Mortgage Critical Illness
Odds are you will survive a critical illness. Take the financial stress out of your recovery.
In all likelihood, you know of someone who's been diagnosed with cancer, heart attack, or stroke. It happens to approximately one out of every three people in Canada. But while the incidence of critical illness is increasing every year, advances in medical science are helping victims beat life-threatening illnesses like never before.
Studies have shown that -
- Cancer victims of all ages are living longer than before
- Approximately 70% of all heart attack and stroke victims will survive
- More survivors are relying on insurance benefits to help them cope with the potentially high cost of recovery
What if it happens to you? Many insurance policies are created to protect your family only in the event of your death. When you survive a critical illness, you may not be able to return to work, your expenses could increase dramatically, and your life insurance policy may not help. Now imagine how much easier it would be if your TD Canada Trust mortgage, up to $300,000, was paid off by Critical Illness Insurance. With no more TD Canada Trust mortgage payments, you could concentrate on getting better.
Key questions you should ask:
- What Critical Illnesses are covered?
- What happens if I have an Acute Heart Attack, recover in a few weeks or months, and return to work?
- Does my disability insurance cover me for living benefits?
- Why are only these three illnesses covered?
- Is breast cancer covered?
- Is prostate cancer covered?
- What if the Critical Illness is terminal?
- Can I get Mortgage Critical Illness Insurance without also insuring my life?
- I already have Mortgage Life Insurance. Do I really need more insurance?
- Do I need to take a medical examination?
Mortgage Critical Illness Insurance works with your Mortgage Life Insurance
Mortgage Critical Illness Insurance is a benefit you enjoy while you are alive. It builds on your Mortgage Life Insurance to complete your protection so that you can be covered if you die, OR if you fall victim to Cancer (life threatening), Acute Heart Attack, or Stroke, and survive. Mortgage Critical Illness Insurance is available as an enhancement to your TD Mortgage Life Insurance.
Affordable coverage provides great value
Your cost of insurance is based on your age when you apply and the amount of your mortgage. Your premiums will not increase for the term of your mortgage, even as you get older. It is comforting to know that this important coverage will remain affordable.
If you choose to insure more than one customer, you will obtain a 15% discount on the total of your individual premiums.
| Your Age |
Monthly premiums per $1,000
of single coverage |
| 18-30 |
$0.10 |
| 31-35 |
$0.14 |
| 36-40 |
$0.21 |
| 41-45 |
$0.39 |
| 46-50 |
$0.62 |
| 51-55 |
$0.96 |
Your payments
Your insurance premiums are included as part of your regular mortgage payment. They will be converted to the payment frequency that you choose for your mortgage payment.
Easy application method
There are no lengthy forms to fill out and, in most cases, a medical examination is not required. If you're a Canadian resident between the ages of 18 and 55 and are a new or existing TD Canada Trust mortgage customer, you're eligible to apply for this unique protection. As long as your mortgage payments are up-to-date, coverage continues until your mortgage is paid off or until you reach age 70.
Satisfaction guaranteed!
Mortgage Critical Illness Insurance comes with a satisfaction guarantee. If you are dissatisfied with your coverage for any reason, you may cancel it for a full refund within 30 days of purchase. After this, your coverage can be cancelled at any time.
Answers to key questions
- What Critical Illnesses6 are covered?
Cancer (life-threatening), Acute Heart Attack and Stroke as defined in the Certificate of Insurance. Some restrictions apply.
- What happens if I have an Acute Heart Attack, recover in a few weeks or months, and return to work?
Mortgage Critical Illness Insurance can pay your full TD Canada Trust mortgage balance - up to $300,000. If you are diagnosed with either Cancer (life-threatening), Acute Heart Attack, or Stroke by a physician licensed to practise medicine in Canada, you're eligible to file a claim.
- Does my disability insurance cover me for living benefits?
The disability insurance you may have at work is valuable, but disability coverage usually won't pay you a lump sum to pay off your mortgage. It provides only a monthly benefit, usually no more than 70% of your pre-disability income. Also, benefits may only continue for a limited time. With Mortgage Critical Illness Insurance, your largest monthly expense could be eliminated, freeing up money you can use for health-related expenses like private nursing care, physical therapy, medical equipment, child care and babysitting services, even modifications to your home.
- Why are only these three illnesses covered?
The Critical Illnesses covered are the most common, occurring across all ages in Canada. They are the most likely to affect the average Canadian at a time when they have a mortgage. And by focusing on only the most common illnesses, we keep premiums affordable for every insured customer.
- Is breast cancer covered?
Yes, breast cancer can be covered if the tumour is malignant.
- Is prostate cancer covered?
Yes, prostate cancer can be covered, including Stage A prostate cancer.
- What if the Critical Illness6 is terminal?
Even if the Critical Illness is terminal, Mortgage Critical Illness Insurance can still pay out.
- Can I get Mortgage Critical Illness Insurance without also insuring my life?
Mortgage Critical Illness Insurance is only available with Mortgage Life Insurance, which insures your mortgage in the event of death. By bundling these two vital forms of personal protection, we are able to offer you excellent insurance coverage at low group premium rates.
- I already have Mortgage Life Insurance. Do I really need more insurance?
While Life Insurance is important if you die unexpectedly, Mortgage Critical Illness Insurance can protect you with a living benefit that pays off your TD Canada Trust mortgage balance up to $300,000. You can then concentrate on health, recovery, and your family.
- Do I need to take a medical examination?
No medical examination is required in most cases. To apply for coverage, you simply need to complete an application with basic health questions.
Related topics:
Mortgage Life Insurance
|
Subscribe