Life Insurance.*

This extra coverage protects your loved ones from financial obligations by taking care of your BMW lease or finance payments until the end of the contract in case of the unthinkable. Single or joint coverage is available, and approval is automatic the minute you apply. What’s more, we handle the details for you, and there are never any medical questionnaires or physicals required. And you can cancel at any time. It’s a real shame all life insurance can’t be this hassle-free.

Disability Insurance.*

Similar to our life insurance, Disability insurances ensure that your BMW lease or finance monthly payments are taken care of in case you’re diagnosed with a disability. We’re proud to offer “best in class” protection that even includes neck, back, and soft tissue damage, as well as disability from stress – things that many other insurance providers fail to cover.

*Subject to the terms and conditions stated on the Certificate of Insurance.

Features.

  • The premium can be 100% financed, and included within your monthly payment.
  • You’ll receive a 5% bundled pricing discount when purchasing both Life and Disability Insurance coverage.
  • There is a 50% Co-applicant discount.
  • Neck/Back/Mental/Nervous System/Soft Tissue Damage Disability coverage.
  • Coverage can be cancelled at any time.
  • There is a 6/6 Pre-existing Condition* period for both Life and Disability Insurance policies.

Coverage.

BMW Life Insurance covers Customer payments, up to a maximum payout of $150,000, until one of the following occurs:

  • Product cancellation.
  • Contractual coverage term expires.
  • Customer turns 75 years of age.

BMW Disability Insurance covers Customer payments, up to maximum payout of $4,000 per month, until one of the following occurs:

  • Customer is no longer disabled.
  • Product cancellation.
  • Contractual coverage term expires.
  • The Customer turns 66 years of age.

Coverage.

BMW Life Insurance covers Customer payments, up to a maximum payout of $150,000, until one of the following occurs:

  • Product cancellation.
  • Contractual coverage term expires.
  • Customer turns 75 years of age.

BMW Disability Insurance covers Customer payments, up to maximum payout of $4,000 per month, until one of the following occurs:

  • Customer is no longer disabled.
  • Product cancellation.
  • Contractual coverage term expires.
  • The Customer turns 66 years of age.

Eligibility.

BMW Creditor Life and Disability Insurance can be applied to:

  • Any natural person between 18-74 years of age for Life Insurance.
  • Any natural person, between 18-65 years of age for Disability Insurance.
  • Any New or Pre-Owned BMW lease or finance contracts.

Glossary.

Actively at Work:
Refers to the applicant actually performing his/her normal duties if it is a scheduled work day; or Refers to the applicant being capable of performing his/her normal duties if he/she is not at work due to a non-scheduled work day, holiday or vacation period.

Pre-existing Condition (Disability):
Any illness, disease, or physical condition for which medical advice, consultation, diagnosis or treatment was recommended by a practising Physician during the six (6) months prior to the Effective Date of Insurance, and where such illness, disease or physical condition caused, directly or indirectly, Total Disability to begin within six (6) months following the Effective Date of Insurance.

Pre-existing Condition (Life):
Any illness, disease, or physical condition for which medical advice, consultation, diagnosis or treatment was recommended by a practising Physician during the six (6) months prior to the Effective Date of Insurance, and where such illness, disease, or physical condition caused, directly or indirectly, the applicant’s death to occur within six (6) months following the Effective Date of Insurance.

Retro-Active:
Refers to the benefit period beginning on the date of Total Disability provided that the Waiting Period has expired.

Total Disability or Totally Disabled:
That condition resulting from injury or sickness which renders the applicant unable, during the first 12 months, to perform essential duties of his/her own regular occupation; and during any period over 12 months, unable to perform the duties of any occupation for which he/she is reasonably suited by reason of education, training or experience.

Waiting Period:
The number of days an applicant must remain continuously Totally Disabled in order to qualify for benefits.