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• Mortgage Disability
  Insurance

Mortgage Disability Insurance

Mortgage Disability Insurance is important when you consider that:

• One in three Canadians suffers an accident or injury before their mortgage is paid off.¹
• Almost half of mortgage foreclosures in Canada are related to an injury or illness.

Coverage

Mortgage Disability Insurance can cover your mortgage payment, depending on the percentage of coverage you select, up to a maximum of $3,000 per month per person. This includes principal, interest, plus (if applicable) your property tax deposits and mortgage life insurance premiums. You can choose the percentage of coverage you want – either 50% or 100% of your monthly mortgage payment.

Up to two eligible individuals per mortgage may be covered. Each person can choose either 50% or 100% coverage independent of the other. In the event both are disabled at the same time, benefits would equal the regular monthly mortgage payment, up to a maximum of $6,000 per month.

Cost

Premiums are based on the amount of your monthly mortgage payment, your elected percentage of coverage, and your age at the time of application.

• For joint coverage, each individual should calculate a separate cost.
• Premiums will not increase, based on age, for the life of your mortgage – or even if your health changes
• Calculate the cost: Mortgage Insurance Calculator

TABLE OF RATES
Age of Applicant	18-29	30-35	36-40	41-45	46-50	51-55	56-60	61-69
Rate per $100 of monthly Mortgage Payment*	$1.47	$1.87	$2.40	$3.00	$3.62	$4.46	$5.67	$7.17

* Subject to the percentage of coverage selected and the Maximum Insurable Limit of $3,000 per month, per person insured. Refer to Certificate of Insurance (PDF 42Kb) for more information.

Any provincial sales tax on insurance coverage premiums will be added

• Sample Certificate for Mortgage Disability Insurance (PDF 42Kb)

Eligibility

A borrower, spouse or guarantor can be insured:

• You must be 18 years or older, but under 65, a Canadian resident, and provide a satisfactory answer to 2 simple health questions
• You must be actively at work, which means you are regularly working a minimum of 25 hours per week and able to perform the normal tasks of your job. For seasonal workers, you must be capable of performing your regular duties

To apply for Mortgage Disability Insurance or for more information, visit your nearest BMO Bank of Montreal branch.