SOLO Loan insurance

• Eligibility to receive a monthly amount on the first day of hospitalization or day surgery if the waiting period is 90 days or less, unless the insured person is unemployed at the time of disability
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• Exchange for SOLO Disability Income without evidence of insurability
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• Organ donation; the policy must have been in force for 6 months
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• Presumption of total disability with the loss of 2 limbs or 1 sense
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• Costs and services related to a rehabilitation program
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• Waiver of premiums as soon as the insured person is eligible for the payment
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• Recurrent disability
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• Complimentary assistance services available at any time for clients and their loved ones
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• Extension of coverage after age 65
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• Concurrent disability (simultaneous disabilities)
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Must hold an eligible occupation and work at least:

• 30 hours per week for east 35 weeks per year
• Or 24 hours per week for at least 40 weeks per year
• Or 21 hours per week on a regular and continuous basis

Pregnant women, individuals on parental leave and individuals who work from home are eligible for SOLO Loan Insurance.

Restrictions apply to pregnant women and individuals on parental leave.

• 4A, 3A, 2A, A, B

• T65 : Ages 18 to 60
• T10 : Ages 18 to 50

• 30 days
• 60 days
• 90 days
• 120 days

The monthly amount is payable on the first day in the event of hospitalization* or day surgery if the waiting period is 90 days or less, unless the insured person is unemployed at the time of disability.

*Hospitalization must last at least 18 hours.

If the waiting period selected is less than 90 days and the insured person was in one of these situations before their disability, the waiting period will automatically be 90 days:

• Unemployed for 12 months or less
• On maternity or parental leave for 70 weeks or less
• On a leave of absence with or without pay for 12 months or less

No benefits will be payable if the insured person is:

• Unemployed for more than 12 months
• On maternity or parental leave for more than 70 weeks
• On a leave of absence with or without pay for more than 12 months

The benefit period starts when the waiting period expires. This is the maximum period during which monthly benefits are payable for disability due to a single cause (except for the cases listed in the section Concurrent disability).

Benefit period options

• Personal loan
  • 2 years
  • 5 years
  • Up to age 65 (the monthly amount must be $5,000 or less *)
• Business loan
  • 2 years
  • 5 years (the monthly amount must be $5,000 or less *)

* For amounts over $5,000, you can offer a combination of 2 annuities.
For example, for a commercial loan requiring an annuity of $8,000, you can offer an annuity of $5,000 with an indemnification period of 5 years AND an annuity of $3,000 with a 2-year period.

Limitations

• Rent: 2 years
• Pregnant women (third trimester): 2 years

The benefit period will always be at least 2 years as long as the insured person is disabled, even if the policy ends at age 65. For example, if an insured person is declared totally disabled at age 64, a monthly benefit will be payable for at least 2 years, that is, until age 66.

Important: The payment period is limited for certain eligible loans.

• Minimum per coverage: $150
• Minimum per policy: $400
• Maximum* based on the occupation class for all policies with Desjardins:
  • 4A and 3A: $10,000
  • 2A: $9,000
  • A: $8,000
  • B: $7,000

No financial underwriting required for amounts of $3,000 or less, including loan insurance amounts in effect.

Financial evidence is required for amounts over $3,000. An analysis is performed, which may result in some limitations (example: annuity amount lower than the one requested)

• T10: Level premiums for 10 years
• T65: Level premiums to age 65

The premium structure may be changed from T10 to T65 while the policy is in force.

The premium amount is not guaranteed.

• Guaranteed renewable to age 65 (age at nearest birthday)
• Non-guaranteed premium, but can be adjusted for all insured persons with similar features

Extension of coverage after age 65 for 5 years

• Restrictions applicable to certain occupations
  
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At the first of the following events:

• Coverage expiry date
• Date the extension of coverage is exercised
• Date of exchange from SOLO Loan Insurance to SOLO Disability Income
• Policy anniversary date nearest to the insured person's 65th birthday
• Death of the insured person
• Bankruptcy date of the insured person if the policyowner is an individual
• Bankruptcy date of the company if the policyowner is a company (business loan)
• Date of receipt of a written request for termination from the policyowner
• Grace period expires when the premium is not paid

• Regular occupation – 24 months
  
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After a disability, if the insured person has another disability from the same or a related cause, the second disability is considered a recurrence of the first disability if it occurs in:

• classes 3A, 4A: 12 months
• classes B, A, 2A: 6 months

The insured person can accumulate successive disability periods lasting 7 days or more, related to the same cause, to satisfy waiting periods of 30 days or more. However, the disability periods cannot be separated by more than:

• classes B, A, 2A: 6 months
• classes 3A, 4A: 12 months

• Partial disability
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• Future insurability option: $500 and $1,000
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• Regular occupation period extender: 5 years or to age 65
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General rule:

• A change that increases the risk for the insurer requires evidence of insurability and is made at the attained age of the insured person using the form Insurance Application – Life, Health and Disability – 07002E. A new policy will then be produced after analysis.
• A change that reduces the risk to the insurer does not require any evidence of insurability and is made at the age of the insured person at the date the policy is produced using the form Request for Change Without Evidence – 09219E.

See the exclusions.