National Bank mortgage insurance review
National Bank Mortgage Insurance: What to Check Before You Sign
National Bank promotes mortgage coverage for disability, critical illness, and death. The smart comparison is not brand versus brand. It is certificate structure versus coverage your household controls.
Quick answer: compare the coverage line before the monthly premium
National Bank says its mortgage insurance can include life, disability, and critical illness coverage. Its public page also points borrowers back to the summary and insurance certificate for terms, coverage periods, and maximum amounts.
FCAC says optional mortgage insurance is separate from mortgage approval, and that mortgage life insurance is different from term or permanent life insurance because the lender may receive the death benefit and the benefit can decrease as the mortgage is paid down.
Use your actual National Bank certificate or quote, then compare it against personally owned coverage. This page is educational and not personalized insurance advice.
Coverage lines
What National Bank lists, and what to compare it against
A bundled mortgage-protection offer can mix different risks into one payment. Split the quote before you decide.
| Coverage line | National Bank wording to verify | Clean comparison |
|---|---|---|
| Life | National Bank says life coverage can help repay the insured balance of your mortgage after death, subject to the certificate. | A personally owned term life policy with your chosen beneficiary. |
| Disability | National Bank lists disability coverage up to $3,000 per month, with work and eligibility conditions. | Workplace disability benefits, emergency cash, and standalone income protection. |
| Critical illness | National Bank lists critical illness coverage up to a maximum of $150,000, tied to the insured mortgage balance. | Standalone critical illness coverage and cash reserves for recovery costs. |
Before you accept
Six questions for the branch appointment
If any answer is unclear, ask for the certificate or summary before relying on the coverage.
- 1Which coverage lines are included: life, disability, critical illness, or a bundle?
- 2Who receives the benefit and can your family use the money for anything beyond the mortgage?
- 3Does the benefit amount follow the mortgage balance or stay level?
- 4What maximum monthly or lump-sum limits apply?
- 5What happens if you renew, refinance, transfer, or pay out the mortgage?
- 6Which exclusions, waiting periods, and eligibility rules appear in the certificate?
Sources checked
- National Bank mortgage insurance for listed life, disability, critical illness, eligibility, maximums, and certificate references.
- FCAC optional mortgage insurance products for optional-status, lender-beneficiary, declining-benefit, and shop-around guidance.
Compare first, apply second, cancel last
If National Bank coverage is your only protection today, keep it active until any replacement policy is approved, accepted, and in force.
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