Protect yourself from the unexpected
Life is too short to worry. Learn about how this comprehensive coverage can give you peace of mind over life’s twists and turns. Alterna provides mortgage protection in case of the diagnosis of a critical illness, total disability, involuntary loss of employment and loss of life.
Fair warning, what you’re about to read was written by a lawyer. But all you need to know is, we’ve got you covered.
Critical illness insurance covers you in the event of falling victim to a life threatening illness.
The insurable balance at date of diagnosis of a critical illness plus accrued interest plus settlement interest and any mortgage pre-payment penalty will be paid for cancer, stroke or heart attack*. Maximum coverage is $1,000,000 and coverage ceases at age 75.
In the event of a disability, the insured Alterna mortgage’s monthly mortgage payments will be paid up to a maximum of $3,000 per month for 24 months (per claim) up to age 75.
Involuntary Loss of Employment
If you lose your job, your insured monthly mortgage payments will be paid up to a maximum of $3,000 per month for nine months (per claim) up to age 75.
In the event of death the insured Alterna mortgage balance plus accrued interest plus settlement interest up to age 75 will be paid to a maximum of $1,000,000 plus any mortgage pre-payment penalty.
When you apply for a mortgage, we will call you to discuss your mortgage insurance needs.
*See policy for full coverage details, including restrictions.
Alterna Bank is not currently offering mortgage products through this online application in the province of Quebec.