Benefits from mortgage insurance might be either life insurance or disability insurance. Canadians who buy property but don’t have enough cash on hand to pay off their mortgage in the event of tragedy can safeguard their lenders against default by purchasing mortgage insurance. These plans can cover the entire mortgage balance or make regular payments for a set time period.
Consultations are free of charge, and there are no costs unless we secure a favorable outcome for you.
Mortgage insurance policies are typically marketed at the same time a real estate transaction for a home is being negotiated with a bank or financial institution, and payments are typically given to the bank or financial institution upon approval of a mortgage insurance claim.
In the same way that a more traditional disability insurance policy can reject your inability to work, a mortgage disability claim might be rejected if the insurance company does not agree that you are unable to work in the manner specified by the policy.
Coverage disputes arising from allegations of misrepresentation at the time of policy purchase and evaluation by a mortgage insurance lawyer are a common cause of denial of both mortgage life and mortgage disability claims.