An Ontario man found out that a line of credit he thought was insured actually isn't after his wife of 50 years died.Richards said he and his wife Sandra wanted to take out a Home Equity Line of Credit for $150,000, but they said they also wanted to have life insurance on the loan in case anything happened.It’s estimated about eight million Canadians have a HELOC as a way to tap into the capital of their homes and access money for renovations, trips or general expenses.
But when Sandra died in November of 2023, Richards found out the line of credit was not covered by life insurance. Their bank has a policy to terminate life insurance when a customer turns 70 years of age. CTV News checked with other banks and they also have policies to terminate life insurance policies on HELOCs when customers reach a certain age.
If you have a line of credit with a lender you may want to check the terms and conditions when it comes to insurance. You may also want to consider buying additional coverage somewhere else to cover any debts you may owe. 'A huge difference': These adults born in the '90s partnered with their parents to buy homes in OntarioMost of Canada to receive emergency alert test today
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