Your monthly critical illness premium is based on your age and the amount of your mortgage up to $500,000 at the time you are approved for insurance.How Critical Illness Insurance premiums are calculated: Based on the Life coverage rate table, the premium rate is $0.14/$1000Īndrew’s Life coverage monthly premium rate would be $14 which is calculated as ($0.14/$1000 x $100,000) + provincial sales tax, where applicable.
The table below sets out the monthly premium rate for every $1,000 of mortgage balance on the date your mortgage protection application is approved (not including provincial sales tax):Īndrew was 25 years old when approved for Life insurance coverage with a Mortgage amount of $100,000.Your premium will not increase due to your age, provided your mortgage balance does not increase during the lifetime of your mortgage.If the total of all your insured mortgages exceeds $1,000,000, you will only pay a premium on amounts up to $1,000,000. Your monthly life insurance premium is based on your age and the amount of your mortgage up to $1,000,000, at the time you apply for insurance.How Life Insurance premiums are calculated: Taylor’s Disability coverage monthly premium rate would be $22.20 which is calculated as ($1.48/$100 x $1,500) + provincial sales tax, where applicable. Based on the Disability coverage rate table, the premium rate is $1.48/$100.Taylor was 28 years old at the time of application and his monthly mortgage payment is $1,500. The table below sets out the monthly premium rate for every $100 of monthly insurable benefit (not including provincial sales tax):.Your monthly premium is calculated based on Your age and the monthly equivalent payment amount of Your Mortgage, including principal, interest, Scotia Mortgage Protection premium for Life and Critical Illness insurance coverage and any applicable sales taxes and bank administered taxes, up to $3,500.How Disability Insurance premiums are calculated: For seasonal workers, unemployment during the normal off-season is not considered an involuntary job loss.Provide proof you are eligible and have registered to receive Government of Canada Employment Insurance Benefits.If you are self-employed, have been working for income in a trade or profession in which you were engaged, a partnership in which you were a partner, in your own business, or a private company or entity in which you had an ownership interest and.The 20 hour work requirement is continuous and must not be calculated through averaging Have been a full-time employee for a minimum of 180 consecutive days for a salary or wages, working for at least 20 hours each week before you lost your job.Have or also apply for Disability insurance.To qualify for job loss benefits you must:.If you are a seasonal worker, you must have proven work history and be capable of performing the regular duties of your job.įor Job Loss benefits insurance coverage: You must be actively working a minimum of 20 hours per week for wages or expectation of profit and be able to perform the regular duties of your occupation.You may still apply for life insurance if you are between 65 and 69 years old if you are refinancing an existing mortgage or obtaining a new mortgage within 90 days of paying off an existing insured mortgage.įor Disability benefits insurance coverage:.Your account must be in good standing and not be restricted To be eligible for coverage you must be the principal Borrower, co-borrower or guarantor on the mortgage account, be between the ages of 18 to 64 years old and a resident of Canada.
0 kommentar(er)
