The importance of disability insurance
In the case of mortgage insurance, disability insurance is optional. However, considering that of all mortgage foreclosures in Canada, almost half are related to an accident or illness that prevents households from obtaining income, this type of insurance is of utmost importance.
In the event that you become ill or suffer an accident preventing you from doing paid work, your mortgage payments will be insured by the insurer with whom you have purchased mortgage disability insurance.
When you take out your mortgage with your financial institution, you will be offered group disability insurance. This group insurance therefore protects all members in the same way and this contract may not be adapted to your personal needs. In addition, the price of this policy will not be priced according to your profession, state of health or other conditions.
How then to obtain better protection?
The solution is quite simple: opt for an individual mortgage disability insurance contract. This type of contract is what InfoPrimes offers you when you use our online calculator.
Your family needs are assessed and the policies that will be presented to you are adapted to your situation. In addition, you have the opportunity to shop with several insurers using our online calculator while benefiting from the expertise of a financial security advisor authorized by the Autorité des Marchés Financiers.
In terms of price, since this is an individual rather than a group insurance contract, your profession, state of health and certain other factors will be taken into account and the price of the policy will be adjusted. Your monthly mortgage payment will also be taken into account.
If you have already taken out a mortgage disability insurance contract with your financial institution, know that it is possible to change insurer without penalty or without cancellation fees.
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