Please ensure Javascript is enabled for purposes of website accessibility Payment Protection - Fora Credit

AB Licence #: 354845
BC Licence #: 84559
BC Licence #: 84740

Be prepared with a
payment protection plan.

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How can the Fora Payment Protection Plan help me?

The Fora Payment Protection Plan, also known as loan insurance, is like a financial safety net. This optional insurance is offered at competitive rates and safeguards against unexpected financial curveballs like job loss, disability, critical illness and loss of life6. With an insured Fora Line of Credit, payments on your outstanding balance may be covered during certain life events that could prevent you from keeping up with scheduled payments.

Benefits of Loan Insurance


Peace of Mind

Coverage means you can focus on what matters most.



Have confidence knowing that you’re prepared for the unexpected.



Enroll with just a few clicks and manage your coverage online.

It’s fast and easy to enroll.

What does the Fora Payment Protection Plan cover6?


Involuntary Unemployment

If you lose your job, you could be covered for up to 12 months of payments toward your balance. Coverage also extends to self-employment.


Critical Illness

If you or your spouse are newly diagnosed with a critical illness, you could be covered for an amount equal to your account balance on the date of diagnosis.


Death or Dismemberment

In the event of the death or dismemberment of you or your spouse, you could be covered for an amount equal to your account balance on the date of the event.



If you can’t work as a result of becoming disabled, you could be covered for up to 12 months of payments towards your balance.

All coverage outlined above is subject to certain terms and conditions, which can be found in the Certificate of Insurance.

Questions? Let us help.

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What is the Fora Payment Protection Plan?expand_more

The Fora Payment Protection Plan is a comprehensive optional insurance plan available to Fora Line of Credit account holders who have requested the coverage, agreed to pay the premium, and continue to pay premiums on a timely basis. Coverage is underwritten by Trans Global Insurance company and Trans Global Life Insurance Company.

How much does the Fora Payment Protection Plan cost?expand_more

Your Premium Charge is determined by applying a monthly Premium Rate of $1.50 per $100 (or part thereof) to your Outstanding Principal Balance throughout each billing cycle (plus applicable taxes)*. In practice, this means the premium you are charged each billing cycle is the amount determined by adding the sum of the daily premiums during the billing cycle. Daily premiums are calculated by multiplying (i) the monthly rate converted to a Daily Premium Rate (“DPR”), by (ii) the End-of-Day Outstanding Principal Balance (“EoD – OPB”) of your Line of Credit. The Premium Charge will vary depending on the number of days in the billing cycle and the daily outstanding principal balance on your Line of Credit during the billing cycle.

*No premium is charged on any portion of your end-of-day outstanding principal balance that exceeds $10,000. Premium payment is waived when your premium charge at the end of the billing cycle is less than $2.

John is a Line of Credit holder who was insured for ten (10) days during his billing cycle. The table below shows John’s EoD - OPB during the 10 days he was insured and how much insurance premium John will pay for the period insured.

DoBC EoD - OPB # of Days Daily Premium Rate (DPR)
($1.50/$100) x 12/365
(EoD -OPB) x (# of Days) x DPR
Premium Charge for Billing Cycle (plus applicable taxes)$3.09

DoBC: Day of Billing Cycle

Who is eligible for the coverage?expand_more
  • A Fora Line of Credit primary account holder
  • A Canadian resident in the province of Alberta, British Columbia, Nova Scotia, Ontario and Saskatchewan, where the Fora Payment Protection Plan is available
  • A person at least 18 years of age

Don’t have a Fora Line of Credit?

We understand that emergencies happen, so if you’re dealing with an unexpected expense, we’re here to help. Apply online for a Fora Line of Credit now.

Apply Now

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