| WITH A LIFE INSURANCE COMPANY |
WITH A BANK OR A TRUST COMPANY |
| You purchase an individual policy. |
The coverage is under a group policy. |
| You own the policy - you have complete control over it. |
The bank owns the policy - you have no control over it. |
| You have a premium rate that is guaranteed never to increase for length of term chosen. |
The group policy premium rates will increase at pre-specified ages. |
| You may purchase any amount of coverage. You may add it to an existing plan. |
The face amount of your policy can only be for the exact amount of your mortgage. |
| You can cancel the policy. Your individual policy cannot be cancelled by us. |
The policy can be cancelled by the bank/issuing company at any time. |
| Your individual policy may be continued as long as you wish. It is fully portable. |
The coverage will terminate upon mortgage repayment or assumption or sale of house. |
| You can convert this policy, regardless of health. |
The group mortgage is not convertible. |
| You can make a beneficiary designation. In the event of death, your beneficiary will receive the proceeds. Your beneficiary will have the choice of repaying the mortgage or not. Proceeds from a life insurance company are protected from all creditors (including the bank). |
The group policy does not allow you to make beneficiary designations. In the event of death the bank is repaid automatically - not your family. |
| You and your spouse may own an individual policy. Should you both die the proceeds are paid on both policies. If one dies then the coverage on the survivor will continue. |
The group policy covering the husband and wife pays on the 1st death - not both. The coverage on the survivor cannot be continued. |
| You have a number of benefits and provisions available to you with this policy: * Living benefits option (no cost) - can pay up to $25,000 for a reduced life expectancy *Waiver of Premium option pays your premiums if you become disabled *Child Protection Rider covers all children of the insured that are under the age of 25 |
The group policy allows no other benefits or features to be added. |
| Premiums are fully guaranteed. |
Premiums are not guaranteed. |