Mortgage disability insurance
Did you know that your financial institution cannot oblige you to purchase mortgage disability insurance?So why purchase that kind of product? In order to help you pay your mortgage and your fixed expenses (taxes, utilities) in case of illness or accident.
Did you know that if you have an insurance product with your financial institution, there are no cancellation penalties or fees?
All our group insurance plans are structured as a function of your priorities, and we adapt them to the needs of your members. Your members are entitled to bilingual customer service offered with understanding and respect by our highly qualified staff.
There are benefits from purchasing an individual brokerage product instead of the mortgage disability insurance product offered by your financial institution.
An individual contract is less expensive. You probably don’t know it because the premium for your mortgage insurance coverage is added as a percentage of your debt. The premium is the same for everyone, no matter your occupation, state of health or other conditions, and this prevents you from making savings.
An individual contract protects you against an increase in interest rates, the age reached or an increase in cost, due to mortgage refinancing, because the premiums are the same for the whole term.
Definition of disability
A shorter waiting period before receiving the monthly benefit, because you choose between 30, 60 or 90 days, instead of the 90 days imposed by the group contract of your financial institution.
Coverage and term of benefits that you choose, either 2 or 5 years or until age 65. This is contrary to the 12 months generally available in the group contract of your financial institution.
An individual disability loan insurance contract can be used to pay all existing loans and not just a mortgage.
It can thus serve to pay a loan for mortgage, the purchase of a car or a boat, credit cards, a line of credit, etc. The contract can be kept until age 65. If your disability persists after the term, the disability payment disability will be made for any loan up to the insured benefit until all loans are reimbursed.
The individual contract can be maintained until age 65 while protecting your profession, in order to cover all existing loans with a fixed premium until age 65.