20/20 provides the option of adding Critical Illness coverage to your Mortgage Life Insurance policy, which will pay you a lump sum of up to $300,000 if you suffer a heart attack, an acute stroke or develop life-threatening cancer.
As is the case with life insurance coverage, the amount is intended to provide financial protection in the event that something were to happen to you before your mortgage is paid off. The amount of coverage is therefore reduced based on the same amortization formula as the life benefit and is clearly shown in your policy.
Features |
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Covered Critical Illnesses* |
*See Policy for definitions and exclusions |
Issue Ages | The same as 20/20 Mortgage Life Insurance. |
Term of Coverage | Must be the same term as 20/20 Mortgage Life Insurance. |
Sum Insured | $50,000 – $300,000 (max coverage cannot be more than Life Insurance). |
Joint Policy |
Once the older insured reaches age 70 and his/her coverage ends, the younger insured continues to be covered until he/she reaches the age of 70. |
Termination of the Critical Illness Rider |
The Critical Illness rider terminates on the first of the following:
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Portability | Yes. Coverage continues if you change banks or your mortgage terms change. |