Learn how critical illness and disability coverage can help offer comprehensive protection.
When you opt for mortgage life insurance, you can rest assured that no matter what happens, your family’s home and future will be secured. However, the passing of a loved one is not the only thing that can throw a family’s finances into jeopardy. What would happen if you were to fall ill, or become temporarily or permanently disabled, and unable to work?
Depending on your financial needs, an agent may suggest a policy rider to cover situations such as critical illness or disability.
What Is A Policy Rider?
An insurance policy rider is added on to the primary policy, specifying additional benefits, or amendments to the policy. For example, some riders may add on coverage for cases such as long-term care, while other riders may be created to modify coverage on things such as pre-existing conditions.
What Are Critical Illness and Disability Riders?
When it comes to Mortgage Life Insurance, critical illness and disability riders are used in order to add coverage to protect your family not just if you pass away, but if you become ill or disabled.
Why Should You Consider Critical Illness and Disability Coverage?
Most families make their budget and plans based on the assumption that they will continue earning at their current income level until it is time for them to retire. However, did you know that at least 1 in 3 Canadians will experience some form of disability that impedes their ability to work and earn income during those years?
If you know that falling ill or being disabled would damage your family’s financial future, it’s time to look into critical illness and disability coverage. After all, during a difficult time, the last thing you want to do is tack financial stress on top of worries about the state of your health.
The Details
- Our Critical Illness coverage pays out a lump sum of up to $300,000 if you suffer a heart attack, an acute stroke, or develop life-threatening cancer.
- Our disability coverage protects you in a case where you become unable to work for more than 60 days due to illness injury, or pregnancy complications. Your disability rider will cover your monthly mortgage payments, up to a maximum of $3 000, each month for up to 24 months, provided you remain totally disabled. It will not be reduced if your mortgage is paid off.
Contact Us
To learn more, get in touch with our team at 1-844-974-2020 or connect with us through our online contact form.
