Canada Life’s mortgage insurance is a robust and flexible plan designed to protect your mortgage.
You can enroll in the plan with your participating lender at the same time you apply for your mortgage. It allows you to meet your financial obligation simply by providing you with a benefit in the event of a life-threatening or terminal illness, disability or death.
Canada Life’s mortgage insurance provides comprehensive coverage for terminal illnesses, critical illnesses, as well as life and disability insurance. The product and lender in this coverage will determine the benefits included in the coverage and the benefits are paid directly to your lender. For instance, the outstanding balance, up to the predetermined maximum is paid to your lender in the event of your death.
The coverage can provide robust protection to you if you become disabled. In such a case, you will receive a minimum monthly payment up to a predetermined monthly amount. Furthermore, if you are diagnosed with a critical illness condition, the coverage will pay your outstanding balance up to a predetermined maximum. The same applies if you are diagnosed with a terminal illness.