Explore coverage that may help address a mortgage balance or protect loved ones. An authorized representative compares lender insurance with individual coverage, without a public medical questionnaire.
Two products, not two versions of one
The coverage your lender offers at signing and individual life insurance cover the same risk but behave differently on four points: the beneficiary, how the amount evolves, portability, and when insurability is assessed. Those gaps surface at the worst moment if nobody explained them.
The beneficiary: who receives what
With loan-linked coverage, the benefit clears the balance and the lender is generally the beneficiary. With individual insurance, you name whoever you choose, and they receive the amount and decide how to use it: repay the loan, or cover something else. Control sits in a different place.
A declining amount, a premium that may not decline
Loan-linked coverage generally follows the balance down. The premium does not always follow. Over an amortization period, that gap deserves to be calculated rather than assumed, and that is exactly what a representative can do with you.
Portability when things change
If you change lenders or properties, loan-linked coverage generally ends with that loan: you subscribe again, at your age and health of the day. Individual insurance follows you, independently of lender and property.
When insurability is verified
Some loan-linked coverage assesses eligibility at the time of the claim rather than at subscription. Individual insurance establishes insurability up front. It is a difference in uncertainty, and it shows up exactly when the family depends on it.
What to check either way
The waiting period, the exclusions, what happens if a declaration proves inaccurate, and whether coverage ends at a given age. Those four points are read before signing, not after. A representative goes through them with you, including for the contract your lender proposes.
Life and disability coverage do not replace each other
Coverage at death does not cover a prolonged interruption of income, and the reverse is equally true. Borrowers sometimes believe they are covered for one when they are covered for the other. The representative clarifies what your contract actually covers.
Why no price is shown here
A premium depends on age, smoker status, declared health, and the coverage amount. A figure without those would be misleading, and CompareTaux produces no automated recommendation.
What happens after you submit
A life and health insurance representative calls you back to compare your lender’s coverage with individual insurance. Health questions come at that step, in a protected setting: enter none of them here.
Frequently asked questions
How does this differ from individual life insurance?
They are two distinct products. The beneficiary, portability if you change lenders, and how the insured amount evolves all differ by contract. An authorized person compares both with you.
Am I required to take my lender’s insurance?
No. Loan-linked life insurance is not required to obtain a mortgage in Quebec. You may decline it and cover the same risk another way, or not cover it at all.
Who receives the benefit at death?
With loan-linked coverage, generally the lender: the benefit clears the balance. With individual insurance, the person you designated, who then decides how to use the amount.
Does the insured amount decline with the loan balance?
With loan-linked coverage, generally yes. The premium does not always follow the same curve. That is a comparison to calculate rather than assume.
What happens if I change lenders or homes?
Loan-linked coverage generally ends with that loan. You then subscribe again, at your age and health of the day. Individual insurance follows you.
When is my insurability assessed?
It depends on the contract. Some loan-linked coverage assesses it at the time of the claim; individual insurance establishes it at subscription. The difference shows up at the worst moment.
Can I keep coverage if I repay my loan?
Loan-linked coverage ends with the loan. Individual insurance continues on its own terms, independently of the loan.
Do I declare medical information in this form?
No, and you must not. The public form requests no medical information. Those questions come later, in a protected setting.