If you have a Northern mortgage, line of credit or loan, creditor insurance is something you should really consider. It ensures your finances aren’t affected by life’s curveballs, covering your payments if death, disability, critical illness or job loss prevent you from paying.
Creditor vs. life insurance
Here are some key differences:
- The institution you borrow from is known as a “creditor”.
- Creditor insurance can be set up alongside your mortgage or loan, with premiums simply added to your payments.
- The amount of coverage you have is relative to the size of your insured debt, reducing as you pay that debt down.
- Benefits from your policy go towards paying off your debts rather than to your beneficiaries.
How much does it cost?
There are several factors that influence how much creditor insurance costs, including:
- The loan or mortgage amount you’re insuring
- The size of your payments
- Your age and health
Want to work out what your coverage might cost? Learn more by booking a chat with one of our advisors or downloading our creditor insurance brochure.
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