Mortgage Life + Disability

If you purchase Disability Insurance with your 20/20 Mortgage Life policy you are paid a monthly benefit if you are unable to work for more than 60 days due to sickness, injury, or complications due to pregnancy and any related medical conditions. In these cases, you will receive a monthly benefit payment equal to your monthly mortgage payment at the time of your application, up to maximum of $3,000. Your monthly benefit payment will continue each month provided you remain totally disabled and up to a maximum of 24 months. The monthly benefit will not be reduced if you pay off your mortgage. You can use the monthly payment for any purpose while you recover.

20/20 Mortgage Life + Disability includes at no extra charge a Disability Waiver of Premium benefit. This means that if you become disabled when the policy is in force no life or disability premiums will be payable while you are receiving Disability Benefits, following a 60 day waiting period.

 

Features
  • Available with a 20/20 Mortgage Life Insurance and must be issued at the same time.
  • Provides for a monthly disability income benefit payment if the insured becomes disabled before the insured's 65th birthday (see definition of disability).
  • The maximum number of monthly payments is 24 for the same cause of disability.
  • The maximum number of monthly payments is 48 for periods of disability resulting from different disability causes.
  • 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).
  • Non-guaranteed level premiums.
  • The waiting period to receive a first disability benefit payment is 60 consecutive days. Benefit is payable to the insured, not to the bank.
  • Contains limitations and exclusions (please refer to contract for more information)
Definition of Disability

Total disability or totally disabled means a condition resulting from an illness, an injury or a nervous disorder which requires the continuous care of a physician and that prevents the insured from performing his regular duties in regard to any of the following:

  • (a) Any occupation in which he or she was engaged immediately before the date he or she became disabled.
  • (b) His or her main occupation.
  • (c) Any occupation for which the insured worked at least 20 hours per week for at least 8 weeks during the 12 months immediately preceding his or her total disability.

To be considered totally disabled, the insured must not engage in any gainful occupation, employment or activity allowing him or her to draw profits, gains, salaries or any other form of remuneration while he or she is totally disabled.

Term of Coverage Any length from 10 to 25 years The term can be less than or equal to the remaining mortgage amortization
Issue Ages Same as 20/20 Mortgage Life Insurance
Sum Insured $300 – minimum of loan payment per month and $3,000
Joint Policy
  • The disability income benefit is available for one or the other of the insureds or for both. If joint, the sum insured must be the same for both insureds.
  • If both joint insureds have disability income coverage and are disabled, the monthly disability income payments will be made for one insured only, and not be doubled
Termination of the Disability Income Rider

Disability income benefit payments terminate on the first of the following:

  • The date on which the insured ceases to be disabled.
  • The date of death of the disabled insured or of one of the insureds if a joint policy.
  • The date the disabled insured’s by the policy to which the disability income rider is attached terminates, for whatever reason.
  • The date of the 48th monthly disability income benefit payment for periods of disability resulting from different disability causes.
  • The date on which the insured refuses or neglects to provide the required proofs to Assumption Life.
  • The date on which the insured refuses to submit to medical examinations or treatments prescribed by a doctor without reasonable justification.
Portability Yes. Coverage continues if you change banks or your mortgage terms change.

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