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.

Here’s What Makes Our Policies Stand Out

Bank mortgage life insurance does not have any of these benefits.

Select how long your premiums are guaranteed for, your choice of 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.

How Much Mortgage Life Insurance Do I Need?

Choosing a Coverage Amount

Coverage For Mortgage Only:

If you only need coverage for your mortgage, we recommend that you choose a coverage amount of your current outstanding mortgage balance plus 10% for other final expenses.

This would be suitable for couples without financial dependants.

Coverage For Mortgages and Families With Children:

For families with income earners seeking to provide long term lifestyle protection for their families you should instead focus on your income (which is lost upon death) as just insuring your mortgage amount is likely insufficient. In this case we recommend 10 to 15 times your gross annual income for your coverage amount.

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What Type of Insurance Do I Need?

Choosing a Policy Type

We offer 'term life insurance' to cover your mortgage. Term life insurance is full-featured life insurance that you own (there's no bank involvement) so you can choose your own beneficiary - who could then use any life insurance benefits to pay off the mortgage, pay off part of the mortgage, or continue to make mortgage payments - it's their choice.
Premiums for these term life insurance policies are guaranteed for life. The 'term' refers to how long the premiums are level for - you can choose 5, 10,15,20, 0r 25 years. So if you have 20 years remaining on your mortgage, a '20 year' term guarantees that your premiums (and the coverage amount) will remain level for that full 20 years. At the end of the term, premiums will increase, however many people will either cancel the life insurance at that point (once the mortgage is paid off), or use the conversion option to lock in a new policy with premiums level for life.

We recommend that you choose a term that is the longest of the following time frames:

  • Until you no longer have financial dependants
  • Until retirement (assuming that you have sufficient retirement savings to pay off you mortgage in the event of an untimely death).
  • Until your mortgage will be paid off.

e.g. if you’re 40 years old and have:

  • Kids likely to be financially independent with 15 years.
  • You expect to retire at age 65 (25 years).
  • You have 20 years remaining on your mortgage.

Then we recommend a 25 year term life insurance policy – which will guarantee that your premiums are level and can’t be changed for 25 years.

If you have questions or would like an individual consultation on your mortgage life insurance needs, feel welcome to contact us to speak to an experienced and licensed advisor.

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