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Life Insurance Protection

If an insured borrower dies, your outstanding mortgage balance will be paid off:

plus any discharge fees or pre-payment penalties, up to a maximum of
5% of what you owe;
to a maximum of $1,000,000 per person.

The benefit is paid directly to your mortgage lender.

Some additional conditions apply if you have a mortgage where the outstanding balance is not declining every month (such as an interest-only mortgage or a line of credit); or if you increase your mortgage balance or extend your mortgage amortization period without applying for an increase in coverage.

While your life insurance claim is assessed, your family will receive Bridge Benefits so there’s no need to worry about making the mortgage payments during such a difficult time.

Please note that in the event of any discrepancy between the information on this website and the Certificate of Insurance you have been issued, your Certificate will govern.

       
 
Do you need protection?
Anyone who has a mortgage needs to protect it somehow. Otherwise, you risk losing your home should there be a death or disability in the family.
Learn more.
  Mortgage brokers, 
are your clients protected?

Learn more about
Mortgage Protection Plan.