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Mortgage life Insurance |
We at Canada Insurance Plan offer many options for mortgage insurance one being: true mortgage life insurance or technically known as decreasing term life insurance. Your premiums stay level, but your insurance coverage declines as your mortgage goes down. This is the type of mortgage life insurance you would find through the bank.
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.
- Life – If you die, the insurance can pay your outstanding balance.
- Disability – If you become disabled, the insurance can pay your minimum monthly payment.
- Critical illness – If you are diagnosed with a critical illness, the insurance can pay your outstanding balance.
- Terminal illness – If you are diagnosed with a terminal illness, the insurance can pay your outstanding balance.
Most often, acceptance is automatic on the date you apply and medical examination may not be required for enrolment. All benefits are subject to conditions that are fully described in the certificate of insurance that you receive when you enrol for the insurance.
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