Mortgage Sell Sheet - Assumption Life

Not locked in with any bank
Life insurance is portable, which means you can keep your policy even if you switch lenders or move homes down the road.

Does more than cover your mortgage
Provides a tax-sheltered benefit that can be used as your family wishes; it can be used to cover your mortgage balance, funeral expenses or any other financial obligations.

The payout goes to your family, not to the bank
You can choose the beneficiary, and they can choose which financial need to take care of.

Keep your coverage for as long as you need it
‍Once your initial term ends, your term coverage will renew automatically, or you have the option to switch to a permanent life insurance plan, without having to undergo medical tests.

Approved at time of application
Contrary to most banks, you don’t risk learning you’re not covered at time of claim.

A unique joint first-to-die option
‍In the event of divorce or separation, both parties are able to change from a joint first-to-die to an individual policy, and are entitled up to 100% of the sum insured each.

Plus, it’s more affordable and flexible than mortgage insurance offered by financial institutions.

Female, age 32, non-smoker, $350,000 coverage with a 25-year term

*Illustration generated in May 2023 and compared to one of Canada’s leading banks.

FLEXTERM
Level term

$25.56

per month

BANK
Decreasing term

$49.00

per month

Built-in value

Designed with built-in benefits that go beyond the standard mortgage insurance.

Guaranteed Insurability Benefit

With the Guaranteed Insurability Benefit, clients can increase your insurance coverage by an additional 25% (up to a maximum of $125,000) without having to reapply for insurance. This ensures that clients won't have to pay for coverage that they may not require at the time of applying for the insurance.

Having additional coverage can be particularly useful when:
• Upsizing their home
• Refinancing a mortgage
• Growing a family

Extreme Disability Benefit

Unforeseeable events can greatly impact our lives, and having a safety net in the form of financial support can bring a sense of security. The Extreme Disability Benefit offers clients the opportunity to receive a portion of their life insurance benefit in advance, up to $250,000.

By accessing the insurance benefit in advance, they can use the funds for:
• Paying for medical expenses or hiring a additional help
• Covering mortgage payments and bills during challenging times
• Making necessary home renovations to accommodate their needs

Term Exchange Option

Ability to extend the duration of your coverage without requiring having to reapply or take a medical exam. It also allows you to switch from a decreasing policy to a level policy.

This feature can be particularly advantageous when:
• Refinancing and needed to extend to a longer term
• Securing your insurance coverage at a lower price

Learn More

Bundle like a pro

While the main reason clients think about purchasing life insurance is to protect their family's future, that doesn't mean it can only be applied in the event of death.

Knowing the risk

Bundling made easy

With only 17 questions, clients can benefit from comprehensive coverage that includes term life, critical illness and disability insurance, in a single application.

Discover FlexTerm

Coverage amounts

$50,000 to $10,000,000

Coverage type

• Level
• Decreasing (minimum of 50% of the initial sum insured)

Terms available

10, 15, 20, 25, 30 or 35 years

Issue ages

18 to 75 years of age

Joint policy

• A unique joint first-to-die option
• In the event of separation, each client can receive a new policy equal to 100% of the sum insured of the joint policy.

Renewal

Automatic yearly renewal, up to age 90 (after the initial term).

Conversion

Convertible into a permanent life insurance, up to age 75, without new evidence of insurability.

Built-in benefits

• Guaranteed Insurability
• Extreme Disability
• Term Exchange Option

Additional benefits riders

• Accidental Death and Dismemberment
• Accidental Fracture Plus
• Child Insurance Benefit
• Critical Illness Rider
• Disability income
• Disability income
• Waiver of premium upon death
• Waiver of premium upon disability

FAQ