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Commonly Asked Questions: Home Mortgage Protection

How do I apply for Home Mortgage Protection?
In order to apply you will need to complete an application and perhaps go through a medical questionnaire. Our Customer Service Specialists can send these applications to you or complete an application over the telephone.

Who needs to go through a telephone medical interview?
Anyone applying with a mortgage amount over $300,000, or who answers "Yes" to the health question in the Medical Information section of the application for Home Mortgage Protection will need to go through this medical interview. MCAP will arrange for its insurer Sun Life Financial to contact you to go through a medical questionnaire.  You will be required to participate in a confidential telephone interview and Sun Life Financial will advise you of the status of your application.  The information will become part of the Application for Home Mortgage Protection.

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 paid to MCAP will include the outstanding balance of the insured mortgage, plus accrued interest from the date of death to the date of claim settlement.

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.

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.

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