National Bank of Canada is one of the country’s “Big Six” banks, offering millions of Canadians a wide range of financial services and insurance solutions. National Bank has become a leading insurance provider with over $400 billion in assets and origins dating back to 1859.

This in-depth guide will explore National Bank’s insurance product portfolio, including life, health, travel, and mortgage insurance options. We’ll compare their offerings to competitors, analyze critical benefits and limitations, and provide tips to save money. Read everything you need to make informed insurance decisions with National Bank.

Overview of National Bank Insurance Products

National Bank provides insurance through two main entities – National Bank Life Insurance and National Bank General Insurance. Their major insurance offerings include:

National Bank Term Life Insurance

National Bank Life Insurance focuses exclusively on term life insurance plans with coverage terms of 10 or 20 years.

Term life insurance provides affordable temporary coverage, ideal for meeting needs like mortgages, student loans, and family income replacement. It pays a lump-sum death benefit to beneficiaries if the policyholder passes away during the coverage term.

Key features of National Bank’s term life insurance:

• Available for Canadian residents aged 18-60
• Face amounts from $25,000 up to $1 million
• Can renew coverage up to age 75
• Convertible to permanent life insurance
• Includes critical illness benefit: 10% of policy amount to a maximum of $30,000
• Accidental death benefit doubles the policy amount

They do not offer whole, universal, or other types of permanent life insurance.

National Bank Mortgage Life Insurance

National Bank General Insurance provides mortgage life insurance, also known as mortgage protection insurance, to cover an outstanding mortgage balance in case of death.

Lenders typically require this policy when borrowers make a down payment of less than 20% on a home. It insures the portion of the mortgage over 80% of the property’s value.

Mortgage life insurance helps protect homeowners and their families and provides security to lending institutions. Premiums are based on age, health, mortgage amount, and amortization period.

National Bank Creditor Insurance

National Bank also offers creditor insurance, such as life, disability, critical illness, and job loss insurance, to guarantee repayment of a loan or line of credit. This specialized coverage covers loan and interest payments if the borrower dies, becomes ill/disabled, or loses their job.

Policy benefits are paid directly to the lending institution rather than the policyholder or their beneficiaries. Premiums are typically added to the regular loan repayment amount.

National Bank Health and Dental Insurance

For businesses, the National Bank provides group health plans to employers seeking to offer benefits like prescription drugs, dental, vision, disability, and out-of-country medical to their workforce.

Plan options generally include:

• Dental insurance covering exams, preventive care, restorations, and orthodontics
• Prescription drug coverage with tiers for generic, brand name, and specialty medications
• Vision insurance covering eye exams, lenses, frames, and contact lenses
• Short and long-term disability insurance to replace lost income
• Travel medical insurance for emergency medical costs while travelling

Employers can choose customizable coverage levels and options to meet their budget and benefits objectives.

National Bank Travel Medical Insurance

For individual travellers, National Bank offers emergency medical and trip cancellation coverage for clients under age 70 visiting destinations outside Canada. Key features include:

• $5 million maximum for emergency medical expenses
• Coverage for hospitalization, doctor’s fees, prescriptions, and medical transport
• Trip cancellation and interruption up to the trip cost maximum
• Up to $1,500 for lost or delayed baggage
• 24/7 worldwide travel assistance included

There are no options to upgrade or enhance plans. The trip duration may be restricted based on age and pre-existing medical conditions.

Pros and Cons of National Bank Insurance

When weighing insurance options, it’s essential to understand a provider’s potential advantages and limitations. Here’s an overview of the key pros and cons for National Bank insurance products:

Pros

• Competitive pricing, especially on term life insurance bundled with critical illness coverage
• Smooth online quoting and application process for most products
• Strong financial backing and reputation as a central Canadian bank
• Access to an extensive network of licensed advisors and brokers
• Digital insurance cards and claims submission via mobile app
• Seamlessly integrates insurance with other National Bank banking services

Cons

• Limited selection focuses on just core insurance products
• The majority of operations and advisors are concentrated in Quebec
• Lack of upgrades or enhancements for term life and travel medical policies
• Strict eligibility requirements related to age and health conditions
• Lower maximums on some coverages like $5 million trip medical and $30,000 critical illness
• Seen as a Quebec-centric brand outside of the home province

When considering National Bank, weigh priorities like comprehensive coverage options versus budget-friendly pricing on term life insurance. Geographic location may impact access to advisors and branch locations.

Comparing National Bank Insurance to Top Competitors

How does National Bank insurance match up to leading Canadian life insurance companies? Here is an overview of how National Bank’s essential products compare to competitors:

National Bank Term Life Insurance Comparisons

Here is the continued comparison table for term life insurance:

Insurer	Max Coverage	Terms Available	Sample Monthly Premiums	Add-Ons	Ratings
National Bank	$1 million	10 or 20 years	$27 (age 30, $500K)	Critical illness benefit included	Not rated
Sunlife	$50 million	10-30 years	$37 (age 30, $500K)	Child life, waiver of premium, accident insurance available	A+ Superior
Canada Life	$25 million	10-40 years	$31 (age 30, $500K)	Living benefits, waiver of premium, child life available	A+ Superior
RBC Insurance	$25 million	10-30 years	$33 (age 30, $500K)	Accidental death, critical illness, disability waivers available	A+ Superior
Manulife	$50 million	10-40 years	$29 (age 30, $500K)	Child life, disability waivers, accidental death available	A+ Superior

The comparison shows National Bank’s term life rates are very competitive, especially given the built-in critical illness benefit. However, the lower maximum benefit amounts and fewer add-on options give some insurers the edge in customization and higher protection limits.

National Bank Travel Medical Insurance Comparisons

Insurer	Trip Medical Maximum	Trip Cancellation	COVID-19 Coverage	Pre-Existing Condition Stability Period	Add-Ons
National Bank	$5 million	Included	No	3-12 months	None
Manulife	$10 million	Included	Yes	90 days – 5 years	Baggage, accident, sports equipment rental available
TD Insurance	$10 million	Included	Yes	90 days if under 55	Baggage, sports equipment rental available
Blue Cross	$10 million	Included	Yes	90 days if under 60	Baggage, sports equipment rental available
RBC Insurance	$10 million	Included	Yes	90 days if under 55	Baggage, sports equipment rental available

For travel medical insurance, National Bank’s lower trip maximum and lack of endorsements put them behind top insurers like Manulife and TD Insurance that offer higher limits, COVID-19 coverage, and ability to customize plans.

National Bank Health Insurance Comparisons

Insurer	Plans Offered	Prescription Drugs	Dental Coverage	Vision Coverage	Monthly Premiums*	Ratings
National Bank	Extended health, dental, disability, travel	Yes	Basic, major, orthodontics	Basic, enhancements	$130 individual	Not rated
Sunlife	Extended health, dental, disability, critical illness	Yes	Basic, major restorative, orthodontics	Basic, vision care	$110 individual	A+ Superior
Manulife	Extended health, dental, disability, travel	Yes	Basic, major restorative, orthodontics	Basic, vision care	$125 individual	A+ Superior
Green Shield Canada	Extended health, dental, disability, travel	Yes	Basic, major restorative, orthodontics	Basic, vision care	$115 individual	Not rated

*Sample monthly premiums based on individual Ontario coverage

National Bank offers competitive premiums for group health plans but has less variety in specialized plans like critical illness insurance compared to leading health insurers.

Getting the Best Rates on National Bank Insurance

Here are some tips to help you maximize savings on National Bank insurance:

• Bundle your policies: National Bank often offers discounts of up to 15% on multiple insurance policies. Combine plans like term life, home, auto, travel medical, and more.
• Take advantage of group rates: If you have insurance through an employer or association plan with National Bank, you can benefit from lower premiums through group buying power.
• Boost term life discounts: National Bank offers preferred rates on term life insurance for healthy individuals who don’t smoke or use nicotine. Getting a physical exam can also reduce premiums.
• Lengthen your term: Choosing a longer term (e.g. 20 years over 10 years) reduces monthly costs on National Bank term life insurance.
• Lower coverage: For budget savings, consider whether you can get by with lower coverage amounts on products like term life and critical illness insurance.
• Pay annually: Opting for annual premium payments rather than monthly payments can earn you 5-10% discounts per year.
• Insure young and healthy: Life insurance rates are lowest when you’re young and healthy. Lock in affordable premiums early if you anticipate future health changes.

Discuss all available discounts with your National Bank advisor. Ask about combining policies, increasing deductibles, improving health, and any other ways to maximize insurance savings.

Is National Bank Insurance Right For Me?

When deciding if National Bank insurance fits your needs, weigh factors like:

• Your location – Proximity to Quebec for in-person service. Options may be more limited elsewhere.
• Your insurance priorities – Assess if National Bank offers the right mix of products tailored to your unique situation.
• Pricing – Get quotes and compare National Bank’s rates on coverage you need to competitors.
• Age and health – Make sure you meet life and medical insurance eligibility requirements.
• Brand reputation and financial strength – Consider the insurer’s track record and ability to pay future claims.
• Advisor relationships – Having an advisor you trust that represents National Bank can be advantageous.

Individual circumstances and insurance needs vary. National Bank is a solid choice for affordable term life and travel medical insurance bundled with banking. Other providers may offer expanded options for specialized needs like niche health products or higher protection amounts.

How to Apply for National Bank Insurance

Applying for insurance through National Bank is straightforward:

Get a quote online – Visit National Bank’s insurance section and use their quick quoting tool to generate rates based on age, smoking status, coverage amount and more.

Connect with an advisor – Call or visit a National Bank branch to speak with a licensed insurance advisor who can provide personalized quotes. Ask questions and review plan details.

The application can be completed and submitted digitally or with your advisor. You’ll answer detailed questions about health, family history, lifestyle, occupation and other eligibility factors.

Undergo medical review – Depending on age and amount, you may need a physical exam, paramedical evaluation or medical records. This verifies health status.

Receive policy documents – If approved, you’ll receive insurance policies outlining coverages, terms, conditions, and effective dates. Activate any online account access.

Please disclose all health and lifestyle factors accurately on the application. Honesty avoids issues later if you need to file a claim.

How Do I Make a Claim With National Bank Insurance?

Making an insurance claim with National Bank involves:

Reporting the claim – Contact National Bank’s claims team promptly when you need to initiate a claim. Provide preliminary details about what happened and the benefits you need to access.

Completing paperwork – Request, complete and return any claim forms provided by National Bank’s claims department. Supply documentation like receipts or medical records.

Monitoring claim status – Follow up with National Bank’s claims adjusters as needed on timelines, decisions, or if additional information is required from you. You can request updates any time.

Receiving claim resolution – Once the insurer completes their review and settlement process, they’ll notify you of claim approval details including cause, amount to be paid, and to whom. Resolutions take around 30 days or more.

For emergency travel medical claims abroad or questions, National Bank provides 24/7 multilingual assistance. Contact their travel assistance partner directly for immediate help coordinating care, payments, and repatriation.

Finding the Right Insurance Starts Here

Choosing coverage to safeguard your health, life, home, and travel involves research and expert guidance. By understanding National Bank’s insurance capabilities and how their products compare to competitors, you can confidently make enlightened choices.

To recap, weigh National Bank’s competitive pricing and reputation, particularly for term life insurance and critical illness. But keep limitations in mind for more complex needs or higher policy amounts. Consulting an experienced advisor lets you evaluate options and find plans tailored to your unique priorities.

Outfitting yourself and loved ones with adequate, affordable insurance lays the foundation for long-term financial security. With intelligent planning, National Bank Insurance could play a valuable role in your protection portfolio. Get started by requesting quotes and connecting with advisors today.

Call to Action

Ready to explore your National Bank insurance options? Get started by requesting a quote from a top-rated advisor of Best Insurance Online to discuss coverages and pricing suited for your needs.

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