Protect your family and your home
Buying a home is often the single largest purchase a person makes in their lifetime. But what would happen if you were to become critically ill, suffer an accident or die? Would your family be able to keep making the mortgage payments? Would they have to sell your home?
You can protect your family home with Mortgage Life Insurance¹, a flexible, low-cost way to protect one of your largest outstanding financial obligations.
Mortgage Life Insurance
If you die, get a terminal illness, or suffer an accident, your Mortgage Life Insurance can pay the following benefits -
- Your entire outstanding mortgage principal amount, less outstanding arrears, up to $500,000²
- Up to five years of accrued interest, and
- Any debit balance in your tax account
In the case of an illness which has been diagnosed as terminal within one year, this insurance offers an early payout to help alleviate financial concerns. For additional security, the same protection is also available to your co-borrowers or to the guarantor(s) of the mortgage.
Coverage for your mortgage can start on the date your mortgage is approved. This way, you are protected even before your new purchase closes.
If your mortgage is over $500,000, you may be eligible for partial Mortgage Life Insurance coverage.
Affordable coverage provides great value
Your cost of insurance is based on your age when you apply and the amount of your initial mortgage. Your premiums will not increase for the term of your mortgage, even as you get older.
If two or more borrowers are insured with Life Insurance, a 25% discount will apply to the sum of the total Mortgage Life Insurance premiums.
For example, if you are 34 years old and your spouse is 36, and you are applying for a $100,000 mortgage, your monthly insurance cost would be:
|Your mortgage amount:
|= $35.00 less 25% discount = $26.25 per month
||Monthly premiums per $1,000
of single coverage
|18 - 30
|31 - 35
|36 - 40
|41 - 45
|46 - 50
|51 - 55
|56 - 60
|61 - 65
|66 - 69