Term 10

Term 10 vs Bank Mortgage Life


Term 10

Bank Mortgage Life


Gtd level for 10 years, gtd.

Gtd Renewable to age 85.

Market competitive.

Gtd Level for duration of mortgage

Not guaranteed renewable.

Often 2X the price of Term 20.


Gtd level for duration of policy

Decreases as mortgage is paid down


Non-cancellable by insurance company

Most banks have a full page of conditions where they can cancel your policy.


Underwritten at time of application.

Underwriting done at time of claim.  Errors found at that time can lead to denied claims.

Policy owner


The bank


Your choice

The bank

Convert to permanent (no medical exam required)



Provincial Sales tax on premiums



About Term 10

What happens if you become uninsurable?

With term insurance,prior to age 65 you can exchange your policy for a permanent, lifetime policy – no medical exam required. With bank mortgage life insurance, your coverage is cancelled when you switch mortgage providers. Therefore if you become uninsurable and switch mortgage companies you will lose your life insurance coverage.

Term 10 premiums increase every 10 years.

Bank mortgage life insurance premiums increase to your new older age every time you switch mortgage providers.

Term 10 coverage can be maintained up to age 85.

Term 10 life insurance can also be exchanged for a lifetime policy prior to age 65 – without a medical exam.

Mortgage life insurance ceases when you pay off your mortgage.

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