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Home
Protection Plan mortgage insurance
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Life Insurance |
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Critical Illness |
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Disability Insurance |
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The purpose of the Home Protection Plan mortgage
insurance is to meet the financial security needs of real estate
mortgage borrowers. It aims to cover a broader range of
financial needs than those covered by the group mortgage
insurance, offered by the primary lending institutions, which is
largely based on the loan instead of the person.
COMPETITIVE ADVANTAGES
Since the Home Protection Plan is an individual
life insurance product, you receive all the benefits associated
with this type of product. The primary advantages are as
follows:
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Customized insurance coverage, which may
include a number of additional insurance benefits.
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You are the owner of the policy, and level insurance premiums
are guaranteed for the
entire term of the contract.
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Ability to convert contract to permanent life
insurance, with no medical examination.
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Protection against an increase in interest
rates upon mortgage renewal.
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Critical illness insurance rider (covering
4 illnesses).
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Disability definition of own
occupation covers 24 months.
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Remains in force even when you
change lending institutions.
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Ability to choose the beneficiary (can be
different than lending institution). Underwriting done at the
time of application, rather than at the time of claim.
TYPES OF MORTGAGE LOANS
The loan must be reimbursed though pre-established periodic
installments based on an interest rate and an amortization
period. These installments must contain a principal and an
interest portion. The loan must also be secured by real estate.
AVAILABLE COVERAGES
With its great flexibility, the Home Protection Plan can
be tailored to your needs and offer a highly
personalized product. The Home Protection Plan provides
life insurance coverage under its basic plan. As an
additional option, you can get disability insurance,
critical illness insurance, and many other benefits.
Basic Plan: Life Insurance
Coverage:
Individual or joint
Age at issue:
18 to 64 years old
Term of insurance:
Loan amortization period (maximum 30 years)
Initial face amount:
$10,000 to $1,000,000 The face amount is equal to the balance
of the mortgage loan at all times.
Premiums:
The
premiums are level and guaranteed for the full term of the
contract.
Beneficiary:The
insured names the beneficiary of their choice. There is no
obligation to designate the lending institution.
Conversion privilege:
Conversion into permanent life insurance with the same type of
coverage (individual or joint) at any time before age 65 and
without evidence of insurability. The face amount of the new
policy will be equal to the mortgage balance at the time of
conversion. Consequently, the Home Protection Plan contract and
riders will terminate upon conversion.
Disability Insurance (optional)
Coverage:
Individual or joint
Age at issue:
18 to 54 years old
Benefit:
Choice of coverage 50 or 100% of monthly
mortgage payment (max. $5,000 per month)
Waiting period:
1 month (accident or hospitalization) and 3 months (illness -
retroactive to 1 month)
Benefit period:
2 years or until the end of the amortization period (before the
insured reaches age 65)
Definition of disability:
For the first 24 months, continuous inability of
the insured to carry out the tasks of his/her main occupation.
Subsequently, continuous inability to carry out any occupation
whatsoever. (See full definition in the contract)
Premiums:
The
premiums are level and guaranteed for the full term of the
coverage. Includes waiver of contract premium.
Beneficiary:
The applicant
Changing the level of
coverage:
Once the disability coverage has been issued, the applicant can
always change the level of coverage to 100%, 50% or 0%. No
evidence of insurability is required for a decrease.
Critical Illness Insurance (optional)
The
coverage guarantees the accelerated payment of the mortgage
balance if the insured is diagnosed with one of the covered
critical illnesses. Issue rules: Identical to those for life
insurance. Note that the coverage terminates when the insured
reaches age 75.
Coverage: Individual or
joint. Joint insurance is payable on the first positive
diagnosis of a covered critical illness and the face amount is
paid to the beneficiary. 4 critical illnesses
covered.
Age at issue: 18-64
years old
Face amount: The face
amount under the accelerated critical illness insurance is
always equal to 100% of the mortgage loan balance (from
$10,000 to $1,000,000).
Term of insurance:
Amortization period (maximum 30 years)
Premiums:
The premiums are level and guaranteed for the full term of the
coverage.
For more information, free consultation and
to purchase a policy please call
Natalia
at
416-493-0101,
416-458-4577
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Covered Critical Illnesses
The medical conditions or critical illnesses covered under this
additional benefit are as follows: Cancer (Life threatening,
Heart Attack, Stroke, Coronary Artery Bypass Surgery. For detailed description of each
of these illnesses and conditions, along with their limitations
and exclusions, see the contract.
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