What is Asset Protection?
Asset Protection is part of a sound financial plan that protects your largest asset – the family home, in the event of death, diagnosis of a critical illness, accident or sickness.

How does mortgage life insurance work?
Should an insured die, the outstanding amount of the mortgage can be paid off in full by the mortgage life insurance (up to $1,000,000).

Should an insured be diagnosed with a covered critical illness¹, the outstanding amount of the mortgage can be paid off in full by the critical illness insurance (up to $1,000,000).

Should an insured suffer an accident or illness that prevents them from performing the duties of their occupation, the monthly payments can be covered by Asset Protection (up to $3500 per month for 12 months)

What is the process to get mortgage life insurance?
Once you fill out the application and answer the short health questions – your protection approval is automatic and immediate if the covered amount is $300,000 or less and you answered 'NO' to the health questions.

If the applied for amount is over $300,000 or you answered 'YES' to one or more of the health questions, then a supplementary health questionnaire needs to be completed and submitted to the insurance carrier for review.

Once approved, the protection premiums are deducted monthly from your account (usually at the same time as your monthly mortgage payment).

¹ Covered Illnesses include heart attack, life threatening cancer, stroke, coronary artery bypass surgery, paralysis, and major organ failure causing transplant. The covered party must survive for at least 30-days following diagnosis.

Why would I need Asset Protection if I already have Life Insurance?

Asset Protection works WITH your Term Life Insurance as part of a solid financial plan. Where Term Life is designed to replace FUTURE INCOME in the event of a death, Asset Protection is designed to cover what is likely your largest DEBT – your mortgage. By having Asset Protection, you will be able to use your replacement income insurance as it was intended without worrying about it being eroded by debt.

Put another way, how much more flexibility and security would you and your family have if you did not have a mortgage today?

Asset Protection provides peace of mind and a financial benefit in what will undoubtedly be a difficult time.

46% of all foreclosures in Canada are a result of an accident or illness
* Statistics Canada as reported in the Vancouver Province (2/25/08)

Canadians between the ages of 20-65 have a 50% chance of suffering a disability that lasts longer than three months
* Statistics Canada

1 in 3 Canadians will develop Cancer and 50% of them will survive
*Statistics Canada

On average, Canadians save three cents from every dollar they earn (2005). The savings rate in 1982 was 20 cents from every dollar earned.

There are over 600 deaths per day in Canada

What are the key benefits of Asset Protection?

Affordability and Ease of Application
Asset Protection premiums are based on group rates resulting in affordable protection. Further, the short application form can be completed at the same time as your other mortgage documents.

Premium Protection
Premiums are fixed at the time of application. They will not increase and once approved, you never need to re-apply for coverage on that mortgage – regardless of changes to your health.

Portable
Asset Protection remains in place should you decide to move the mortgage to a different financial institution or to a different property

Cancel at Any Time
You may cancel your Asset Protection Plan at any time – with any owing premiums being returned to you.

Plan Friendly
Asset Protection works with your other insurance plans and fully pays the covered financial benefit regardless of the payments you received from your other insurance.

Peace of Mind
Perhaps the greatest benefit is the comfort of knowing you and your family are protected should a death, accident or illness occur.

About Your Asset Protection Partners
Your Verico Brokers For Life associate is a trained mortgage professional focused on providing you with superior mortgage services. Your broker will help you understand how the complexities of a mortgage can affect the lifetime cost of your home, different mortgage options, your monthly payments and financial security.

For further information, please contact your Brokers For Life Associate by dialing 1-866-902-7771