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Buying mortgage life insurance from the bank may be convenient, but it could cost more

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Empire Life Simplified 20 Term Life Insurance
Average cost of Mortgage Life Insurance from top five banks

Mortgage

$250,000 20 year amortization

Empire Bubble Desktop Banks Bubble Desktop

Empire Life Simplified 20 Term Life Insurance

Average cost of Mortgage Life Insurance from top five banks

Mortgage

$250,000 20 year amortization

Footnotes

1 Savings are for the first 20 years of coverage only and represents the difference in the average monthly cost of $250,000 of Empire Life Solution 20 term life insurance for healthy individuals ages 30 to 50 years old, non-smokers, both male and female, compared to the average cost of the top five Canadian banks’ mortgage life insurance with an amortization of 20 years as of March 9, 2021.

2 At the end of each 20-year term, Empire Life Solution 20 automatically renews and the premium increases. Premium schedules are guaranteed at the time the policy is issued. Terms of 10 years and 30 years are also available. An advisor will help you find the best term to cover your mortgage. Owner/life insured must be a Canadian resident for tax purposes.

3 The average of the monthly premiums for mortgage life insurance offered by Scotiabank, BMO, TD Canada Trust, RBC, and CIBC for individuals ages 30 to 50 years old, non-smoker, both male and female obtaining a $250,000 mortgage with an amortization of 20 years, as determined by Empire Life in a survey conducted on March 9, 2021. Premiums for mortgage life insurance stay the same, but the amount of coverage decreases as your mortgage balance decreases. Term life insurance and mortgage life insurance have different features and eligibility requirements. Please seek professional advice before making any decision.

Cost is just one of the benefits of term life insurance. Other benefits include:

You decide how much coverage you need and that coverage does not decrease with your mortgage balance.

You choose your beneficiaries and they decide how the money is used.

Unlike with mortgage life insurance, you own the policy even when you change lenders.

How More Rewards Life Insurance works

Find out how much Life Insurance you need?
Get a quote right away!
Have Questions? Talk to an expert and get advice at 1 800 946-6670
Get insured in as little as 15 minutes
Find out how much Life Insurance you need?
Get a quote right away!
Have Questions? Talk to an expert and get advice at 1 800 946-6670
Get insured in as little as 15 minutes
More Rewards Insurance and Empire Life teamed up to create More Rewards Life Insurance because we share the belief that Canadians should be able to get the life insurance they need conveniently and affordably. Empire Life has been helping Canadians protect what matters most since 1923 and was recently named Life and Health Insurer of the Year for 2018 . Empire Life is a trusted More Rewards provider, and is excited to offer life insurance advice and products to More Rewards members with Empire Life.

Experienced and knowledgeable advisors

Peace of mind comes with the right advisor.
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* More Rewards Points are only available to residents of British Columbia and Manitoba who purchase an eligible life insurance policy offered by The Empire Life Insurance Company. Some restrictions apply. Offer valid until August 31, 2021. More Reward Points are earned only on premiums paid during the first year of coverage and are subject to provincial regulatory maximums. Not available in Alberta, Saskatchewan and Yukon Territories.

The information contained within is for general information purposes only and is not intended to provide legal, tax, financial or professional advice. The Empire Life Insurance Company assumes no responsibility for any reliance made on or misuse or omissions of the information contained within.