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Mortgage Life Insurance policies are not all the same!

We have highlighted the key differences in the table below for you. However, if you still have questions, please email us at: or call us at 416-546-1167 or toll-free: 1-800-656-1876


 From a Bank or Trust Company

 The bank owns the policy
 The bank is the beneficiary
 Amount of insurance can only be the amount        owing on the mortgage
 Cost of Insurance does not decrease even             though the amount of protection does
 Insurance is part of a group and is subject to a      change in carriers and/or terms
 Insurance lapses when any one of the following    occurs:

       your mortgage is in default
  you move the mortgage to another                         institution for a lower mortgage rate                   the mortgage property is sold
 The insurance is not guaranteed renewable for     your new mortgage

 Personally Owned Policy

•  You own the policy
 You choose the beneficiary
 You select the amount of insurance protection
 Your insurance does not decrease unless you       decide to reduce it
 Your insurance is not part of a group and you       decide how to tailor it to your needs
 Your insurance does not lapse when is in               default
 Your protection is portable and does not lapse       when you change mortgage companies or sell     the property
•  Your insurance is guaranteed re-newable to         age 80 and after issue, you will never have to       provide medical evidence


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