Loan insurance: know your rights

Insurance on a loan or credit is an optional product. Federally regulated financial institutions that offer loan insurance must obtain your express consent before providing this product to you.

Banks that offer this product must enter into a separate agreement with you before providing it to you.

These requirements apply to loans and credit products including mortgages, car loans, credit cards and lines of credit.

Learn more about credit or loan insurance.

Your right to information about loan insurance

Federally regulated financial institutions must provide you with:

Learn more about your rights when signing up for loan insurance.

Additional information about loan insurance

Banks, members of the Canadian Bankers Association (CBA), have agreed to follow a code of conduct for authorized insurance activities. They commit to provide clear and understandable disclosure. This applies to documents related to authorized insurance products, which includes loan insurance.

Banks will make this code available:

Learn more about the information banks have committed to provide to you on authorized insurance activities.

When these rights apply to you

These rights apply when you’re dealing with a federally regulated financial institution like a bank or federal credit union.

Find out if your financial institution is federally regulated.

Learn more about how your banking rights are protected.

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