Q. How do I apply?
In order to apply for insurance coverage you will need to complete an application and perhaps a Statement of Health form. Our Customer Service Specialists can you an application package.
Q. What does coverage does Home Mortgage Protection provide?*
Our coverage ensures that if you were to die suddenly, your family would not be left with the mortgage. The insurance coverage may pay off the remaining mortgage balance in effect on the date in which the insured dies. Please keep in mind that proof of death will be required before the claim can be processed.
The amount of the benefit will pay to MCAP, or its affiliated lenders, the outstanding balance of the insured mortgage, plus accrued interest from the date of death to the date of claim settlement.
Q. I am moving to a new property, what happens to my coverage?
Your coverage is portable to another property (so long as the new property is mortgaged by MCAP). If your new mortgage is for a higher balance, you can apply to top up your coverage.
Q. How do I cancel my insurance coverage?
In order to cancel your insurance coverage, we require a signed letter from all insured parties that they request to have the insurance coverage cancelled. All future premium payments will be stopped once we have received signed notification.
Q. Why do I need Critical Illness?
By paying your mortgage, MCAP Critical Illness is designed to address these needs and reduce...
- Child care expenses may increase
- In-home help or costly home or vehicle modifications may be necessary
- Out-of-pocket travel expenses may be incurred in order to receive treatment
- Some medical expenses may not be covered by government or private health plans
Critical Illness Insurance is designed to address these needs and reduce some of the financial stress of a serious illness.
Q. What illnesses are covered under my Critical Illness plan?
Under this plan, you are covered for the following five illnesses:
· Heart attack
· Stroke
· Life threatening cancer
· Kidney failure
· Major organ failure requiring transplant
Q. I have life coverage, why do I need Critical Illness?
Life insurance is a benefit that is paid out when you die. Critical Illness is a living benefit, meaning the illness does not have to be terminal, nor does the insured have to die, for the benefit to be paid. Critical Illness Insurance reduces your mortgage so you can focus on your family and your recovery.
Q. I have health coverage, why do I need Critical Illness insurance?
Unlike health benefits that cover specific eligible medical expenses, Critical Illness insurance helps reduce monthly expenses through a lump-sum payment against your mortgage.
Q. I have disability coverage, why do I need Critical Illness insurance?
Disability benefits replace your income over a period of time when you are not able to work due to a disability, but they may not be adequate to cover all the additional expenses that result from your illness. Critical Illness Insurance reduces your mortgage in a lump-sum payment which reduces your monthly carrying cost.
Q. What can I use the Critical Illness insurance benefit for?
This benefit is used to reduce your mortgage, which alleviates some of your monthly financial obligation.
Q. Will my disability benefit amount be reduced when the Critical Illness insurance benefit is paid out?
Disability and Critical Illness insurance are different benefits. The Critical Illness insurance benefit payment will not reduce your disability benefit amount.
Q. What if I'm diagnosed with cancer within 90 days following my insurance effective date?
No benefit is paid and the coverage is terminated.
Q. How is the Critical Illness benefit paid? Will it be paid if I survive? What if I die?
The critical illness benefit provides a one-time, lump-sum payment used to pay down your mortgage. Subject to the terms and conditions in your certificate of insurance, the amount identified in the Amount of Benefit section of your certificate is paid directly to the lending institution. In no event will more than one claim be paid in respect of any one insured mortgage.
Q. When does my Critical Illness insurance become effective?
Your coverage becomes effective on the latest of:
- The date the mortgage funds are advanced
- In the case of an assumed mortgage, the date the mortgage is assumed
- The date of the insurance application
- The date of the coverage approval letter
Q. If I am diagnosed with one covered illness, and am then diagnosed with another, will I be paid for both illnesses?
No. The Critical Illness insurance benefit is only payable once, and for the first covered illness only, at which point your coverage ends.
Q. What do I do in the event that I am diagnosed with a critical illness and I want to make a claim?
You are eligible to file a claim for critical illness if a licensed physician or health practitioner in Canada diagnoses you with one of the covered illnesses. The diagnosis must be confirmed in writing. You may contact MCAP’s Customer Service team for a claim form and have one year from the date of your critical illness diagnosis to submit a claim.
*See the certificate of insurance within the application for policy details.