A lot of factors can affect your mortgage. If you suffer a terminal illness or die, your mortgage will suffer as well. However, you can take advantage of TD mortgage life insurance to get yourself protected. This coverage will pay the insured or his beneficiaries a benefit up to $1,000,000 if he dies, suffers a covered accidental dismemberment or gets a terminal illness.
The mortgage life insurance benefit is paid on interest owing, discharge/penalty fees, outstanding TD mortgage less any arrears, and overdrawn balance on the property tax account. Furthermore, if you are diagnosed with acute heart attack, stroke or life-threatening cancer, you can get paid up to $1,000,000 provided you add optional TD mortgage critical illness insurance as an enhancement to the plan.
What TD Mortgage Credit Protection Life Insurance Offers
The mortgage life insurance offers competitive rates as well as discounts. In addition, your premium for the plan depends on the amount of your mortgage during the application time, excluding the applied discount as well as your age. Furthermore, if someone else becomes insured for Critical Illness and Life insurance on the same mortgage, a 25% discount will be applied to each of the individual premiums.