There are no taxes in any other provinces. The insurer has the right to change the premium rates at any time.Ī provincial tax is applied in Quebec (9%) and Ontario (8%). The beneficiary of your choice (spouse, children, etc.) *Even if they are different and there is more than one.Ĭan I change my mortgage lender and keep my insurance ? You can sign up if you have a loan from Royal Bank for a family-type property with no more than 6 units.Īny loan from a financial institution or recognized organization providing for a minimum payment over a fixed period of time. The risk selection is made at the start of the contract. If a death or disability results from a preexisting condition within 12 months following the effective date of coverage, no benefit is payable. Preexisting conditions (Conditions for which you have consulted with or been treated by a doctor) No (You will only receive proof of a contract) These constraints do not exist with InfoPrimes, as you keep your insurance policy regardless of the lending institution.Ĭlick here to compare Royal Bank’s offer Click here to compare Royal Bank’s offer If you decide to change to a new lender because it offers better conditions or lower interest rates, you will have to change insurers, which could result in a change in the premium and the terms of your policy. As your age changes, your insurability may change as well. It is also important to note that it is impossible to switch mortgage lenders with the contract with your financial institution. With InfoPrimes, there are no worries, as the company and your representative will take care of you. It is important to complete the insurability report and return it to the financial institution within 30 days after its signing. Note that the eligibility rules are quite strict with group insurance. Understanding mortgage insurance from RBC Bank 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. However, they cannot force you to obtain that insurance from their financial institution. Note that, under certain circumstances, financial institutions may ask you to obtain mortgage life insurance before they approve a loan. He may not exercise undue pressure on the client or use fraudulent tactics to induce him to purchase a financial product or service.”
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. The bank owns the insurance policy and the premium, so that in case of death or disability, it can be used to pay for the mortgage, and nothing else. Signing up for an individual policy gives you the benefits and flexibility that you cannot get from most banking institutions, who have group contracts. With InfoPrimes, the act of filing a bankruptcy petition will not affect your insurance policy. Far from protecting your family in the most challenging times, this clause you’re your protection. For instance, mortgage loan insurance from the Royal Bank will automatically terminate on the date that you file a petition for bankruptcy or a petition for bankruptcy is filed against you. However, some insurance contracts contain clauses that provide for the removal of your protection in the event a financial setback. If your family is going through difficult times, it is reassuring to know that your insurance company will not jump ship.
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