Cost savings with added flexibility

WHICH WOULD YOU RATHER?
Example client:
Female, Age 42, Non Smoker

$350,000 Mortgage life insurance through TD bank = $101.50 Per month
$350,000 Mortgage life insurance through RBC bank = $101.50 Per month

OR

$350,000 10 Year Term policy shopped on the open market and obtained through one of Canada’s top four providers = $27.63 per month

Term Life Insurance
-Term policy death benefits do not decline over time. If you start paying for $350,000 that is what is paid out regardless of current mortgage amount.
-Discounts on your premium if you are a healthy non-smoker - (Very significant savings for older people.)
-You own the insurance and it is not tied to the mortgage lender. You have complete freedom to change mortgage lenders.
-You choose who you want to be the beneficiary.
-Policy is owned by you.
-The older you are the more expensive premiums are - in comparison to a personal policy. Over 15 companies competing for your business - get the best rates available based on your health situation.
-You can combine all your insurance needs and get a lower rate with your own plan.
-You undergo all the underwriting now, and then if there is a payout later the process is simple and your beneficiaries are paid quickly.

Lender Provided Mortgage Life Insurance
-Death benefit declines yet premiums do not decline.
-No discounts on premiums for healthy people.
-The bank controls the money and pays off the mortgage - it is a declining amount.
-Bank is the beneficiary.
-Policy is owned by bank.
-You have a separate policy for the mortgage and other policies for other life insurance needs.
-Application process very simple until a claim is made, then the bank does the full underwriting to determine if a payout is warranted.

For more information please contact:
Dustin Serviss (www.serviss.ca)
(250) 869 1451
The Peacock Sheridan Group
Kelowna, BC.

**Application and medical requirements must be obtained prior to policy issue. Numbers and figures illustrated above are believed to be accurate at time of publication but are subject to change without notice. All quotes are dependent on, age, gender, smoking status and medical underwritting.**