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Personal Banking > Mortgages > Protecting Your Home > HomeProtector Insurance > How are premiums calculated?

How are premiums calculated?

How Much Will it Cost?

How Will My Life Insurance Premium be Calculated?

  • Your life insurance premium is based on your age and the amount of your mortgage at the time of application.
  • If, when coverage begins, the total of all mortgages to be insured under HomeProtector exceeds $500,000, premiums will only be calculated on the $500,000 maximum, and the benefit paid will be pro-rated.
  • Your premium rate will not increase due to your age, provided your mortgage balance does not increase during the life of your existing mortgage.
  • The cost of joint coverage is calculated by using the joint rate for the older person.

Life Insurance Premium Rate Chart Life Insurance Premium Rate Chart (opens new window)

 

How Will My Disability Insurance Premium be Calculated?

  • Your disability insurance premium is based on your age and the amount of your mortgage at the time of application.
  • The cost of joint coverage is calculated by using the joint rate for the older person.
  • Your disability premium will increase only if your mortgage payment increases.

Disability Insurance Premium Rate Chart Disability Insurance Premium Rate Chart (opens new window)

 
 

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