Home > My home > Mortgages > Mortgage insurance

Mortgage insurance

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.

FEATURES
  Life insurance1 Disability insurance1
Eligibility The eligibility criteria are as follows:
  • Be between the ages of 18 and 64 years.
  • Be the borrower, co-borrower or guarantor.
  • Be a Canadian resident.
The eligibility criteria are as follows:
  • You have life insurance.
  • You are between the ages of 18 and 59.
  • You have been gainfully employed during the four weeks preceding the application, for at least 20 hours per week.
  • You are a Canadian resident.
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 amount of premium is determined when the loan is signed and remains unchanged until the end of the amortization period is over until the loan is refinanced or until insurance coverage is modified.
  • The amount of the premium is determined according to the age of the borrower and the initial amount of the mortgage.
The premium is monthly and calculated based on the following:
  • The amount of premium is determined when the loan is signed and remains unchanged until the end of the amortization or until refinancing.
  • The amount of the premium is determined according to the age of the borrower and the initial amount of the mortgage.
Insurance termination The insurance is terminated on the earliest of the following dates:
  • The borrower reaches the age of 70;
  • The mortgage is refinanced;
  • The mortgage or premium is in default on two payments;
  • The insurer pays a death claim on the mortgage;
  • The mortgage is voluntarily cancelled by the insured person;
  • The mortgage is closed.
Insurance is terminated at the earliest of the following dates:
  • The borrower reaches the age of 65;
  • The mortgage is refinanced;
  • The mortgage or premium is in default on two payments;
  • The insurer pays a death claim on the mortgage;
  • The mortgage is voluntarily cancelled by the insured person;
  • The mortgage is closed
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:
  • Life insurance only;
  • Life insurance combined with disability insurance.
There is no limit to the number of people to be insured.

For more information on our insurance products and full details, please see the insurance certificate.



Summary

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.

 

Legal notice

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.

Your next steps