Mortgage Protection Plan
Why take out Mortgage Protection?
It’s a known fact that buying your home is one of the biggest investments you will ever make. In recognition of this, mortgage lenders now insist that you purchase Mortgage Protection to safeguard your investment. Mortgage Protection Cover can be taken out for the term of the mortgage and is designed to repay the outstanding mortgage on the occurrence of certain events. The policy can be designed to pay out on death or on the occurrence of specified illnesses. All your contributions go towards protection, which means there is no surrender value on a Mortgage Protection Plan.
Benefit Details
Life Cover
The Canada Life Mortgage Protection Plan aims to provide a lump sum to cover all of the outstanding mortgage balance on death and help to ensure that your partner and dependants would not lose the family home if you die before your mortgage is paid off.
By providing cover that reduces over the loan period in line with a repayment mortgage, this form of cover is cheaper than level term assurance.
Accelerated Specified Illness Cover
You also have the option of having Specified Illness Cover under your Canada Life Mortgage Protection Plan. If you suffer a specified illness, the cash lump sum will pay off your outstanding mortgage.
For more information please see the Mortgage Protection Plan Factsheet
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