If I pay the premiums do I own the policy?

Most lenders issue group Critical Illness insurance and as such they are the owner and the beneficiary of your coverage. They receive the benefit, not you or your family. The cash benefit is only used to pay off the mortgage no matter what your current needs may be. With an individual policy, the choice is yours as to how you will spend it.

Is the coverage guaranteed?  

Most lenders reserve the right to cancel your policy at any time. With an individual Critical Illness policy, coverage as well as your premiums are guaranteed for the life of your contract.

Will I be covered for conditions like Multiple Sclerosis, Parkinson’s or Alzheimer’s?

Most lenders provide coverage for cancer, heart attack and stroke. With an  individual Critical Illness policy you can enhance your coverage to include up to 24 covered illnesses. You can also benefit from a payment when you are affected by a non life threatening illness which include the early stages of some cancers and for coronary angioplasty.

Can I get my premiums back if I don’t claim?

Critical Illness insurance offered by your lender has no provision for you to add on a “return of premium” rider. With an individual Critical Illness policy you have the option of adding this benefit to your policy. Providing you maintain your policy for the required period of time, you will be eligible for a portion of, or up to 100% of the premiums you have paid for this coverage. You can even use the return of premium to help pay off your mortgage early.

Can I choose the amount of coverage?                       

Most lenders will only allow you to purchase the amount of coverage equal to your mortgage. As you mortgage balance decreases, so does the benefit from your policy. With an individual Critical Illness policy you can purchase from a minimum of $25,000 up to $2,000,000 in coverage. Best of all, as you pay off your mortgage, your policy benefit will not reduce for the life of the contract.

Can I keep my insurance if I pay off my mortgage?

Coverage provided by most lenders terminates when your mortgage is paid off. Individual Critical Illness plans are not affected by your mortgage and stay in effect for the life of the contract, until you terminate the coverage or until the benefit is paid.

If I change banks to get a better
rate can I keep my insurance?

Most lenders will terminate your coverage if you move your mortgage to another lender. This can be dangerous if you are not able to qualify for coverage with the new lender. An individual Critical Illness policy is yours to keep for the term of the contract, and you will never be without coverage should you choose to change your lender..