By taking out Laurentian Bank mortgage insurance now, you guarantee yourself and your family a way to meet your needs in the event of disability or death.
What is life insurance?
This type of coverage guarantees the payment of your mortgage balance in case of death, with the addition of accidental dismemberment insurance at no additional cost.
What is disability insurance?
An illness or injury that prevents you from carrying out your professional activities is often synonymous with a temporary drop in income. Mortgage disability insurance pays your mortgage instalments in case of disability.
Benefit from numerous advantages
- Have peace of mind: payment of your mortgage instalments in case of illness or accidental dismemberment, payment of your mortgage balance upon the death of one of the insured.
- Rest easy: Benefit from accidental death coverage at no additional cost from the time the application is signed and during the application process.
- Avoid surprises: The amount of your premium is determined when the loan agreement is signed and remains unchanged until the end of the term, until the loan is refinanced or until the initial insurance coverage is changed (whichever occurs first).
What you also gain in return
- When you renew, your premiums will be adjusted under the same conditions, without you having to provide proof of health.
- Coverage is tailored to your needs, giving you and your loved ones' peace of mind.
|Life insurance1||Disability insurance1|
|Eligibility||The eligibility criteria are as follows:
||The eligibility criteria are as follows:
|Insurable amount||The maximum insurable amount of the loan or set of loans is $750,000.||The maximum benefit payable is $2,500 per month, for a maximum of 24 months per period of disability, with no limit on periods of disability. Please note that arrears, property and school taxes are not covered by this insurance.|
|Premium type||The premium is monthly and calculated based on the following:
||The premium is monthly and calculated based on the following:
|Insurance termination||The insurance is terminated on the earliest of the following dates:
||Insurance is terminated at the earliest of the following dates:
|Accidental dismemberment insurance||This coverage is included with your life insurance. Refer to the table of losses for the benefits paid. They vary from 33 to 100% of your loan balance.|
|Available options||For either of the insured, you can opt for:
For more information on our insurance products and full details, please see the insurance certificate.
This product is suitable for you if:
- You are looking for peace of mind.
- You want to simplify the lives of the people who will be responsible for your estate.
- You want to ensure that your mortgage payments will be made in the event of disability.
- You want your mortgage debt to be paid upon your death.
1. Issued by Industrial Alliance, Insurance and Financial Services Inc. Some conditions apply. For more details, refer to the summary of insurance and the insurance certificate available at branches or online at laurentianbank.ca.