Insurance Persona
BETA DEMO
Lang
All Banks Edition
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Insurance Persona
BETA DEMO
Enter customer details to get matched persona and bank-specific talking points
Help customers visualize their coverage gap and make an informed decision about Credit Protection
Select a bank above and click "Calculate Assessment" to see personalized results.
Many customers ask: "Why do I need Credit Protection if I have life insurance?" Here's how to explain why both products serve different—and complementary—purposes.
| Feature | Credit Protection | Term Life Insurance |
|---|---|---|
| Purpose | Pays off specific debt (Mortgage/HELOC) | General income replacement for family |
| Benefit Payment | Paid directly to lender—debt eliminated | Paid to beneficiary—they decide how to use it |
| Coverage Amount | Matches outstanding balance automatically | Fixed amount chosen at purchase |
| Premium Structure | Variable—decreases as you pay down balance | Fixed—same premium regardless of needs |
| Medical Underwriting | Simplified—few health questions | Often requires medical exam, blood tests |
| Approval Time | Instant—approved same day | Weeks to months for approval |
| Critical Illness | Available as add-on (bank-dependent) | Separate policy required |
| Portability | Tied to the loan product | Portable—stays with you |
Credit Protection ensures the mortgage/HELOC is paid off completely—so term insurance proceeds can go toward what they were intended for: replacing income, covering living expenses, funding education, or securing retirement.
Without Credit Protection, families may need to use term insurance proceeds to pay off the loan—or worse, sell the home. Credit Protection keeps the home equity intact for the family.
Term insurance can take weeks to approve. Credit Protection is immediate—no waiting period means no coverage gaps when customers need protection most.
Credit Protection costs pennies per day and adjusts with the balance. Combined with term insurance, customers get comprehensive protection without over-insuring or under-insuring.
Official certificates of insurance and product guides used to build this tool
Sources last verified: December 2024. Contact individual banks for the most current information.
Empowering financial professionals with better client conversations
This Insurance Persona Finder was developed to help banking professionals provide clients with a better, more personalized experience when discussing mortgage and line of credit protection options.
By understanding customer personas and having access to bank-specific scripts and coverage details, advisors can have more meaningful conversations that address each client's unique needs and circumstances.
Simply select the bank you work for, enter your client's basic information, and the tool will match them with a customer persona and provide tailored talking points specific to your bank's insurance products.
The scripts are designed to help you explain coverage options in a way that resonates with different customer profiles, from first-time homebuyers to experienced investors, across all Canadian provinces.
All coverage information, limits, and eligibility requirements are sourced directly from official bank certificates of insurance and product documentation. This tool is intended for training and reference purposes only.
Always refer to official bank materials and consult with your compliance team for the most current product information and approved sales practices.
TD, RBC, CIBC, Scotiabank, and BMO coverage details
Province-specific profiles for targeted conversations
Bank-specific talking points for every scenario