Frequently Asked Questions

No. All Borrowers must obtain a life insurance policy in order to qualify for a Seaport Loan

The Life Insurance will provide funds for the purpose of full repayment of your Seaport Loan, including any unpaid interest. In the event of your death, the Seaport Loan will not be a liability that must be dealt with by your estate.

• Canadian Banks or other Lenders will always require mortgage security on Canadian  owned property if a loan is required to buy property outside of Canada
• Seaport does not register a lien or mortgage on your foreign property. The only source of repayment upon your death is your estate
• Seaport does not require security for the Seaport Loans registered against your Canadian assets
• Seaport Loans are not reported to Canadian credit bureaus and will not affect your credit score
• Seaport loans have a term of typically 20 years, therefore a term-20 policy will be applied for.

The Life Insurance policy must provide for a death benefit that is equal to the starting amount of the Seaport Loan. This ensures that funds will be available to fully repay the loan upon your death. Any benefit amount after the loan is repaid, will be paid to the life insured’s beneficiary and/or the estate.

Atlas is a licensed life insurance brokerage that is based in Ottawa, Canada. The principals of Atlas have decades of experience in the Canadian life insurance industry. Atlas has performed due diligence regarding Seaport and is very familiar with the requirements of the Seaport Loans. Because of this experience, Atlas can provide Life Insurance coverage quickly to expedite the advance of the Seaport Loan for your real estate purchase.

You can directly contact Atlas by calling 1 (613) 769-0769. As well, Atlas can be contacted by email at info@atlasinsurance.ca.

Your Atlas Insurance representative can provide you with an immediate quote. Insurance rates are based on your age, gender and health status. Your final rate will be based on medical approval. Atlas researches dozens of companies to ensure that your insurance rates are very competitive. Premiums can be paid on either a monthly or annual basis.

Typically, you only need to complete a simple medical questionnaire which can be completed over the phone. However, based on your age and health status, some policies may require a paramedical. The paramedical professional will measure your height, weight, blood pressure, and pulse. They may also collect a urine and/or blood sample depending on the policy amount and your situation.

Yes. The insurance policy can be on your spouse if your spouse is a co-borrower on the Seaport Loan.

No. The policy is designed to protect you for the full term of the loan. The premiums are guaranteed not to increase and will remain in effect for the full term of the Seaport loan as long as the premiums are paid. In fact, even if your health status changes, the premiums can never increase.

No. Atlas Insurance represents dozens of insurance carriers to ensure you obtain life insurance at the lowest possible cost.

As a lender, Seaport is the assigned beneficiary of the life insurance policy.

The insurance payout is first paid to Seaport in order to repay the outstanding balance of the Seaport Loan. Any remaining amount above what is owing to Seaport will be paid to your estate or your beneficiaries.