Loan Protection insurance

Bristol Loan Protection is an optional insurance product that can help pay off your outstanding Bristol Auto Loan account balance or cover your monthly auto loan payments as a result of certain unexpected events, such as Disability, Job Loss, Critical Illness, Terminal Illness or Loss of Life.

You do not need to apply for this optional insurance coverage to be approved for a Bristol Auto Loan*.

*Not applicable to Bristol Retail Loans.

You can choose from two insurance bundles:

Comprehensive Protection Coverage:

• Life and Terminal Illness coverage, which can pay off your outstanding Bristol Auto Loan account up to $300,000 if you are diagnosed with a Terminal Illness or pass away
• Critical Illness, Disability and Job Loss coverage, which can make your auto loan payment for up to $3,500 per month. Critical Illness and Disability coverages can make monthly payments for up to 12 months. Job Loss coverage can make monthly payments for up to 6 months per occurrence. Overall maximum benefit is 12 months

Basic Protection Coverage:

• Life coverage, which can pay off your outstanding Bristol Auto Loan account up to $300,000 if you pass away

• Bristol Loan Protection insurance is only available for Bristol Credit Auto Loans that originated from an Auto Dealership.
• Coverage is available to new or existing Bristol Credit Auto Loan Borrowers (maximum of 2 insured borrowers), who are 18 years of age to 69 years of age, are American residents and who have a Bristol Credit Auto Loan account in good standing.
• To apply for Comprehensive Protection Coverage, you must be employed and actively working at least 20 hours per week.

For job loss coverage:
You must also be a Permanent Employee and not a Seasonal Employee.

For Comprehensive Protection:

The table below sets out the monthly Comprehensive Protection premium for every $1,000 of Insured Loan balance for Life and Terminal Illness coverage and $100 of monthly equivalent insurable benefit for Critical Illness, Disability and Job Loss coverage.

COMPREHENSIVE PROTECTION COVERAGE
	Life and Terminal Illness	Critical Illness, Disability, Job Loss
Age	Premium Rate for Each Insured	Premium Rate for Each Insured
18 – 30	$0.29	$2.09
31 – 35	$0.31	$2.25
36 – 40	$0.33	$2.43
41 – 45	$0.38	$2.78
46 – 50	$0.47	$3.37
51 – 55	$0.60	$4.27
56 – 60	$0.78	$5.51
61 – 65	$1.00	$7.02
66 – 69	$1.00	$7.06

 

Here is an example:

You are 41 years old and Your Loan balance at time of application is $30,000 with a $470 monthly Loan Payment. Your monthly insurance premiums would be $24.47 (($0.38 x $30,000 ÷ $1,000) + ($2.78 x $470 ÷ $100)) plus any applicable sales taxes.

For Basic Protection:

The table below sets out the monthly Basic Protection premium for every $1,000 of Loan balance on the date Your Bristol Credit Loan Protection application is approved.

BASIC PROTECTION COVERAGE
	Life
Age	Premium Rate for Each Insured
18 – 30	$0.29
31 – 35	$0.31
36 – 40	$0.33
41 – 45	$0.38
46 – 50	$0.47
51 – 55	$0.60
56 – 60	$0.78
61 – 65	$1.00
66 – 69	$1.00

Here is an example:

Suppose you are 41 years old and your Loan balance at the time of application is $30,000. Your insurance premium would be $11.40 which is calculated as ($0.38 x $30,000 ÷ $1,000) plus any applicable sales taxes.

A premium reduction of up to 20% is available!

If you and another borrower on the same loan account applied for and are approved for insurance coverage, you could take advantage of the following discounts:

Coverage Type	Discount
Both Borrowers have Comprehensive Protection coverage	20%
One Borrower has Basic Protection coverage and one Borrower has Comprehensive Protection coverage	18%
Both Borrowers have Basic Protection coverage	15%

• Contact us at support@bristolcrbk.com, 8am. – 8pm (EST), Monday to Friday

You can be immediately approved without having to answer any medical questions or take a medical exam.

After you enrol, will receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions.

Some key conditions, exclusions, limitations and waiting periods apply. They include, but are not limited to:

• No benefit is paid if a death or Critical Illness occurs within 12 months of the Effective Date of coverage due to a pre-existing condition.
• To be eligible for Job Loss benefits you must be employed at least 180 consecutive days on a full-time basis for at least 20 hours each week immediately prior to the date of Disability or Job Loss. In addition, you must be a Permanent employee and not be a Seasonal Employee.
• No benefit is paid for Job Loss if the Claimant became unemployed within 90 days of the Effective Date of coverage; or unemployment is the direct/indirect result of resignation, retirement from employment, or dismissal for cause, or a strike or lockout

Bristol Loan Protection Insurance Begins:

• On the effective date indicated on the Schedule of Coverage that you will receive with your Certificate of Insurance within 30 days of application approval

Bristol Loan Protection Insurance Ends:

• Age 70 for Critical Illness, Disability, Job Loss and Terminal Illness coverage
• Age 75 for Life insurance coverage
• The date of receipt of your request to cancel coverage
• The date your account is closed or refinanced for additional funds

Your premium will remain the same through the duration of your Bristol Credit Auto Loan Term. If there is a change to your Bristol Loan Protection coverage or a change to your Bristol Credit Auto Loan payment amount, your premium may be recalculated.

To make a claim, follow these steps:

• Contact us at support@bristolcrbk.com, 8am - 8pm (EST), Monday to Friday
• Have your Bristol Card number or account number ready
• Once your enrollment is confirmed, your customer service representative will send you a claims package (electronically or by mail) for completion
• Send the completed forms and any supporting documents to the Insurer - contact details will be provided on the claim forms
• Once the assessment is done, you will be notified of the decision in writing by the Insurer

• You may cancel coverage at any time. If you cancel within 30 days of your coverage effective start date you will receive a full refund of any premium paid.

• Contact us at support@bristolcrbk.com between 8am and 8pm (EST), Monday to Friday, and a Customer Service Representative will be pleased to assist you.

• Bristol Loan Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to Bristol Credit.
• All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.
• The insurance premium and applicable sales tax will be charged to the same account from which your loan payments are debited or from a different bank account you designate
• Bristol Credit and its employees are not agents of Canada Life Assurance Company, nor can they waive or change any terms of the Bristol Loan Protection plan.
• Bristol Credit receives an administration fee from the Insurer to distribute this insurance.