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.
Protection
Have confidence knowing that you’re prepared for the unexpected.
Simplicity
Enroll with just a few clicks and manage your coverage online.
What does the Fora Payment Protection Plan cover 6?
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.
Disability
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.
Your Certificate of Insurance depends on when you enrolled in the Fora Payment Protection Plan:
If you were enrolled before October 28, 2026, please review this Certificate of Insurance.
If you're enrolling on or after October 28, 2026, please review this Certificate of Insurance.
All coverage outlined above is subject to certain terms and conditions, which can be found in the Certificate of Insurance.
Questions? Let us help.
View MoreThe 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.
Your Monthly Premium Rate is shown in your Certificate of Insurance . Your Premium Charge is determined by applying your Monthly Premium Rate 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.
- 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.
