Mortgagers who are Canadian Residents between the ages of 18-64 (maximum 2 applicants per mortgage any additional applicants are ineligible)
Coverage for the insured mortgage can be moved from lender to lender and property to property, subject to provisions in the certificate of insurance.
Premium payments can be set to synchronize with the mortgage payment frequency.
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.
If “No” was answered to the applicable health questions on the application and the mortgage is $500,000 or less it is automatically approved. In all other cases the application will be further underwritten by Canada Life before the application is approved.
Acute Heart Attack, Life-Threatening Cancer, and stroke.
The coverage amount for critical illness up to $500,000.00
Free accidental death coverage from time of accepting coverage until application is approved.