Mortgage Disability Insurance

Mortgage Disability Insurance protects your family by covering your monthly (or equivalent) mortgage payment if you become ill or injured and can't work or perform your usual job or normal duties.

Coverage

Mortgage Disability Insurance covers 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 payment.

Up to two eligible individuals per mortgage may be covered by Mortgage Disability Insurance. Each person can choose either 50% or 100% coverage. 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. Mortgage Disability Insurance benefits begin after you have been disabled for a continuous period of 30 days.*

Cost of Mortgage Disability Insurance

Mortgage Disability Insurance premiums are based on your monthly payment, your elected percentage of coverage, and your age at the time of application. For joint Mortgage Disability Insurance coverage, the cost for each person is calculated separately. Premiums will not increase, based on age, for the life of your mortgage – or even if your health changes.

Who is eligible for Mortgage Disability Insurance?

A borrower, spouse or guarantor can be covered by Mortgage Disability Insurance. You must be 18 years or older, but under 65, a Canadian resident, and provide a satisfactory answer to two 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. If you are a seasonal worker, and not actively at work at the time of application, you must be capable of performing your regular duties.

How we can help

A BMO mortgage professional can tell you more about Mortgage Disability Insurance and help you apply. Just use our Real-Time Online Appointment Booking Tool to book a time to speak with a BMO Mortgage Representative in-branch or have a BMO Mortgage Specialist come to you.

* Some limitations and exclusions do apply. For more information ask for a copy of the Insurance Certificate. Mortgage Disability Insurance is provided and governed by Sun Life Assurance Company of Canada.