User our online calculator to compare Laurentienne Bank's offer. Shopping for mortgage insurance has never been simpler!
There are some insurance policies that take into account your marital status. So, for example, if you get a policy with the Laurentian Bank, insurance will terminate automatically when the spouses are divorced, legally separated, or their marriage ends for one reason or another.
You shouldn’t have to spend time dealing with your insurance problems when you need todevote all of your energy to dealing with marital problems. This is exactly why you should get individual insurance. Signing up with InfoPrimes ensures that you will be protected regardless of your marital status.
In addition, like all insurance policies obtained mortgages under a group contract, you will have to pay applicable taxes, which are 9% in Quebec and 8% in Ontario. With the individual insurance of persons, the tax does not apply, because savings are still quite important.
To help you better plan your purchase and all related charges, InfoPrimes offers a mortgage insurance calculator. You can compare rates between the insurance that InfoPrimes offers, and the insurance of many other banks, including Laurentian Bank.
|Laurentienne Bank||Infoprimes||Savings After 25 Years|
|Male, 45 years old, non-smoker
Mortgage life insurance for a loan of $ 150 000.
|$ 49.05||$ 23.22||$ 7,749.00|
|Husband and Wife, 30 years old, non-smokers
Mortgage life and disability insurance. For a loan of $ 250 000.
|$ 109.28||$ 41.45||$ 20,244.00|
|Husband and Wife, 53 years old, non-smokers
Mortgage life and disability insurance for a loan of $ 200 000.
|$ 511.24||$ 154.53||$ 107,871.00|
No. According to Article 439 of the Act respecting the distribution of financial products and services :
“A distributor may not require the entering into of a subordinate contractual obligation for the customer to enter into a contract of insurance with the specified insurer. He may not exercise undue pressure on the client or use fraudulent tactics to induce him to purchase a financial product or service.”
Note that, under certain circumstances, financial institutions may ask you to obtain mortgage life insurance before they approve a loan. However, they cannot force you to obtain that insurance from their financial institution. See Article 22.
If your loan is for commercial or rental property and you have written confirmation which confirms that this life insurance (not applicable to disability) is required for acceptance of the loan, your premiums will be tax deductible under certain conditions. See Article 20-1 E.2.
This table will show you that it is clearly advantageous to take out mortgage insurance as an individual rather than with a group policy, like that offered by most banking institutions. You will find, for example, that in the event of simultaneous death where several members are insured, that one of the two policies will only pay out the amount of the mortgage, while the other will pay the full amount insured at the time of signing.
Individual insurance is much more flexible than group insurance. In addition, the individual holds all of the power, unlike group insurance where it is the lending institution that gets to make all of the decisions.
Additionally, the scope of protection is much greater with an individual insurance policy, such as that offered by InfoPrimes, than the protection provided by the major banks’ insurance.
|Who owns the contract ?||The Bank||The owner of your choice.|
|What type of insurance is available ?||Industrial-Alliance Group Policy 9000-A||Individual|
|Will I receive a contract ?||No (You will only receive proof of a contract)||Yes|
|Preexisting conditions (Conditions for which you have consulted with or been treated by a doctor)||For disability insurance only. No benefit is payable for a preexisting condition that occurs within 12 months of the effective coverage date.||The risk selection is made at the start of the contract. No exceptions to coverage..|
|Eligibility||You can join if you have a loan from Laurentian Bank.||Any loan from a financial institution or recognized organization providing for a minimum payment over a fixed period of time. *Even if they are different and there is more than one.|
|Can I change my mortgage lender and keep my insurance ?||No||Yes|
|Who receives the benefit ?||The Bank||The beneficiary of your choice (spouse, children, etc.)|
|How much is insured ?||The total amount owed||Your Choice|
|Are premiums guaranteed ?||The insurer has the right to change the premium rates at any time.||Yes|
|Is there a tax payable on the premium ?||A provincial tax is applied in Quebec (9%) and Ontario (8%). There are no taxes in any other provinces.||No. This is an insurance premium of individual persons, so the tax doesn’t apply.|
|Can term insurance be converted to permanent insurance ?||No||Yes|
|Do I pay my premiums with my mortgage payment ?||Yes||It’s up to you|
|If I don’t pay a mortgage rider, does this end my insurance ?||Yes, after two late monthly payments.||No, because your insurance and your mortgage are not linked together|
|Can people who aren’t on the mortgage be insured ?||No||Yes|
|Is the pricing based on tobacco usage?||No||Yes|
|What is the maximum age at which insurance can be purchased ?||64, depending on your health.||85, depending on your health.|
|At what age does the insurance end ?||70 years||Your choice|
|What is the maximum amount of life insurance ?||$ 750 000||Unlimited|
|What happens in the case of multiple insured parties who die simultaneously ?||Payment is made to the older of those who have reached the age of 70, or those who are divorced, legally separated, or whose marriage has been annulled.||You receive the total amount that you chose at the beginning (eg, $ 200 000 per person).|
|Can I get disability insurance without buying life insurance ?||No||Yes|
|What is the maximum age at which insurance can be purchased?||59 years||59 years|
|What is the maximum amount of disability insurance ?||$ 2 500 / month||$ 5 000 / month|
|Class of Occupation||No||Depending on your occupation, generally better.|
|Can I choose the percentage of the payment that is protected ?||No. The only option is 100% of the monthly payments.||You get to choose, and can even add other loans.|
|How long do I have to be disabled in order to make a claim?||30 days in the case of an accident, and 90 days in the case of disease. No benefit will be paid if a total disability is related to a preexisting condition and it occurs during the first 12 months of coverage.||You choose between 30, 60, and 90 days.|
|What is the maximum disability time permissible ?||24 months||You choose: 24 months, 60 months, or until you reach age 65.|
|Own-occupation (which prevents the insured from engaging in all remunerative work))||12 months||Depending on your occupation, it may vary between 24 months, 60 months, or until you reach age 65.|
|What happens in the case of two insured persons simultaneously becoming disabled ?||Benefits are only paid in respect of one disability.||You choose|
|What is the maximum age at which insurance can be purchased ?||Not available||64 years|
|Can I get critical illness insurance without purchasing life insurance?||Not available||Yes|
|What is the maximum amount of insurance ?||Not available||You choose|
|What diseases are covered?||Not available||You choose between 24 diseases.|
Individual mortgage insurance, like all contracts offered by InfoPrimes, offers many advantages when compared with the group insurance products offered by most financial institutions. Not only will you have better protection, but the price of our insurance is often cheaper!
If you want to change your insurance to InfoPrimes, rest assured that you can cancel your mortgage insurance with Laurentian Bank at any time without being penalized.
WARNING: It is important that you keep your current insurance in effect until your new policy is accepted, issued, and in force.
In order to help you better plan your purchase and all the related charges, InfoPrimes offers a mortgage insurance calculator. You can compare rates between InfoPrimes’ insurance, and that of many other banks, including Laurentian Bank.