Coverage starts on the latest of the following dates:
- The mortgage approval date of the mortgage that later funds; or
- The date you apply for coverage (see below for further information); or
- The date you are notified in writing that your coverage is approved.
For Life Insurance, coverage starts on the date you apply for coverage if:
- You answer “No” to health questions 1–4 on the application and the amount of total requested coverage, including any existing coverage, is $500,000 or less
For Critical Illness Insurance, coverage starts on the date you apply for coverage if:
- You answer “No” to all health questions on the application and the amount of total requested coverage, including any existing coverage, is $500,000 or less
If you answer “Yes” to any of the health questions on the application or the total requested coverage, including any existing coverage, is greater than $500,000, you will need to complete a separate health questionnaire.
If further health information is needed, you’ll be contacted by phone to complete a health interview. Typically, the average wait time to be contacted is within 2–3 business days. A written decision regarding your coverage approval status will be mailed to you.
NOTE: A benefit will only be paid if the mortgage is fully advanced under the insured person’s name.
To learn more about coverage including benefits, conditions and restrictions, refer to theabove.
