WITH A BANK, CREDIT UNION, TRUST CO.
- You are covered under a group policy owned by the bank.
- Because the bank owns the policy you have no control over the policy.
- The features and provisions of the group policy are the same for everyone insured under it. Only the face amount will vary.
- The face amount of your policy can only be for the exact amount of your mortgage - no less, no more.
- The group coverage is always decreasing term insurance, declining as the mortgage declines. Rates remain the same until mortgage renewal.
- The bank or the issuing company can cancel the group policy at any time.
- Group coverage will terminate upon the occurence of any of the following events:
a) the mortgage is repaid
b) the mortgage is assumed
c) the house is sold
d) the mortgage is in default
e) the group policy terminates
- Group mortgage insurance is not convertable to permanent coverage.
- You must use a 'Joint Life - First to Die' policy for spouses/partners. Surviving spouse must re-apply for new insurance at advanced age. Only one limit paid if "common" death occurs.
- Face amount declines as mortgage is paid
WITH OUR PERSONAL LIFE POLICY
- You purchase an individual personal policy owned by you.
- Because you own the policy, you have complete control over it.
- With a personal individual policy you may select the type of plan you wish with the features and provisions you require. The choice is yours.
- You may purchase any amount of coverage you require.
- You may purchase any kind of insurance, whether permanent or term, level or decreasing. The choice is yours.
- An individual policy cannot be canceled unless you wish to cancel it yourself.
- Your individual policy may be continued as long as you wish. It is a portable plan that can be used to cover any mortgage anywhere. (Statistics Canada reports that the average Canadian family moves once every five years.)
- An individual term policy may be converted regardless of health, usually until at least age 65.
- You may choose a "Multi Life" policy. Each spouse/partner is insured individually. Twice the limit paid if "common" death occurs. Surviving spouse retains coverage.
- Face amount remains constant for the duration of the term.