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Critical Insurance/Mortgage Insurance
2 Posts
Hello my new family,

I have a question about the critical care insurance and or Mortgage or Life Insurance if anyone had experience which if one is better than the other and how to access if if you needed to. I have a mortgage and did not buy critical care insurance only had Life Insurance and am not able to find the policy either cos we moved.

I am Stage 0 DCIS so I am wondering if I should get critical care insurance or a LTD package from a benefits provider like Blue Cross etc? I have lost my job and am trying to figure out what my next plans financially. I am a single mother to 2 boys. I am scheduled for a single mastectomy on May 12.

Thank you for your advise and help and for being here for support. It is much appreciated and Blessings to All.
2 Replies
398 Posts

The first question...are you insurable? If you are will your policy be rated and affordable?

To answer your question, mortgage insurance is the least favourable option. It's expensive, the premiums are locked in while the principle goes down over time. There's lots of fine print and most banks make you jump through hoops to collect. If you choose this option ask lots of questions, it may not hurt to have a lawyer review the policy.

Secondly, LTD is intended for income replacement. Being unemployed with no income you would be disqualified for long term coverage. These policies replace 50-75%, (some 100%) of the lost income, the basic policies may cover you for only two years after which they stop paying if you are able to do any job. It may be an option when you have an earned income again, but then you may have a group plan.

Lastly, critical illness insurance is a good option. It may be a bit expensive and preclude pre-existing conditions but it's worth a look. Just be sure to work with an experienced agent and check out the underwriter before signing anything.

Hope this helps...best to speak with an insurance broker, but keep in mind that he works on commission.

Just checking in to see if you were able to get a solution to your insurance questions? It might be helpful for other members as well.

Hope you are keeping well

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