FAQ

• How Much Can I Save?
• What’s the Difference Between “Creditor” Insurance, and 20/20 Mortgage Life Insurance?
• How Do I Apply?
• Is 20/20 Mortgage Life Insurance Offered In All Of Canada?
• How Do I Know My Coverage is Secure?
• How Do I Cancel My Existing Creditor or Mortgage Insurance?
• What If My Mortgage Is More Than $600,000?
• How Can 20/20 Offer Such Large Savings?
• What If I Have Not Purchased Creditor Insurance From My Bank?
• Can I Change My Beneficiary?

How Much Can I Save?

Most people buy mortgage life (also known as "creditor") insurance at the same time they get their mortgage, without ever getting a chance to compare prices or features, or, in some cases, not really understanding how much they are paying because their insurance premiums are hidden in their monthly mortgage costs. As a result, they end up paying much, much more than they have to.

That’s why most people will save up to 25% per year just by switching to 20/20. The exact amount you can save will depend upon your age, the amount of your mortgage, where you live, and when you purchase your home. Here are 3 examples:

1. A 42-year-old single applicant from Kingston with creditor life insurance on a $350,000 mortgage could save up to 28%, or $386 a year by switching to 20/20 . That’s a savings of $9,650 over the course of a 25-year mortgage!
2. A 31-year-old couple from Winnipeg with creditor life and disability coverage on a $500,000 mortgage could save up to 23%, or $585 a year by switching to 20/20. That’s a savings of $14,625 over the course of a 25-year mortgage!
3. A 37-year-old couple living in Toronto with creditor life and critical illness coverage on a $300,000 mortgage could save up to 29% or $846 a year by switching to 20/20. That’s a savings of $21,150 over the course of a 25-year mortgage!

 

What’s the Difference Between Creditor Insurance, and 20/20 Mortgage Life Insurance?

There are 3 basic forms of creditor insurance, (also called Mortgage Insurance or Mortgage Protection Insurance) your bank can sell you with your mortgage:

(i) Mortgage Life, which pays off the full amount of your outstanding mortgage in the event of a death.

(ii) Critical Illness, which pays off the full amount of your outstanding mortgage in the event of a critical illness like a stroke, cancer or heart attack.

(iii) Mortgage Disability, which pays your monthly mortgage payments in the event you suffer a serious disability which impacts your ability to work.

20/20 Mortgage Life Insurance covers the same Life, Critical Illness and Disability risks as creditor insurance, but it is an individual life insurance policy owned and controlled by you, not your bank.   

 

How Do I Apply?

You can apply for 20/20 online or speak to one of our trained mortgage life insurance specialists by calling 1-844-974-2020. 

 

Is 20/20 Mortgage Life Insurance Offered Throughout Canada?

20/20 Mortgage Life Insurance is currently offered everywhere in Canada except for Quebec, Nunavut, and Saskatchewan.

 

How Do I Know My Coverage is Secure?

20/20 policies are underwritten and backed by Assumption Mutual Life Insurance Company (“Assumption Life”), which has been providing a broad range of insurance and investment products to Canadians for over 100 years. As of December 31st, 2015, Assumption Life has assets under management of $1.6 billion and a solvency ratio of 242%, well above the 150% minimum requirement set by Canada's Office of the Superintendent of Financial Institutions.

Assumption Life was recently awarded an A- (excellent) rating for the 17th consecutive year by AM Best, one of the oldest agencies specializing in the independent evaluation of the financial health and creditworthiness of insurance and reinsurance companies worldwide.

How Do I Cancel My Bank Coverage?

Switching from your existing plan with the bank is free and straightforward. Simply let us know if you wish to cancel your bank-owned plan. When we send you the confirmation of coverage for your personal records, we will also provide you with a cancellation letter to sign and send to your bank.

 

What If My Mortgage Is More Than $600,000?

20/20 Mortgage Life Insurance is only available on mortgage amounts of up to $600,000. However, we have many other insurance options available for you. For details, please call 1-844-974-2020 to talk to one of our licensed insurance experts.

 

How Can 20/20 Offer Such Large Savings?

20/20 can offer these savings because we are NOT a big bank. We don’t have the costs of maintaining thousands of branches across Canada and our enrolment and administration platform is newly built on modern web-based technology.

Additionally, this is protection you can count on. 20/20 policies are underwritten and backed by The Assumption Mutual Life Insurance Company, a strong, well-capitalized company that has been providing dependable and affordable insurance coverage to Canadians for more than 100 years.

 

What If I Have Not Purchased Creditor Insurance From My Bank?

If you have a mortgage, with a balance of $600,000 or less, you are eligible to purchase 20/20 by answering 5-6 basic health questions. No further medical underwriting or exams are required. For amounts over $600, 000 we have many other insurance options available to you. 
 

Can I Change My Beneficiary?

Yes. After your policy is issued, you can change your beneficiary at any time simply by contacting our call centre at 1-855-832-2020.