Mortgage Insurance :
National Bank
User our online calculator to compare National Bank's offer. Shopping for mortgage insurance has never been simpler!
Mortgage Insurance : National Bank
User our online calculator to compare National Bank's offer. Shopping for mortgage insurance has never been simpler!
The National Bank offers insurance to pay off your mortgage for death, disability or serious illness. This product is only available to customers who have a mortgage or other financial products within their network.
National Bank mortgage insurance is a type of group insurance. Among other things, it is built to ensure that the recipient (National Bank) will not lose money a result of your death, disability or serious illness. The main difference between their mortgage insurance and InfoPrimes’ is that our sole purpose is to protect you.
Another disadvantage of this type of insurance is its lack of flexibility. Because it is built for all customers, the ability to customize this insurance is limited. Mortgage insurance policies with InfoPrimes are individual. This allows you to better tailor the protection according to your personality and all of your financial needs.
The Price – Compare and save !
Individual insurance is often cheaper than group insurance. 87.9% of InfoPrimes’ visitors can achieve significant savings.
InfoPrimes has developed a special calculator that allows you to see how much you can save by purchasing an individual life insurance policy. Here are examples of actual cases.
Price Comparison
| National Bank | Infoprimes | Savings After 25 Years | |
|---|---|---|---|
| Male, 45 years old, smoker Mortgage life insurance for a loan of $ 150 000. |
$ 65.40 | $ 47.12 | $ 5,484.00 |
| Husband and Wife, 30 years old, non-smokers Mortgage life and disability insurance. For a loan of $ 250 000. |
$ 90.45 | $ 41.45 | $ 14,700.00 |
| Husband and Wife, 53 years old, non-smokers Mortgage life and disability insurance for a loan of $ 200 000. |
$ 290.36 | $ 154.53 | $ 40,749.00 |
Is mortgage insurance mandatory ?
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.
Before you sign …
According to several studies published in recent years, few people actually understand the conditions of insurance contracts that are signed with financial institutions. In order to help you make a more informed choice, here are some important details about the insurance offered by National Bank, compared with the individual insurance policy protections of InfoPrimes.
General – Applies to all insurance products
| National Bank | Infoprimes | |
|---|---|---|
| Who owns the contract ? | The Bank | The owner of your choice. |
| What type of insurance is available ? | Group life insurance, National Bank No. 700004B13 | 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 death, disability, or serious injury which results from a preexisting condition within 12 months of the start of coverage, no benefits are payable. | The risk selection is made at the start of the contract. No exceptions to coverage.. |
| Eligibility | You are eligible if you have an individual loan from National 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 reserves the right to change the premiums 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 three months | 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? | Yes | Yes |
Mortgage Life Insurance
| National Bank | Infoprimes | |
|---|---|---|
| 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 ? | $ 1 00 000 | Unlimited |
| What happens in the case of multiple insured parties who die simultaneously ? | The balance of the loan will be paid off | You receive the total amount that you chose at the beginning (eg, $ 200 000 per person). |
Mortgage Disability Insurance
| National Bank | Infoprimes | |
|---|---|---|
| Can I get disability insurance without buying life insurance ? | No | Yes |
| What is the maximum age at which insurance can be purchased? | 64 years | 64 years |
| What is the maximum amount of disability insurance ? | $ 3 000 / month | $ 10 000 / month |
| Class of Occupation | No | Depending on your occupation, generally better. |
| Can I choose the percentage of the payment that is protected ? | No. 100% of the monthly payments, or 50% available if 300 000$ or more | You get to choose, and can even add other loans. |
| How long do I have to be disabled in order to make a claim? | 60 days. No benefits are payable if total disability occurs within 12 months of the start of coverage as a result of a preexisting condition. | You choose between 30, 60, and 90 days. |
| What is the maximum disability time permissible ? | 24 months per event and a total of 48 months’ worth of monthly payments. | You choose: 24 months, 60 months, or until you reach age 65. |
| Own-occupation (which prevents the insured from engaging in all remunerative work)) | 24 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 |
Critical Illness Mortgage Insurance
| National Bank | Infoprimes | |
|---|---|---|
| What is the maximum age at which insurance can be purchased ? | 64 years | 64 years |
| Can I get critical illness insurance without purchasing life insurance? | No | Yes |
| What is the maximum amount of insurance ? | $ 150 000 | You choose |
| What diseases are covered? | Cancer, acute heart attacks, and strokes. | You choose between 3, 4 or 25 diseases. |
Can I change my mortgage insurance ?
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 National 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.
Compare and save !
In order to help you plan your mortgage and all of the related costs, including mortgage insurance, InfoPrimes offers a calculator for mortgage insurance. You'll be better able to compare insurance rates offered by major banks, including National Bank and InfoPrimes.
Online Mortgage Insurance Calculator!
Take 2 minutes to see how much you can save in mortgage insurance. Put your bank's mortgage insurance to the test !
Get an online quote and save now !
Calculate your savings !Share InfoPrimes with your friends!
Mortgage Insurance
Our Partners
