by Glenn Cooke
First – and importantly – do not cancel any life insurance coverage until you have new life insurance in force; the new policy issued, accepted, and premiums paid.
Secondly – we recommend you replace your bank mortgage life insurance coverage with an individually owned term life insurance policy as offered at our website mortgageinsurance.ca.
Once you have new coverage in place, it’s time to cancel your existing coverage and start saving money.
You may cancel your coverage at any time by calling:
8:00 a.m. to 8:00 p.m. (ET)
Monday to Friday
or by sending a written notice by mail to:
Insurance Canada Processing Centre
P.O. Box 1045
If you wish to cancel your insurance coverage, contact 1-877-CALL BMO.
Or, talk to your branch representative.
To cancel your TD Mortgage Life Insurance, contact TD at 1-888-983-7070. Or, alternatively contact your TD Branch.
To cancel this Insurance, all borrowers and guarantors must contact the Insurance Service Centre. In the event you cancel your Insurance, your final premium will be adjusted to reflect Insurance costs up to and including the date your request is received by the Insurance Service Centre.
You can contact the Insurance Service Centre at:
1 800 769-2523,
8:00am to 8:00pm ET
Monday - Friday
Contact by mail, RBC Insurance Services Inc.
c/o Insurance Service Centre
P.O. Box 53, Postal Station A
Mississauga ON, L5A 2Y9
To cancel this insurance you may:
Call CIBC Creditor Helpline at:
(800) 465-6020 or:
Complete a cancellation form at a CIBC banking center, or:
Send a letter to your CIBC banking center requesting cancellation. This letter must specify your mortgage loan number, the names of the insured persons, and the insurance they want to cancel.
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