Empire Life launches new disability rider
Empire Life announced Nov. 19 the launch of Empire Life Disability Credit Protect, a new disability rider available on most term and whole life insurance plans.
The rider is designed to provide a monthly benefit to the policyowner to help them to continue to meet their monthly loan obligations like mortgages, rent or car payments in the event a disability prevents them from working, says Empire Life.
The insurer points out that unlike mortgage life and disability insurance bought from a bank or financial institution, where benefits are paid to the lender and must be used to pay off the mortgage, individual life insurance benefits are paid directly to the beneficiary. This means the funds can be used for any purpose, such as paying off a mortgage, helping to replace a person's income or covering short-term expenses. The policy remains the property of the policyowner, even if they change lenders.
"Now more than ever, Canadians are looking for ways to protect their finances and preserve their family's lifestyle when the unexpected happens," stated Mike Stocks, Vice-President and Chief Marketing Officer, Retail. "We believe Canadians deserve simple, affordable solutions that will help protect their loved ones financially and give them peace of mind. Combined with our Solution 25 term life insurance coverage, Empire Life Disability Credit Protect provides an attractive, competitively-priced alternative to mortgage insurance offered by the banks."