Compare Bank Mortgage Life Insurance vs. Term Life Insurance

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Bank Rates

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Your Quote

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June 16, 1989 | Female | Non-Smoker | Term 10 | $500,000

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Compare Benefits

Compare the benefits of term life insurance vs. Bank mortgage life insurance.

Benefits Our policies Banks
Premiums guaranteed level for 10,15,20,25 or 30 years
Policy guaranteed renewable for life
Death benefit guaranteed level for life
Non-cancellable by insurance company
Medical review before policy issue (instead of at time of death)
You control the policy
You specify your beneficiary
Convert to lifetime coverage even if uninsurable

Our Policies

Our policies are underwritten by Wawanesa Life, a Canadian life insurance company rated A (Excellent). In addition to being a Canadian company, they have amongst the lowest premiums for term life insurance in Canada. And we’ve found them to have the best service of any life insurance company – at point of application and at claim time.

Select how long your premiums are guaranteed for, your choice of 5,10,15,20, 25 or even as long as 30 years. Once the policy is issued, your premiums are guaranteed to remain level for your selected term - no matter what happens to your mortgage or your health. And in the first 5 years of your policy you can lock premiums in for a longer term using the exchange option.

At the end of your term, your policy doesn’t just stop -it’s renewable for life! At the end of your first term, the policy renews in 10 year increments until age 85. At age 85, your policy then renews as a Term to 100 with level premiums to age 100. Then at age 100, your policy becomes fully paid up – no more premiums ever!

You can exchange your term policy for a permanent policy up to age 71 – with no medical exam! Our term policies let you lock in lifetime coverage even if you’re completely uninsurable. The convertible feature is also commonly used to get a small permanent policy as you near retirement. When your first term is up, simply use the conversion option then reduce the coverage amount down to the minimum – you’ve now got a small final expense/burial policy without a medical exam! The conversion option is included in your premiums, at no additional charge.

Exchange your term for a newer, longer term policy in the first 5 years of your policy. If you purchase a term 10 for budget reasons, once your budget frees up you can swap to a term 20 or term 30 in the next 4 years – no medical exam! The exchange option is included in your premiums, no additional charge.

If you have a limited life expectancy (generally less than 1 year), you may qualify to access up to 25% of your death benefit while you’re still alive.

Coverage is guaranteed level for as long as you keep the policy - it does not go down as you pay down your mortgage. Unlike banks mortgage insurance which decreases as you pay down your mortgage.

Not Sure of What Type and How Much Coverage You Need?

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Easily figure out how much coverage you need and what type of policy works best for you
Coverage and Types

Start Saving Now!

It's fast, it's easy, it's all online and you can save 10's of thousands of dollars over the course of your mortgage. No banking information required to apply. Why not start saving now?

Apply Online

Fully online, secure application sends your application immediately to the life insurance company.

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15 min call

A paramedical will call you to collect your medical history. It's not a test!

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Get policy by email

Once approved, simply e-sign and we'll send you your policy by email.

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Cancel bank policy

....and start saving money!
(never cancel your bank coverage until your new policy is in force).

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