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Critical Illness Insurance with your Mortgage

Insurance for your MortgageWhen your lender offers to sell you critical illness insurance with your mortgage, what will your answer be?

Purchasing critical illness insurance to protect your mortgage makes a lot of sense. And purchasing it from the lender who’s providing your mortgage may seem convenient.

But when it comes to purchasing critical illness insurance to protect your mortgage, it’s important to know that you do have options. For example, did you know that purchasing an individually-owned critical illness insurance plan, can provide greater flexibility and value than a plan offered by your lender?

Here’s a quick look at how an Individual Critical Illness Plan compares to most lenders’ mortgage critical illness insurance plans:

Do I own the policy?
Most lenders issue group critical illness insurance. They are the owner and beneficiary – they receive the cash benefit if you became critically ill, not you or your family. The cash benefit is used solely to pay off your mortgage, no matter what your current needs may be. With an Individual Critical Illness Insurance Plan, you own the policy and any benefit payable is yours to use as you choose.

Will I be covered for conditions like Alzheimer’s, Parkinson’s and Multiple Sclerosis?
Most lenders provide basic coverage for cancer, heart attack and stroke. An Individual Critical Illness Insurance Plan provides protection for up to 22 covered conditions. Also included in your coverage are other great benefits like their Early Intervention Benefits, which provides a percentage of your coverage for the early stages of some cancers and for coronary angioplasty.

Can I choose the amount of coverage?
You can purchase only the amount of coverage equal to your mortgage from your lender. As your mortgage amount decreases, so does your benefit. With an Individual Critical Illness Insurance Plan, you can purchase a minimum of $25,000 up to $2,000,000 in coverage. And, since the policy is not tied to your mortgage, the benefit amount doesn’t change as long as the policy is in effect.

Can I continue my coverage if I switch lenders?
Most lenders will terminate your coverage if you move your mortgage to another lender. If your health has changed it may be difficult to get new coverage with the new lender. With an Individual Critical Illness Insurance Plan, the policy is yours for the term of the contract.

Can I continue my insurance coverage beyond my mortgage period?
Coverage provided by most lenders terminates when your mortgage is paid off. With an individually-owned plan, your coverage is not affected by your mortgage. An Individual Critical Illness Insurance Plan coverage stays in effect for the life of the contract, until you terminate the coverage or until a benefit is paid.

Is my coverage guaranteed?
Most lenders reserve the right to cancel your policy at any time. With an Individual Critical Illness Insurance Plan, your premiums and benefits are guaranteed for the life of your contract.

If you’re looking to protect your mortgage with critical illness insurance, it pays to compare. So before you say Yes to your lender, contact Quattro Insurance Solutions by calling us at 514.258.2171

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