The important type of insurance you may have never heard of

The last time you borrowed money, there’s a good chance you were also offered insurance on that loan. Something that will pay off the debt or keep up with payments if anything happens to you. And you might have thought, “But, I already have insurance from my job or my partner’s job.” Well, it’s likely not sufficient, according to our guest this episode. Wayne Hewitt is the Senior Vice President of Insurance Canada at Scotiabank. And he’s here to shed some light on creditor insurance, an often-overlooked type of coverage that can provide a crucial safety net.    

Key moments this episode: 

1:27 – What exactly is creditor insurance?  

4:00 – Why creditor insurance is important even if you’re not the main income earner in your family 

5:40 – What are the options when it comes to coverage? 

6:35 – What is the difference between term insurance and creditor insurance? 

10:03 – What Wayne has to say to someone who thinks it’s just an unnecessary extra expense 

11:17 – How does where you are in life affect considering creditor insurance? 

12:34 – Why insurance coverage through your job (or a spouse’s job) may not be sufficient 

14:00 – What does it mean to be ‘underinsured’ and how do you know? 

15:35 – Key tips when getting creditor insurance 

17:22 – What revolving and non-revolving line of credit and how does that play into creditor insurance? 

18:35 – Addressing two big misconceptions about insurance 

19:44 – The main takeaway from this interview 

For legal disclosures, please visit http://bit.ly/socialdisclaim and www.gbm.scotiabank.com/disclosures