Payment Protection FAQs

Modified on Thu, 24 Oct at 4:02 PM

Below, you can find additional information about Payment Protection, also known as the Loan Payment Protection Program (LPPP).

What does the LPPP cover?

If you are eligible, the LPPP provides the following coverages in connection with your Fig loan, up to an aggregate maximum benefit of $30,000:

Involuntary Unemployment coverage: If you lose your job, the coverage could make up to 12 months of payments, towards your outstanding Fig loan balance. The total payments will not exceed the lesser of the outstanding balance or $30,000. This coverage also extends to self-employed individuals.
Disability coverage: If you become disabled and unable to work, the coverage could make up to 12 months of payments towards your outstanding Fig loan balance.
Critical Illness coverage*: If you or your spouse (in Quebec, the coverage is available to the primary borrower only) become diagnosed with a critical illness for the first time and survive that first diagnosis for at least 30 days, the coverage will pay Fig, an amount equal to the outstanding Balance, up to a maximum of $30,000. The coverage will be applied by Fig towards your loan. Critical illness coverage ends at the age of 65.
Life with Dismemberment coverage**: If you or your spouse (in Quebec, the coverage is available to the primary borrower only) die or suffer dismemberment, the coverage will pay Fig, an amount of insurance equal to the outstanding balance up to a maximum of $30,000. If the death or dismemberment of you and your spouse occurs simultaneously, only one benefit will be paid.

*The Critical Illness benefit will be paid only once. When you are simultaneously disabled, involuntarily unemployed, or involuntarily unemployed as a self-employed, you are entitled to benefits only under one coverage.

**Before the age of 65 (71 in BC), the Loan Payment Protection Program does not require that death arise from accidental circumstances. Beginning from age 65 (71 in BC) and thereafter, the LPPP only provides coverage if death arises from accidental circumstances and death must occur within 90 days of the accident.

How to qualify for the coverage?

To qualify for the Involuntary Unemployment Benefit:

You must be insured under the Policy and gainfully employed on a permanent basis, working full-time at the Date of your Loss, which means working at least 25 hours each week.
You must be involuntarily unemployed for more than 30 consecutive days.
Prior to your involuntary unemployment, your employer shall have been paying employment insurance premiums to the Canada Revenue Agency (CRA) and/or any of its successor entities, on your behalf.
You must be insured for at least 30 days after your enrollment date.

To qualify for the Disability Benefit:

You become disabled and as a result are unable to work and shall remain totally disabled for more than 30 consecutive days.
You must be regularly attended by a licensed physician or surgeon other than yourself and, in the opinion of the physician or surgeon, be prevented from engaging in any business or employment for which you are reasonably fitted by training, experience or education.
You must have been insured under the Policy and gainfully employed or working in a self-employed capacity earning taxable revenue pursuant to the Canada Income Tax Act on a permanent basis, working full-time at the Date of Loss, which means working at least 25 hours each week.

To qualify for the Critical Illness Benefit:

The date of First Diagnosis must occur prior to the individual’s 65th birthday.
The critical illnesses covered under this policy are Cancer (life-threatening), Heart Attack, Stroke, Coronary Artery Bypass Graft, Kidney Failure, and Major Organ Transplant. The Critical Illness must not have resulted directly or indirectly from any of the exclusions found under the “What are the exclusions and conditions of the coverage” section of this FAQ.
The Critical Illness must not have existed, or was first diagnosed, prior to the Effective Date or within 90 days after the Effective Date.
Proof of loss must be submitted within 90 days of First Diagnosis.

To qualify for the Life with Dismemberment Benefit:

Dismemberment must occur through accidental bodily injuries that are sustained directly and independently of all other causes resulting in the total and irrevocable loss of the entire sight of both eyes or a hand or foot by complete severance through or above the wrist or ankle joint.
The death must not have resulted from any of the exclusions found under the “What are the exclusions and conditions of the coverage” section of this FAQ; or a pre-existing Condition, if you die within 6 months of the Effective Date from that pre-existing condition.

How much does the LPPP cost?

The Premium charged for the Loan Payment Protection Program will be the amount calculated by multiplying the Insurer’s Premium Rate of 15% by the customer’s regular principal and interest payments, plus applicable taxes, payable at the same frequency as the customer’s regular loan payments.

How do I make a claim?

To make a claim, follow these steps to contact Trans Global Insurance Company and Trans Global Life Insurance Company:

By calling 1-844-930-6022 between 8:00 a.m. and 5:00 p.m. (MST)
By email [email protected]
By written notice to TRANS GLOBAL INSURANCE GROUP, 16902-137 Ave. NW, Edmonton, Alberta, T5V 0C8

Can I cancel my LPPP?

The Loan Payment Protection Program is optional, and you can cancel it at any time. If you cancel within the first 30 days (60 days in Quebec), the premiums you paid will be refunded to you. If you cancel any time after 30 days (60 days in Quebec), you will not be entitled to any refund of premiums charged.

Cancellation through Fig:

If you wish to cancel your loan payment protection policy through Fig, simply email us at [email protected]. Your policy will be canceled upon receipt of a written confirmation from you.

Cancellation through Trans Global Life Insurance Company and Trans Global Insurance Company:

A cancellation form will need to be completed, signed, and sent to Trans Global Insurance. If you have any questions regarding this Policy or require claim information, please contact:

Trans Global Life Insurance Company and Trans Global Insurance Company, Suite 275, 16930 114 Ave NW, Edmonton, AB T5M 3S2
Telephone: 1-844-930-6022
By email [email protected]

What is the Loan Payment Protection Program (LPPP)?

The LPPP is a comprehensive optional insurance program for customers with a Fig loan who have opted-in for the coverage, agreed to pay the premium, and continue to pay premiums on a timely basis. The coverage is underwritten by Trans Global Insurance Company and Trans Global Life Insurance Company.

Who is Eligible for the coverage?

To be eligible for the coverage, you must be:

A Fig Financial Inc. primary loan borrower
A Canadian resident
A person at least 18 years of age

Who is covered?

The Life and Dismemberment and Critical Illness coverages are available to the primary borrower and their spouse. In Quebec, both coverages are available to the primary borrower only.
The Disability and Involuntary Unemployment coverages are available only to the primary borrower.
The primary borrower is the individual whose name appears on the Fig loan agreement.

What are the exclusions and conditions of the coverage?

General exclusions from the coverage include:

Intentionally self-inflicted injury;
Attempted suicide;
Drug, alcohol, or solvent abuse;
The commission, or attempted commission, of an illegal act;
Military service, declared or undeclared war, or any nuclear, chemical, or biological contamination resulting from an act of terrorism.

There are also additional exclusions and conditions that can be found in the Certificate of Insurance. Some of these exclusions relate to pre-existing conditions. For example, the insurers will not pay a monthly disability benefit if the disability results from a pre-existing condition, which is any sickness or injury for which you received medical advice, consultation, diagnosis or investigations, or for which treatment was required or recommended by a doctor during the 6 months before the effective date of coverage. The insurers will also not pay a death benefit if you die from a pre-existing condition within 6 months of the effective date.

Q: What are the consequences of any misrepresentation in my application?

A: If you misstate your age to us at the time you provide us with your application, the insurers’ liability is limited to a refund of all premiums you have paid.

When does the insurance start?

The effective date of the Loan Payment Protection Program is the date that Trans Global Insurance Company and Trans Global Life Insurance Company receive your application/enrollment for insurance. Fig will notify TGI of the enrollment at the time of the loan booking.

When does the insurance end?

On the sooner of:

The date Trans Global Life Insurance Company or Trans Global Insurance Company or Fig receive your written confirmation to end the insurance coverage, or
31 days from the date Trans Global Life Insurance Company or Trans Global Insurance Company send you written notice, by first class mail to your last known address, to cancel this insurance, or
The date your Fig loan is terminated, on receipt of notice of termination by the insurer, or
The date you are more than 31 days late in making any required payment towards your Outstanding Balance, or
If you have deferred your loan payment date, the date you are more than 31 days past due from your last contractual loan payment due date.

What if I already have other insurance?

The LPPP is designed to complement any other coverage you may have.

How do I make a complaint?

To make a complaint, follow these steps:

If for some reason you are not satisfied with the resolution to an inquiry or dissatisfaction, please call 1-844-930-6022 between 8:00 am and 5:00 pm (MT), Monday to Friday.
Should you require more information regarding the Insurer’s complaint handling procedure, please visit the Trans Global Insurance website to view the complaint resolution processes which can be found at: https://transglobalinsurance.ca/resolving-complaints/

Who do I contact if I have questions about the Loan Payment Protection Program?

If you have any questions about this insurance coverage, contact Trans Global Insurance Company and Trans Global Life Insurance Company at 1-844-930-6022 or by email at [email protected].