What is Payment Protection?

Payment Protection is a valuable optional product designed to protect your loan balance, including both principal and interest, in case of unforeseen events. At Fig, we've teamed up with Walnut, our trusted technology vendor, and TGI, our insurance provider, to offer you this essential protection.

Currently, only new applicants have the option to enroll in the payment protection coverage when completing their application. We are working to be able to eventually offer this option to all our borrowers.

What does the Payment Protection coverage include?

• Life Insurance: Coverage that pays off the outstanding balance of the loan in the event of the borrower's death.
• Critical Illness Insurance: Coverage that pays off the outstanding balance of the loan in the event the borrower is diagnosed with a critical illness.
• Disability Insurance: Coverage that covers the loan payments (usually up to 12 months) in the event the borrower is unable to work due to disability.
• Job Loss Insurance: Coverage that covers the loan payments (up to 12 months) in the event the borrower is unable to work due to job loss. Coverage also extends to self-employed individuals.

Who is eligible for this coverage?

• A Fig Primary Loan Borrower
• A Canadian resident
• A person at least 18 years of age
• New loan applicants

How can I get payment protection coverage on my loan?

Presently, the opportunity to enroll in payment protection coverage is exclusively available to new applicants during the application process. We are actively working towards extending this option to all our borrowers in the near future.

Within the application process, you'll encounter the choice to opt in or out of Payment Protection coverage. This stage also provides detailed information about monthly payments, both with and without Payment Protection coverage, empowering you to make an informed decision. 

Keep in mind if you choose to Opt out of the Payment Protection coverage you will not be able to add this option to your loan later on.

Locating insurance certificate after loan and payment protection approval

Fig offers a convenient way to access all your documentation through your online Fig account. Once your loan is approved, you can set up your login credentials for your online account. From there, you'll have access to all documentation related to your loan and payment protection including your insurance certificate. To learn more about logging into your Fig account, please refer to the following article from our help center: Manage my Fig account.

I live in Quebec, where can I find the Product Summary and Fact Sheet for payment protection?

You can download the Product Summary and Fact Sheet here.

Who can I contact for more questions about Payment Protection coverage?

If you have any additional questions regarding this insurance coverage, feel free to reach out to Trans Global Insurance Company and Trans Global Life Insurance Company. You can contact them at 1-844-930-6022 or via email at [email protected].

TGI will conduct a thorough reviews of all claims and ultimately decides whether they are approved or denied in accordance with their policies. Fig does not have the authority to approve or reject claims; this decision rests solely with TGI.