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Mortgage Insurance

We know you want to prepare for the future. That’s why our mortgage insurance provides financial security for you and your family in case of illness, injury or death.

What is life insurance?

This type of coverage guarantees the payment of your mortgage balance in case of death, with the inclusion of accidental dismemberment1 insurance at no extra cost.

What is disability insurance?

An illness or injury that prevents you from doing your job often means a temporary loss of income. Mortgage disability insurance pays your mortgage instalments in case of disability.2

Benefit from numerous advantages

  • Have peace of mind : payment of your mortgage instalments in case of illness or accidental dismemberment3, payment of your mortgage balance upon the death of one of the insured persons.
  • Rest easy : You are protected in case of an accidental death, from the time you sign the proposal and during the application process.4
  • No surprises : The amount of the premium is determined when the loan agreement is signed and remains unchanged until the end of the term, the loan is refinanced or the initial insurance coverage is changed (whichever occurs first).

What you also gain in return

  • Upon renewal, your premiums are adjusted under the same conditions, without conditions you having to provide proof of health.
  • Coverage is adapted to your needs, giving you and your loved ones peace of mind.
  • Your estate pays no penalty for early repayment if you pass away.

FEATURES
  Life insurance Disability insurance
Eligibility The eligibility criteria are as follows:
  • You are between 18 and 64 years of age.
  • You are the borrower, co-borrower or guarantor.
  • You are a Canadian resident.
The eligibility criteria are as follows:
  • You have life insurance.
  • You are between 18 and 59 years of age.
  • You have been gainfully employed during the four weeks prior to the application, for at least 20 hours per week.
  • You are a Canadian resident.
Insurable amount The maximum insurable amount of the loan or set of loans is $750,000. The maximum insurable amount is $2,500 per month, for a period no longer than 24 months per period of disability, with no limit as to the number of periods of disability. Please note that arrears, property taxes and school taxes are not covered by this insurance.
Premium type The premium is due monthly and calculated based on the following:
  • The premium is determined upon signing the loan and remains unchanged until the amortization period is over, the loan is refinanced or insurance coverage is modified.
  • The premium is based on the age of the borrower and the initial amount of the mortgage.
The premium is due monthly and calculated based on the following:
  • The premium is determined upon signing the loan and remains unchanged until the loan is refinanced or the amortization period is over.
  • The premium is based on the age of the borrower and the initial amount of the mortgage.
Insurance termination Insurance is terminated at the first occurrence of the following:
  • The borrower reaches 70 years of age;
  • The loan expires;
  • The loan is refinanced;
  • The loan or premium is in default;
  • The insurer pays a death claim for the loan;
  • The loan is voluntarily cancelled by the insured person;
  • The loan is closed.
Insurance is terminated at the first occurrence of the following:
  • The borrower reaches 65 years of age;
  • The loan expires;
  • The loan is refinanced;
  • The loan or premium is in default;
  • The insurer pays a death claim for the loan;
  • The loan is voluntarily cancelled by the insured person;
  • The loan is closed.
Available options For the insured person(s), you can choose:
  • Life insurance only;
  • Life insurance combined with disability insurance.
There is no limit as to the number of people insured.

For more information on our insurance products and full details,
please see the Distribution Guide.



Summary

This product is suited to you if:

  • You want peace of mind.
  • You want to make life easier for the people in charge of your estate.
  • You want to ensure that your mortgage payments are made in the event of disability.
  • You want your mortgage debt to be settled should you pass away.

 

Legal notice

1. Accidental dismemberment: bodily injury arising from the violent, sudden and unforeseen action of an external cause independent from any other cause.
2. See Features chart for more details.
3. A waiting period is applicable in case of illness: 30 consecutive days for an accident and 90 consecutive days for an illness. No waiting period for successive periods of disability
4. The insurer will pay the insurance benefit in case of accidental death to Laurentian Bank if the death occurs during the insurance application’s approval or rejection process. If your insurance application is approved, the provisional insurance coverage in case of accidental death will continue until the date the mortgage is disbursed or the date of acceptance of the insurer (whichever is later).

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