Q. How do I apply for Home Mortgage Protection?
In order to apply you will need to complete an application and perhaps a Statement
of Health form. Our Customer Service Specialists can send these applications to
you an application package.
Q. What 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. What does Critical Illness Insurance coverage provide?*
The policy covers the insured, and may pay off the mortgage balance in full, if
the insured is diagnosed with one of the following 5 illnesses: Heart Attack, Stroke,
Kidney Failure, Cancer, and Major Organ Transplant. Provided that the insured lives
for 30 days following diagnosis the mortgage balance would be paid in full. Please
keep in mind that our Critical Illness Insurance can only be purchased alongside
our Mortgage Life Insurance product.
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 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 insurance?
By paying your mortgage, MCAP Critical Illness insurance 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 insurance 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 insurance?
Life insurance is a benefit that is paid out when you die. Critical Illness insurance
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.