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Mortgage Life Insurance

Many homeowners want to protect the lifestyle their families currently enjoy in the event that something unexpected happens. They are looking at mortgage protection insurance which would cover their mortgage (the insured amount) as well as any discharge fees and penalties in the event of death, critical illness, or disability. It is something tangible they can do to help protect their biggest financial obligation.

How will Mortgage Life Insurance protect you?

In the event of death, the insurer will pay the outstanding balance of the insured mortgage. *Some conditions apply.

Who is eligible?

Mortgagers who are Canadian Residents between the ages of 18-64 (maximum 2 applicants per mortgage any additional applicants are ineligible)

Portability

Coverage for the insured mortgage can be moved from lender to lender and property to property, subject to provisions in the certificate of insurance.

Flexibility

Premium payments can be set to synchronize with the mortgage payment frequency.

Coverage

Pays up to $1,000,000 of the outstanding balance of your mortgage (including discharge costs and prepayment penalties)in the event of your death as the insured borrower. Interest-only Mortgages may be covered for Mortgage Life Insurance, for a maximum of 36 months. Free accidental death coverage from time of accepting coverage until application is approved.

Approvals

If “No” was answered to the applicable health questions on the application and the mortgage is $500,000.00 or less it is automatically approved.

In all other cases the application will be further underwritten by Canada Life before the application is approved.

30 -Day Free Review Period

Insurance may be cancelled within 30 days of the effective insurance coverage date. Upon receipt of a written cancellation request a full refund of any paid premium and coverage will be cancelled.

Ready to get insured?

Call your Mortgage Broker for a Quote Today
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