First Canadian Insurance Corporation is a life insurance company that has been around since 1988. It is one of several companies that belong to the First Canadian Group of Companies. The First Canadian Group of Companies was founded by the Wheaton Automotive Group, which specializes in the automotive industry.
First Canadian sells both life insurance and disability insurance. Unlike other insurance companies that provide payouts to be used by the beneficiaries in whatever manner they choose, insurance sold by First Canadian is specifically designed to cover car payments. What this means is that you die or become disabled before you are able to completely pay off your car, the life insurance or disability insurance you have purchased will kick in and pay off the car without your family having to worry about it.
If you don’t have life insurance or disability insurance to cover your car payments, you and your family may be in trouble if something goes wrong and the payments are not made. For example, if you die without insurance for your car payments, your family may be forced to sell the car, desperately refinance their car loan or pay off the car with a high interest credit card. The car may also be repossessed by the lender, which would result in both the loss of the vehicle and damage to your credit score.
Having insurance for your car payments will make your loan application look much more attractive to a lender. This type of insurance will make your life so much easier during stressful times; you won’t have to undergo the worries and embarrassment related to not being able to make payments or having your car repossessed. You may think insurance is expensive, but what’s really expensive is having to pay additional interest and late fees on missed payments.
You do not need to undergo a medical exam in order to qualify for life insurance or disability insurance through First Canadian, but you may be required to answer a few simple medical questions. There are no occupational restrictions and few exclusions, and the benefits received are tax-free. You may choose to have the insurance cover the entire life of your loan or only a specific period of time. If you get your life insurance or disability insurance through a group, you may qualify for special low rates. First Canadian has gone out of its way to make sure that the insurance policies are understandable and that claims are easy to file.