What happens when you apply

As long as your premium is collected, the protection for which you have applied starts immediately. You will be sent a Certificate of Insurance, as evidence of your coverage.

That doesn't mean your health isn’t important, but it does mean you get the peace of mind that comes from knowing your mortgage is protected the minute you take on that new obligation.

Then, once your application has been reviewed, your coverage or your premium could be modified.

Here's what will happen.

Your health questions will be reviewed.

  Sometimes this is all that happens before your coverage is approved. If further information is needed, you will receive a call. This will happen when:
    You have answered yes to one of the health questions;
    Your application has missing, incomplete or unclear information;
    There's been an unusual delay in the submission of your application;
    Sometimes your age and/or mortgage amount will also come
      into play.
You will receive a call within two business days.
  If more information is needed, you will be called using the telephone numbers you provided. You can either conduct your interview when we reach you, or you can schedule a time that is more convenient for you (8:00 a.m. to 10:00 p.m., Eastern Time, Monday through Friday).

If you cannot be reached within seven days, a letter or an e-mail will be sent, asking you to call.

If you are unreachable by Day 20, a second reminder will be sent. If you have not been reached after the 30th day, your coverage will default to accidental death and/or accidental disability.

Your tele-interview will take about 20 minutes.

In your tele-interview, you will answer a series of questions about your health. Based on this new information, blood and urine testing may be required, as well as a recording of your “vital signs”, such as heart rate, blood pressure, height and weight.

These tests can be done at your convenience—even in your home or your office, if you like. You will get a separate telephone call from the Examiner who will conduct these tests—you'll set the time, date, and location with them.

How your confidential test results are handled
  Once your tests are completed, the results are analyzed here in Canada at the respected Gamma-Dynacare lab facilities. This is a secure site, where only authorized personnel have facility access.
  No information or fluids will cross the border. This is important because tests performed in the U.S. can give rise to privacy and confidentiality issues because of the Patriot Act.
  Blood and urine samples are disposed of following the highest standards of safety and privacy.
  Once your tests are completed, they are analyzed within two business days, once a decision is made about your coverage the following business day.
The Final Decision is Made.
  Once the results of your paramedical exam are received, a final decision will be made about your coverage and you will be sent a Confirmation of Coverage package. It will tell you one of three things.
  1. The coverage and premium that is reflected in your original Certificate of Insurance remains in effect.
OR 2. Your premium has been adjusted, in accordance with your health status. For example a person who has a history of high blood pressure will pay more than someone who doesn’t.
OR 3. Your premium and coverage has been adjusted to cover only death due to an accident. If you have this type of coverage, your Coverage Summary will refer to “Life Insurance with Exclusions.”
  1. The coverage and premium that is reflected in your original Certificate of Insurance remains in effect.
OR 2. The coverage and premium that is reflected in your original Certificate of Insurance have been confirmed, except that some conditions will not be covered.  For example, if you have a history of back troubles, the insurer may exclude any disability that arises from back pain or injury.  However, you will be fully covered for any other type of sickness or injury
OR 3.
Your premium and/or your disability coverage have been amended so that you are only covered for disabilities due to an accident.  If you have this type of coverage your coverage summary will refer to "Disability Insurance with Exclusions".
Do you need protection?
Anyone who has a mortgage needs to protect it somehow. Otherwise, you risk losing your home should there be a death or disability in the family.
Learn more.
  Mortgage brokers, 
are your clients protected?

Learn more about
Mortgage Protection Plan.