Issued by Industrial Alliance, Insurance and Financial Services Inc. Some conditions and exclusions apply. For more details, refer to the summary of insurance product (PDF, 253 KB) and the insurance certificate (PDF, 836 KB).
MORTGAGE INSURANCE
Take cover from
life’s what ifs.
Take cover from life’s what ifs.
Protect all you love from life’s uncertainties with mortgage insurance. By getting mortgage insurance now,1 you’re covering yourself and your family in the event of disability or death.
Talk to an advisorBe prepared.
What’s life insurance?
Life insurance can help protect the financial security of your loved ones. It helps pay off your mortgage balance at the time of your death. Plus, accidental dismemberment coverage is included at no additional cost.
What’s disability insurance?
In the event of an illness or accident, your disability insurance will automatically make your mortgage payments when you can no longer work. This way, you can keep your savings for emergency expenses such as hospital bills, transportation and professional care.
Benefits of taking cover.
It’s all taken care of.
Payment of your mortgage instalments in the event of illness or accident.
Payment of your mortgage balance upon death.
Covering unexpected moments.
Accidental death coverage at no additional cost from the time you sign the application and during the application process.
Payments without surprises.
Your premium amount is determined when the loan is signed. It stays the same until the end of the term, until the loan is refinanced, or until the initial insurance coverage is charged.
Added benefits.
When you renew under the same conditions, your premiums will be adjusted without the need to provide proof of health.
Coverage tailored to your needs that gives you peace of mind.
Get the facts.
For details on our insurance products, conditions and exclusions, refer to the summary of insurance product (PDF, 253 KB) and the insurance certificate (PDF, 836 KB).
Feature | ||
|---|---|---|
Who’s eligible | Life insurance1 You’re eligible if: • You’re between the ages of 18 and 64; • You’re the borrower, co-borrower or guarantor; • You’re a Canadian resident. | Disability insurance1 You’re eligible if: • You have life insurance; • You’re between the ages of 18 and 59; • You’ve held a paid job, minimum 20 hours per week for four weeks before applying; • You’re a Canadian resident. |
Insurable amount | Life insurance1 The maximum insurable amount for a loan or set of loans is $750,000. | Disability insurance1 The maximum benefit payable is $2,500 per month, for a maximum period of 24 months per period of disability, with no limit on the number of periods of disability. Note: Arrears, property and school taxes are not covered by this insurance. |
Premium type | Life insurance1 The premium is payable monthly and is calculated based on the following: • When the insurance is signed. This amount will remain the same until the end of the amortization period, until the mortgage is refinanced or until there are changes to the insurance coverage; • The borrower's age and the initial mortgage amount. | Disability insurance1 The premium is payable monthly and is calculated based on the following: • When the insurance is signed. This amount will remain the same until the end of the amortization period, until the mortgage is refinanced or until there are changes to the insurance coverage; • The borrower's age and the initial mortgage amount. |
Insurance termination | Life insurance1 Insurance is terminated on the earliest of the following dates: • The borrower reaches 70 years of age; • The mortgage is refinanced; • The mortgage or premium is in default on 2 payments; • The insurer pays a death claim for the mortgage; • The mortgage is voluntarily cancelled by the insured person; • The mortgage is closed. | Disability insurance1 Insurance is terminated on the earliest of the following dates: • The borrower reaches 65 years of age; • The mortgage is refinanced; • The mortgage or premium is in default on 2 payments; • The insurer pays a death claim for the mortgage; • The mortgage is voluntarily cancelled by the insured person; • The mortgage is closed. |
Accidental dismemberment insurance | Life insurance1 This coverage is included with your life insurance. For information about the benefits paid, refer to the insurance certificate (PDF, 836 KB). These vary from 33% to 100% of your mortgage balance. | Disability insurance1 This coverage is included with your life insurance. For information about the benefits paid, refer to the insurance certificate (PDF, 836 KB). These vary from 33% to 100% of your mortgage balance. |
Available options | Life insurance1 Insured can be covered for: • Life insurance only; • Life insurance combined with disability insurance; There is no limit as to the number of people insured. | Disability insurance1 Insured can be covered for: • Life insurance only; • Life insurance combined with disability insurance; There is no limit as to the number of people insured. |
Helpful tips and resources.
