|
Accident & Illness Mortgage Protection
Accident & Illness Mortgage Protection is important when you consider that:
- One in three Canadians suffers an accident or injury before their mortgage is paid off1.
- Almost half of mortgage foreclosures in Canada are related to an injury or illness.
Coverage: Accident & Illness Mortgage Protection can cover your mortgage payment, depending on the percentage of coverage you select, up to a maximum of $3,000 per month (or equivalent) per person. This includes principal, interest, plus (if applicable) your property tax deposits and mortgage life insurance premiums. You can choose the percentage of coverage you want – from 50% to 100% (in increments of 10%) of your monthly mortgage payment.
Up to two eligible individuals per mortgage may be covered. Each person can choose from 50% to 100% coverage independent of the other. In the event both are disabled at the same time, benefits would equal the regular monthly mortgage payment, up to a maximum of $6,000 per month.
Cost: Premiums are based on the amount of your monthly mortgage payment, your elected percentage of coverage, and your age at the time of application.
- For joint coverage, each individual should calculate
a separate cost.
- Premiums will not increase for the life of your
mortgage because of increased age or changes in health.
- Calculate the cost : Mortgage Insurance Calculator
Eligibility: A borrower, spouse or guarantor can be insured:
- You must be 18 years or older, but under 65, and
provide a satisfactory answer to 3 simple health questions.
- You can only be insured on one mortgage, which is your principal residence (one dwelling unit).
To apply for Accident & Illness Mortgage Protection or for more information, visit your nearest BMO Bank of Montreal branch.
Back to top
| 
