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Life and Disability Insurance for HSBC Mortgages, Lines of Credit, Overdraftsoverdrafts and Demand Loanloanss Product Summary

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Life and Disability Insurance for HSBC Mortgages, Lines of Credit, Overdraftsoverdrafts and Demand Loanloanss Product Summary Life and Disability Insurance for HSBC Mortgages, Lines of Credit, OverdraftsOverdrafts and Demand LoansLoans Product Summary Name And Contact Information For The Insurer And DistributorDistribributor Life and disability insurance for HSBC Mortgages, Lines of Credit, Overdrafts and DemandDemanand Loansns is Creditor’s GroupGr Insurance underwritten by Sun Life Assurance Company of Canada (Insurer). The GrouGroupoup Policyholderer is HSBC Bank Canada (HSBC). Life and disability insurance beneftsbenefits are providedprovided under Group PolPolicyPilicy 57905. Sun Life Assurance Company of Canada Telephone: 1-877-736-4753 CreditorCreditor Insurance TeamTeam Fax:Fax: 1-866-923-8353 227 King Street South Email:il: [email protected]@sunlife.co@ P.O. Box 638,638, STN Waterloo Website:Webebsite: www.sunlife.ca E WaterlooWaterloo ONON N2N2JJ 4B8 AMFA client number:num 2000965369 The Distributor of this insurance is HSBC Bank Canada (HSBC)(HHSBC) HSBCHSBC Bank CanadaCanada Telephone:Teleohine: 1-888-310-47221-888-31310-4722 885 West Georgia Street Vancouver,Vancouver, BC V6C 3E93E9 HSBC Bank Canada branch contact informationinformrmation PL Name And Type OfO ThisT Insurance Product Insurancence Productct NameName:Nam : Creditor Life andan Disability Insurance for HSBC Mortgages, Lines of Credit, Overdrafts andana MPM Demand Loans InsuranceIn Product Type:Type: The AutoritéAu des marchés financiersfnanciers classifiesclassifes this insurance product as Debtor Life, HealthHea and Employment Insurance AMHow To Read This Product SummarySummary This productduct summary is an overview of creditor’s group life and disability insurance as it applies to insurance underwritten byy the Insurer for eligibleeligib non-commercial mortgages, lines of credit, overdrafts and demand loans with HSBC. For full detailss ofif this insuranceinsuran please read the CertifcateCertificate of CreditorCreditor Insurance―Mortgages, Lines of Credit, Overdrafts and Demand LoansLians (Certifcate)(C(Certificate) together with the Application for CreditorCreditor Insurance―Mortgages, Lines of Credit, Overdrafts and DemanddL Loan (Application) and any written confrmationconfirmation of insuranceinsurance from the Insurer.. SAMPLESAS . YYouou will fndfind copies of this product summary and the CertifcateCertificate onlineonline at www.sunlife.ca. Just type “product summary” intointi the search feld.field. If If you yiu click click on in the the link link that that pops oios up, uo, you yiu will will be be taken taken to ti the the web web page oage for fir product oriduct summaries summaries and and certifcatescertificates of if insurance insurance and and fnd find HSBC’sS H BC's firmsforms there. 1019029-E_2020-061019029-E_2020-06 RestrictedRestricted 1/9 WordsWords and terms that appear in bold italic throughout this product summary are defneddefined below: below: AccidentAccident meansmeans bodily injury that occurs solely as a direct result of a violent, sudden and unexpected action from an outside source.source. Credit FacilityFacility means a residential mortgage, line of credit, overdraft or demand loan with HSBC.HSBC. EligibleEligible means that you and youryour Credit FacilityFacility meet all necessary criteria to apply for a given type of insurance.nsurance LoanLoan AmountAmount InsuredInsuredd means the amount of insurance applied for under your Application, as indicatedated in Section C of theth application form. Pre-existingPre-existing Condition means a condition or health problem for which you consulted withh or receivedceived advice, treatment,treatm care and/or service by or from a licensed medical professional or you took medications or injectionss during the 12 month period before becoming insured.insured. PremiumPremium means the amount you must pay for insurance for a specifcspecific period. period. PremiumPremium RateRate meansmeans thethe unitunit costcost ofof insurance.insurance. RatioRatio Coverage means the calculation which HSBC may use to determinedetermerminermine the Loann Amount InsuredI d on mortgages.mortgagmortgagages. This calculation is done under certain circumstances to ensure that thee total amount of life insurance per person for all CreditCredit Facilities never exceeds the maximum allowed under Policy 57905.57 TotalTotal Disability, Totally Disabled means:means: • ForFor the frstfirst 60 60 days days of of TotalTotal DisabilityDisability andnd the frstfirst 12 12 months months of of your youryo disability disability insurance insurancein claim claim, you are completely unable, due to injury or sickness,ckness,kness, to perform the essentialessenti duties of the occupationo that you were engaged in immediately prior to thee datedate you became Totallyly Disabled. • After the frstfirst 12 12 months months of of your you disabilitybility insurance claimc , Total DisabilityDisabiDisaability andand Totally Disabledd mean you are completely unable, due to injury or sickness, to perform the duties of any occupation for which you are or may become reasonably qualifedqualifielifiedfied by by education, education, training training or or experience. experience.experienc Howow Does This Insurance Help ProtectProt My Credit Facility? Life insurance will reducere or pay off the balance of youryou Creditreditit FacilityF if you die. Disability insurance will help make payments owed to HSBC under your Credit Facility if you becomebe TotallyTotally Disabled. How Much Insurancece Is Available For My Credit Facility? Optionalptional creditor’s group insurance is available in the following amounts if your Credit FacilityFacility isis EligibleEligible. Insurancerance type Beneft Benefit Maximum Maximum InsuranceInsurance BeneftBenefit Life Lumpmp sum payment if you die $750,000$750,000 forfor all CreditCredit FacilitiesFacilities insuredinsured AM under Policy 5790557905 DisabilityD lity Regularly scheduled payments if you $4,000$4,000 per month for up to 2424 months perper continuecontinue toto be TotallyTotally DisabledDisabled for longer insuredinsured Credit FacilityFacility SAMPLESAMSASthanthan 6600 consecutive daysdays 1019029-E_2020-061019029-E_2020-06 RestrictedRestricted 2/9 Which Credit Facilities Are EligibleEligible For This Insurance?Insurance? AllAll residential mortgages, personal lines of credit, overdrafts and demand loans are EligibleEligible forfor lifelife insurance.insurance. Mortgages, lines of credit and overdrafts under the “interest"interest only”only" repayment option and demand loans are NOT eligible forfor disability insurance.insurance. AmAm I Eligible To Apply?Apply? You areare EligibleEligible toto apply for life insurance, if onon the date of application you are:are: • a borrower, or guarantor or covenantor of the Credit FacilityFacility, • at leastleast 1818 years of age and no older than 6464 years or age.age. You areare alsoalso EligibleEligible to apply for disability insurance if on the date of applicationapplicatioationion: • you are applying for life insurance or, if you have life insurance, youu still meet the eligibility criteria for life insurance,insurance, • youryour Credit FacilityFacility isis EligibleEligible, E • you are either:either: • actively working for at least 2020 hours per week;weeeek; or • ifif not actively working for at least 2020 hoursours per week because you are a seasonal workerworwo or you are on maternity or parental leave, you are able to perform the regular dutiesdu of your job for 2020 hours or more perper week.week. How Do I Apply? AsAs long as you and youryour Credit FacilityFac are EligibleEligib , you can apply for thisth insuranceins when you apply for your CreditCredit FacilityFacility or any time after. Youu applyply for this insurance by completing the ApplicationA for Creditor Insurance - Mortgages, Lines of Credit, Overdraftss anda Demandand Loans. When do I need to complete the applicable health questions? CompletionCompletion of Health CreditCredredit Facility type Total Totaal Amount of Insurance Questions? • Lines of creditedit Underr $50,000$ NoNo • Overdrafts MP • Demand Loans OverO $50,000$50,000 up to and including $500,000$500,000 Yes MortgagesMortgage UpUp to and Including $500,000$500,000 Yes Any type or combination of CreditCrediCreddit OverOver $500,000$500,000 YeYess Facility types AMA SAMPLESSA 1019029-E_2020-061019029-E_2020-06 RestrictedRestricted 3/9 When Does MyMy Insurance Start? ForFor insurance on lines of credit,credit, overdrafts and demand loansloans underunder $50,000$50,000, your Application will be approved automatically and insurance will start on the laterlater of: • thethe date you sign your Application; oror • thethe date your credit limit becomes effective.effective. ForFor insurance on mortgages $500,000$500,000 or less and other types ofof CreditCredit FacilitiesFacilities from $50,0000 up to and including $500,000$500,000 that do not have to be medical underwritten by the Insurer, insurance will start on thee laterla of: • thethe date you sign your Application; oror • for mortgages, the date HSBC sets up your mortgage and issues your mortgagemortgagage commitment;; or • for all other types of CreditCredit FacilitiesFacilities, the date your credit limit becomeses effective.e Insurance on any type ofof Credit FacilityFacility that requires the Insurer’sInsurer's writtenwrittettenen approvalapprov will start on the later of • thethe date the Insurer approves your Application; oror • for mortgages, the date HSBC sets up your mortgage andd issuesi your mortgage commitment; or • for all other types of CreditCredit FacilitiesFacilities,
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