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MortgageSelect |
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Bank Plans |
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| Type of Coverage |
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Level coverage. Only decreases
if you say so. |
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Decreasing |
| Amount of Coverage |
18-50: $50,000 - 250,000 51-60:
$50,000 - 150,000 61-65: $50,000 - 100,000
Higher amounts available subject to
medical evidence |
Coverage decreases as your mortgage
is paid off but premiums stay the same. |
| Term |
10 or 20-year renewable term guaranteed
to ago 80 with the option of converting to eligible
permanent insurance up to ago 71 |
Insurance coverage ends with your
mortgage |
| Beneficiary |
Anyone you choose |
Your bank |
| How benefit is used |
Your beneficiaries decide how to
use the funds. What's more, the insurance proceeds
bypass probate, are payable as a tax-free benefit
to your beneficiary and may be protected from creditors. |
Paid directly to the bank |
| Other uses for your policy |
You can use the same policy to
cover your general life insurance needs like paying
off outstanding debts |
You can only cover the mortgage |
| Premium Payments |
Payable monthly, quarterly or annually |
Added to your mortgage payment |
| Premium discounts |
Premium is affected by gender and
smoking status as well as age |
Premiums usually the same for all
clients of the same age |
| Portability |
Your insurance stays with you no
matter where you live or where you get financing |
Your insurance can be cancelled
if you move or even if you refinance |
| PST |
None |
Payable in Ontario and Quebec |
| Professional advice |
Personalized advice from a licensed
life insurance advisor to address your financial
security needs |
Typically advice is limited to
the mortgage insurance product only. |
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