By obtaining mortgage insurance now,1 you are helping yourself and your family secure a way to meet your obligations in the event of disability or death.
What is life insurance?
This type of coverage assists with the payment of your mortgage balance in case of death, with the addition of accidental dismemberment insurance at no additional cost.
What is disability insurance?
An illness or injury that prevents you from carrying out your professional activities is often associated with a temporary drop in income. Mortgage disability insurance pays your mortgage instalments in case of disability.
Benefit from numerous advantages
- Have peace of mind: Payment of your mortgage instalments in case of illness or accidental dismemberment, payment of your mortgage balance upon the death of one of the insured.
- Rest easy: Benefit from accidental death coverage at no additional cost from the time the application is signed and during the application process.
- Avoid surprises: The amount of your premium is determined when the loan agreement is signed and remains unchanged until the end of the term, until the loan is refinanced or until the initial insurance coverage is changed (whichever occurs first).
What you also gain in return
- When you renew, your premiums will be adjusted under the same conditions, without you having to provide proof of health.
- Coverage is tailored to your needs, giving you and your loved ones' peace of mind.
|Life insurance1||Disability insurance1|
|Eligibility||The eligibility criteria are as follows:
||The eligibility criteria are as follows:
|Insurable amount||The maximum insurable amount of the loan or set of loans is $750,000.||The maximum benefit payable is $2,500 per month, for a maximum of 24 months per period of disability, with no limit on periods of disability. Please note that arrears, property and school taxes are not covered by this insurance.|
|Premium type||The premium is monthly and calculated based on the following:
||The premium is monthly and calculated based on the following:
|Insurance termination||The insurance is terminated on the earliest of the following dates:
||Insurance is terminated at the earliest of the following dates:
|Accidental dismemberment insurance||This coverage is included with your life insurance. Refer to the insurance certificate for benefits paid. They vary from 33 to 100% of your line of credit balance.|
|Available options||For either of the insured, you can opt for:
Receive the Mortgage and Line of Credit Insurance Assistance Program at no additional cost for the remaining term of your loan with any insurance enrollment on a new or existing mortgage, Home Equity Line of Credit or Line of Credit, including:
Mortgage and Line of Credit Insurance Assistance Program2
- Financial Coaching
To help you create strategies to improve your financial health and credit score, explore debt resolution options, and manage a life transition.
- Legal Advice Support
Receive legal advice for your needs, such as working out a child custody agreement, managing a small claims court, assistance with writing your will or understanding your rights in a landlord-tenant dispute.
- Psychological Support
Help to take effective steps to improve your well-being, offering a supportive and confidential environment to provide you with counselling for any challenge.
This product is suitable for you if:
- You are looking for peace of mind.
- You want to simplify the lives of the people who will be responsible for your estate.
- You want to ensure that your mortgage payments will be made in the event of disability.
- You want your mortgage debt to be paid upon your death.
1. Issued by Industrial Alliance, Insurance and Financial Services Inc. Some conditions and exclusions apply. For more details, refer to the summary of insurance product and the insurance certificate.
2. Some terms, conditions and exclusions apply. This is a limited-time offer and is subject to change without notice. Insurance coverage is issued by Industrial Alliance Insurance and Financial Services Inc. The assistance program is provided by Homewood Health, Inc. In order to be eligible for Homewood Health, Inc.’s Mortgage and Line of Credit Insurance Assistance Program, you must be eligible for the insurance coverage. To be eligible, you must be a natural person aged 18 to 64 for life insurance and between 18 and 59 for disability insurance and reside in Canada. This promotional offer applies only any insurance enrollment on a new or existing mortgage for life/disability insurance or for Home Equity Line of Credit or Line of Credit for life insurance, made between April 15 and October 31, 2022. Subject to credit approval for financing and to insurer’s approval of eligibility for insurance (life/disability). The insured borrower will be able to benefit from the assistance program at no additional cost from the date of the application for the remaining term of the loan. If there are multiple tranches of mortgage loans, the duration will be that of the longest remaining term. This offer does not apply to changes made to existing insurance, except for the addition of disability insurance to an existing mortgage with life insurance. For more details, see the summary of insurance product or the insurance certificate, available, as the case may be, at branches or online at laurentianbank.ca.