Can I get mortgage insurance if I’m on long-term disability? Jul 11th

The “Big Five” Canadian banks offer credit cards and include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Did you know that there are many other options?

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Can I get mortgage insurance if I’m on long-term disability?

– moneysense.ca

Q: I just went on long-term disability but I’m worried. I didn’t get mortgage insurance, can I still get this type of insurance?
— D. Evans, Ontario

Steve Garganis, mortgage broker and editor of CanadaMortgageNews.ca:

The answer is probably not. However, to be sure, check with your insurance provider.
Sadly, your situation is another person’s lesson. For those that are about to get a mortgage, here’s a tip: Take the mortgage insurance offered when their mortgage is arranged. It’s not the cheapest, but it’s easier to get approved. But don’t stop there. Next, speak to an insurance advisor to see if you qualify for cheaper coverage. Once you qualify for more cost-effective insurance coverage, cancel the mortgage provider’s insurance. Most insurance providers allow you to cancel and get your money back within 30 days.
The good news, if you discover during the course of applying for term life or disability insurance that you have a previously unknown condition, at least you will have coverage with your mortgage provider…

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