Mortgage Life + Critical Illness

20/20 provides the option of adding Critical Illness coverage to your Mortgage Life Insurance policy, which will pay you a lump sum of up to $300,000 if you suffer a heart attack, an acute stroke or develop life-threatening cancer.

As is the case with life coverage, the amount is intended to provide financial protection in the event that something were to happen to you before your mortgage is paid off. The amount of coverage is therefore reduced based on the same amortization formula as the life benefit and is clearly shown in your policy.

 

Features
  • Available with a 20/20 Mortgage Life Insurance policy and must be issued at the same time.
  • Term Critical Illness insurance with declining sum insured (calculated using same amortization schedule as 20/20 Mortgage Life Insurance policy)
  • 3 covered Critical Illnesses
  • Simplified issue (signed declaration with proof of existing bank mortgage insurance if issued within previous 12 months, or a short-form health questionnaire if bank mortgage insurance in force for more than 12 months)
  • Guaranteed level premiums for the term selected.
Covered Critical Illnesses*
  • 1. Heart Attack
  • 2. Cancer
  • 3. Stroke

*See Policy for definitions and exclusions

Issue Ages Same as 20/20 Mortgage Life Insurance
Term of Coverage Must be same term as 20/20 Mortgage Life Insurance
Sum Insured $50,000 – $300,000 (max coverage cannot be more than Life Insurance)
Joint Policy

Once the older insured reaches age 70 and his/her coverage ends, the younger insured continues to be covered until he/she reaches the age of 70.

Termination of the Critical Illness Rider

The Critical Illness rider terminates on the first of the following:

  • (a) The death of the insured or of one of the insured if a joint policy.
  • (b) The date a critical illness insurance benefit is paid under the Critical Illness rider.
  • (c) The date Assumption Life receives written notice from the owner requesting termination of the Critical Illness rider or the date of termination requested in the notice, should this date be later.
  • (d) The date the life insurance policy or rider to which the Critical Illness rider is attached terminates, for whatever reason.
  • (e) The date of the younger insured’s 70th birthday.
Portability Yes. Coverage continues if you change banks or your mortgage terms change.

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