Protection and Peace of Mind

Your home is probably your biggest single investment. A mortgage represents a significant financial obligation. If something happens to you in the future and your mortgage is not paid out, the mortgage payments could easily prove to be too much of a burden to your family. M.R.S. Trust Company (MRS) wants you to know that, in the event of your death, your family can be protected by having the balance of your mortgage paid out in full.

MRS Mortgage Loan Life Insurance, made available through The Great-West Life Assurance Company, does exactly that. Now you can economically protect your investment, and have peace of mind.

MRS Mortgage Loan Life Insurance Coverage
• Is available to pay your mortgage in full up to a maximum of $300,000.
• Can be created on your life, or jointly on you and your co-borrower. For joint coverage, 100% of the benefit is paid on the death of either co-borrower.
• Is available to anyone who is under 65 years of age. Coverage can continue until age 70.
• Can be applied to both new and existing mortgages with MRS.

Economical
MRS Mortgage Loan Life Insurance is an economical way to provide family security through coverage on either your life, or the lives of both you and your co-borrower. By adding a modest fixed monthly insurance premium to your mortgage payment, you can provide yourself with the reassuring knowledge that your beneficiaries will have a home which is completely mortgage free.

Convenient
For your convenience, MRS will arrange for the monthly premium to be automatically deducted from your bank account. In addition, your mortgage loan insurance policy will automatically be renewed with each renewal of your mortgage, making the coverage worry-free.

Easy
To apply for coverage, simply complete the Mortgage Loan Life Insurance Application which accompanies your MRS Mortgage Loan Application. In most cases, no medical exam is necessary. For applications in excess of $200,000, a detailed health questionnaire may be required by Great-West Life.

Voluntary
While mortgage loan life insurance is not a compulsory feature, MRS Mortgage Loan Life Insurance provides you with an economical way to provide security through coverage on either one or both Borrowers' lives. Should you decide that you do not require mortgage life insurance, simply sign the Waiver of Insurance section at the bottom of the application, so that we can be sure that you have considered this option.

Protection Period
* Coverage will be in force on the latest date:
• the signed application is received by MRS, or
• the mortgage loan is funded, or
• the approval letter is received from Great-West Life, in the case where a health questionnaire is required.
* Coverage is automatically renewed with each mortgage loan renewal, and continues while the Great-West Life policy remains in force.
* Coverage terminates upon the mortgage loan being discharged or changed, expiry of the amortization period, non-payment of mortgage or insurance premiums, attainment of age 70, or your written request.

Note:

1. For Joint Life coverage, use the age of the older borrower to determine the premiums.
2. Premiums are based on the age of the borrower at the time of application, and will not change as the borrower’s age increases.
3. Premiums are subject to change upon 90 days notice.
4. Premiums will be based on the initial outstanding insured indebtedness.
5. Provincial taxes apply in certain provinces , which are in addition to the above rates.