Coronavirus (COVID‑19)

Frequently Asked Questions (FAQ) – Group Creditor Insurance

Updated: March 30, 2020 at 5:00 p.m.

 

Dealership products

To date, the government has issued multiple advisories related to the coronavirus. This situation is raising many questions about our group creditor insurance products. The answers to the most frequently asked questions are below.

How will the insurer apply the contract with respect to all situations related to COVID-19?

Claims related to the COVID-19 situation will be processed in accordance with the contractual clauses stipulated in our group creditor insurance contracts.

Life insurance

Is death resulting from COVID-19 an event that is eligible for a death benefit under the life insurance coverage of the group creditor insurance products?

As long as all contractual clauses are met, a death resulting from COVID-19 will be eligible for a death benefit.

Disability insurance

Is a total disability resulting from COVID-19 an event that is eligible for benefits under the disability insurance coverage of the group creditor insurance products?

As long as all contractual clauses are met, total disability resulting from COVID-19 will be eligible for disability benefits.

Remember that the waiting period stipulated in your contract must elapse before benefits can start.

Is a quarantine (self-imposed or sanctioned) resulting from COVID-19 an event that is eligible for benefits?

Preventive quarantines (self-imposed or sanctioned) when the insured has no disabling symptoms and/or when no COVID-19 diagnosis was given are not events that are eligible for benefits.

If you are diagnosed with COVID-19 (positive COVID-19 test result) and are disabled (unable to perform the main duties of your job, including telework), you are eligible for disability benefits.

However, it’s important to remember that the waiting period under your contract must elapse before benefits can begin.

Is an insured who loses his or her job as a result of the economic downturn caused by COVID-19 eligible for a claim?

No, disability insurance is intended to cover payments under a vehicle financing contract (loan or lease) for an insured who is unable to perform the main tasks of his or her regular work as a result of an illness or an accident.

If my creditor/financial institution grants me a financial reprieve for my next payments on my financial contract (loan or lease), am I still entitled to benefits if I am disabled?

Because your creditor has given you a financial reprieve and that certain financial obligations under your financing contract (loan or lease) are therefore deferred, we will not cover the payments impacted by the reprieve for as they are not due. Our group creditor insurance contract exclusively covers overdue payments that must be paid to the creditor or financial institution.

However, once these payments become due, you may be eligible for benefits for the period during which payments are applicable if you are still disabled. We will reimburse the payments to your creditor or financial institution.

Critical illness

Is a person who has contracted COVID-19 considered as having a critical illness and therefore eligible for critical illness benefits under the critical illness coverage?

COVID-19 is not eligible for critical illness benefits under the critical illness coverage of our group creditor insurance products because it does not appear on the list of covered critical illnesses in our contracts.