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A grace period of 60 days is granted for the payment of any premium falling due, during which period the Insurance will remain in force. If any premium is not paid within the grace period, the Insurance will terminate.

We limit access to personal information in your file to Canada Life staff or persons authorized by Canada Life who require it to perform their duties and to persons to whom you have granted access.

The validity of this Insurance coverage will not be contested, except for non-payment of premiums or fraud, after it has been in force for two (2) years from its date of issue.

Yes, once per year you can contact Canada life and receive a reduction in coverage if you make a minimum 5% lump sum reduction to your mortgage.

Yes, you can have your premiums withdrawn as soon as your application is approved and taken out weekly, biweekly, semi monthly even monthly. This option is included on your application. You can change your payment frequency at any time.

Yes, pipe and cigar smokers are considered smokers because they are using tobacco products. The same applies to vaping products.

You can have your premiums reviewed if you have been smoke free for 12 consecutive months. You do not need to reapply, just contact us to have your situation assessed for a reduction.

No it will not.  One of the main advantages of working with Simplinsur and our brokers is that your coverage is portable, which means it remains in place should you change lenders.

Yes, portability of existing coverage must be within 90 days between homes in the case of selling one home and moving into another.

Yes, the intention of the portability feature is to maintain existing coverage if you move your mortgage from one property to another or from one lender to another. The original coverage stays in effect if the mortgage is refinanced or transferred/switched to a new mortgage either with the same lender or a new lender. You can apply for coverage on the new money advanced. Example:
- $200,000 mortgage
- TD is the lender and Simplinsur is in effect
- Refinanced 5 years later with TD
- New mortgage: $240,000
- Additional coverage required: $40,000
Contact your Mortgage Broker for more details.

Coverage becomes effective on the date the application is approved by Canada Life. Premiums commence as you select - weekly, biweekly, semi-monthly. Some customers choose to have their premiums start as soon as their application is approved.

Yes, you can do so at any time by contacting your Mortgage Broker.

Yes, partial coverage can be made available through your Mortgage Broker.

Any injury or illness incurred by the insured person who is under the care of a physician, which prevents the insured from performing every duty of his/her or occupation or employment.

Yes, both applicants do qualify for 100% coverage but in the event of a joint claim, Canada Life will only pay the total insured monthly payment.

Yes, if you are a Canadian resident and living in the USA for a portion of the year(e.g. snowbirds living in the USA for 6 months and in Canada for 6 months), you are eligible for coverage on your Canadian property.

No, this is strictly a residential mortgage program.

A thorough review of lender programs and insurance providers in the mortgage space was conducted. Comparing eight competitors providing insurance products in our market, our premiums are on average 10% less than market.

No there is not.  You may cancel this Insurance at any time with no additional fees. If you cancel within thirty (30) days of the effective date of Insurance you will receive a full refund of any premiums paid and the Insurance coverage will never have been in force.