You must be gainfully employed for a minimum of 20 hours per week when you apply and not be currently receiving worker’s compensation or disability benefits.
Mortgagers who are Canadian Residents between the ages of 18-64 You do have the option to select Disability Insurance Only, your monthly premium rate will be the rate shown in the table in the certificate of Insurance, plus 20%
Pays up to $3500 of your monthly mortgage payment if you were suddenly unable to work due to illness or injury for a maximum of 24 months.
(100% coverage for each applicant)
Mortgage Disability Insurance may be purchased without Mortgage Life Insurance. Your monthly premium rate will be the rate shown in the table in the Certificate of Insurance, plus 20%.
Free accidental death coverage from time of accepting coverage until application is approved.
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.
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.
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.