Mortgage insurance can help you protect your ability to meet your financial obligation by providing a benefit in the event of your death, disability, or critical or terminal illness. You can enrol for mortgage insurance directly through your participating lender at the same time you apply for your mortgage.
We offer comprehensive life, disability, critical illness and terminal illness coverage. The benefits available and details of coverage vary by lender and product. Benefits are paid directly to your lender.
Life – If you die, the insurance can pay your outstanding balance, up to a pre-determined maximum.*
Disability – If you become disabled, the insurance can pay your minimum monthly payment, up to a pre-determined monthly amount and number of payments.*
Critical illness – If you are diagnosed with a critical illness, the insurance can pay your outstanding balance, up to a pre-determined maximum.*
Terminal illness – If you are diagnosed with a terminal illness, the insurance can pay your outstanding balance, up to a pre-determined maximum.*
Most often, acceptance can be automatic on the date you apply and medical examination may not be required for enrolment. You can often add the premiums to your regular mortgage payment.
All benefits are subject to terms, conditions, restrictions and exclusions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
* The type of coverage and maximum benefit amounts may vary by lender. Full details are set out in the certificate of insurance provided on enrolment.
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