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Insure your mortgage 

Your lending institution offers mortgage insurance. But why settle for an insurance product that does just one thing? When it comes to protecting your mortgage, there’s another option to consider.

Term insurance from Transamerica Life Canada is an innovative solution that protects your family’s future as well as your home. Term insurance can offer more protection, more flexibility and more value than traditional mortgage insurance, often at a better price

 
With most lenders’ mortgage insurance…​
With Term 10 and Term 20
from Transamerica…​
With Term 30 from
Transamerica…​
Do I own my
policy?
NO. Your lending institution
holds the contract with the
insurance carrier.​
YES. YES.
Is my coverage
flexible if my
needs change?
NO. You cannot choose or
alter your coverage amount
or convert your policy to
permanent protection.
Should you move, refinance
or renegotiate your
mortgage, you cannot
transfer your policy and
will have to requalify.​
YES. You can choose the
coverage amount that you
need and can increase or
decrease it or convert to
permanent protection if your
needs change.* And whether you move, refinance or renegotiate your mortgage, your coverage stays in place.
YES. In addition to the
benefits of Term 10 and
Term 20, Term 30 also
offers built-in SelectOptions
such as SelectValue, which
allows you to either withdraw
the value of the policy, or
transfer the policy value
tax-free into a permanent
protection plan.*​
Can I choose the
beneficiary of
my policy?
NO. Your mortgage provider
is the beneficiary.​
YES. YES.
Can my family use
the proceeds of
the policy to cover
needs other than
the mortgage?
NO. YES. Your family can choose to use the tax-free death benefit for any purpose, such as mortgage and debt payments and daily living expenses.
YES. Provides the same benefits as Term 10 and Term 20.​
Once I pay off my
mortgage, will I still
have life insurance?
NO.
YES. Term 10 and Term 20
provides automatic
renewal to age 80 with
the ability to convert to
a permanent plan.*​
YES. Term 30 provides
automatic renewal to age
100 with coverage for life.​
Does the death benefit
remain the same for
the life of the policy?
NO. Mortgage insurance
only covers the outstanding
balance of the mortgage.
The benefits decrease as
you pay off your mortgage,
though the cost stays
the same.​
YES. YES.
Is my coverage
guaranteed?
NO. Your bank can change
your policy and rates at any
time.​
YES. Your initial term and
renewal rates are guaranteed
for the duration of the plan.​
YES. Provides the same benefits as Term 10 and Term 20.​
Can I tailor my plan
to meet my needs
and situation?
NO.
YES. All of Transamerica’s
Term products offer
additional benefits and riders.​
YES. In addition to the
benefits of Term10 and
Term 20, Term 30 provides
the flexibility of built-in
SelectOptions.​
Are there any price
advantages if I am a
healthy non-smoker?
NO.
YES. Our preferred
underwriting program
rewards clients for their
healthy lifestyles with
premium discounts.​
YES. Provides the same benefits as Term 10 and Term 20.​
  *  A term policy from Transamerica is convertible to an eligible permanent plan any time prior to the policy anniversary closest to the life insured’s 71st birthday. Additional underwriting may be required if clients wish to increase their coverage.
 
There are many more features that come with a Transamerica term insurance policy. To learn more about these features, including the innovative built-in SelectOptions on Term 30 policies, contact your advisor. Purchasing life insurance is an important decision. Choosing the right life insurance is essential for protecting your family.

Talk to your advisor about how term insurance from Transamerica Life Canada can help protect your family’s future.
 
 

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