What is Mortgage Critical Illness Insurance?
Mortgage Critical Illness insurance pays out the outstanding balance on your mortgage, whether you can work or not, if you are diagnosed with a covered critical illness.
Is there a limit on the amount of Mortgage Critical Illness Insurance I can buy?
Most Mortgage Critical Illness Insurance plans cover up to $500,000 per mortgage or $500,000 for all mortgages combined. All insurance coverage is subject to the terms and conditions outlined in the applicable certificate of insurance which you will receive upon approval of your application.
Are there any conditions for approval?
In most cases, you only have to answer a few health-related questions and no medical examination is required. If you answer ‘No’ to the health-questions and your mortgage is below a certain limit (usually $300,000 or less), you’re typically approved. Answering ‘Yes’ to any of the health questions does not necessarily mean you won’t be approved; it simply means the insurer will contact you for more details.
Can more than one person apply?
Mortgage Critical Illness coverage is usually available for up to two borrowers on the same mortgage.