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Mortgage Protector is an economical way to pay off a mortgage balance in the event of death!
In the event of death, Mortgage Protector is a protection that covers the total balance of the insured mortgage loan, usually the biggest part of anyone's budget!
The cost of insurance is level and guaranteed for the life of the contract. The conversion privilege allows the insured to convert the coverage into permanent insurance until age 65 (applicable to the loan balance at the time of conversion). In addition to real property, it also covers motorized vehicle and boat loans. In the past, proof of the mortgage balance was required at each anniversary. Now, proof will be required at time of issue, with claims and for any major loan adjustments. |
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By adding the additional benefit Mortgage Disability Protection, which provides the payment of a monthly benefit to the insured in case of disability, you increase your client's protection by assuring the continuation of his mortgage payments.
Increase your client's protection by assuring the continuation of their mortgage payments with:
Product Description
Issue Ages - (Age nearest)
Sum Insured
Minimum
- $25,000 (minimum premium of 75$, excluding policy fee)
Maximum
Decreasing term insurance to cover the outstanding balance of a mortgage.
Insurance Cost
Fixed and guaranteed for the duration of the plan. It is based on the initial amount insured. The minimum insurance cost is $75 excluding taxes and administration charges.
Rate Bands
Surrender Fees
Savings Maximizer
Accelerated Health Care
Insured Life Options
- Individual (2 lives)
- Joint first-to-die (2 lives)
Conversion Privilege
- Individual: up to age 65
- Joint first-to-die: up to age 65 of each insured
Products available: Flex 1, Flex 1 at 85/20 years, Precision, Precision 10, Precision 20, Guaranteed Whole Life, Life 10 and Life 20
Eligibility of Conversion
Assistance service
Legal Assistance
A direct phone service provided by a lawyer who helps you find answers to the legal concerns you may have.
Additional Benefits
ADD - Accidental Death or Dismemberment
ADis - Accidental Dismemberment
AF - Accidental Fracture
C-ADis - Children's Accidental Dismemberment
C-AF - Children's Accidental Fracture
CHB - Children's Harmony Benefit
CIWD - Critical Illness Waiver of Deposit
CPB - Children's Protection Benefit
DI - Disability Income
DisWD - Disability Waiver of Deposit
DWD - Death Waiver of Deposit
F-AF - Family Accidental Fracture
GIB - Guaranteed Insurability Benefit
MDP - Mortgage Disability Protection
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