It depends... this is Mortgage Protection Insurance from big banks? It would help to know what bank you're with too, as they generally sell insurance from the big few as well (Manulife, Canada Life, etc).
I believe (from back when I was a big 4 bank) they cover only up to a certain amount (2018 figures is $3,000) up to $150K, on a list of job-interfering injuries.
Best to call your banker - who will then refer you to the subcontracted insurance company who REALLY handles claims.
https://www.cibc.com/en/personal-ban...lity-plus.html
Quote:
Terms and conditions
2 The fixed monthly benefit amount is calculated by rounding the principal and interest portion of your total monthly Mortgage Loan payment on the date you applied for Mortgage Disability Insurance to the nearest $100, up to a maximum monthly benefit of $3,000. If your Mortgage Loan payments are not monthly, this amount is adjusted as described in the Certificate of Insurance. Once your application for coverage is approved, your fixed monthly benefit amount will not change for the life of your Mortgage Loan unless you cancel and reapply. The maximum amount of benefits paid for each insured person for each incident of disability across all insured CIBC Mortgage Loans is $150,000. This maximum applies to your insurance claims under all of your Mortgage Disability Insurance and Mortgage Disability Insurance Plus insured Mortgage Loans.
|