Bank of Montreal on Monday unveiled two products that provide creditor protection against disability and job loss for customers who hold personal, student, or homeowner lines of credit.
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The Toronto company say it is the first major bank to offer job-loss insurance protection with the lines of credit it offers.
Its Disability and Disability Plus insurance products help customers cover line of credit payments if they become disabled because of illness or injury.
Disability Plus provides additional coverage if they cannot make payments because of being laid off.
