit would be paid for critical illness coverage if:

  • The insured does not survive 30 days following the diagnosis of the critical illness
  • The insured is diagnosed with cancer, had any signs and/or symptoms or medical problems commence, or had investigations leading to the diagnosis of any cancer initiated within 90 days following the effective date of insurance
  • Any critical illness exists before the effective date of insurance