Many lenders provide loan insurance as an added protection for both the borrower and themselves, with mortgage insurance being a popular choice. Depending on the policy’s terms, this insurance may cover your payments, interest, or pay your loan balance in the event of disability or death. Like many borrowers, you might choose this insurance for its convenience and low cost. As you make your loan payments over time, you are also paying insurance premiums, with the belief that if you become disabled, this insurance will cover your loan obligations, providing your family with vital financial relief.

Common reasons why mortgage lender insurance disability claims are denied

Errors on medical questionnaire because the question was broad in scope and difficult to interpret
Policy exclusions
Insufficient medical evidence
Failure to follow claims procedures correctly
Disagreement with your doctor’s medical opinion

The application process is simple. Getting your claim paid may be difficult.

Obtaining loan insurance is a straightforward process, requiring completion of a simple form that includes a condensed medical questionnaire. Applicants generally provide information to the best of their knowledge without extensive deliberation.

During the claims process, however, insurers will scrutinize the details of your answers to the medical questions. This thorough examination can lead to challenges in receiving payouts, as insurers will rely on errors or omissions to deny claims.

Know your rights and act promptly

It is crucial not to delay when it comes to understanding and asserting your rights. Keep in mind that there is a limited timeframe to appeal or contest an insurance claim denial. Act swiftly to protect your interests.

Let our Experienced Lawyers Help

The right insurance lawyer is essential when dealing with loan insurance challenges.

Our experienced lawyers have handled multiple cases and understand how insurance companies operate. They advocate for your rights, address any issues raised by insurers, and negotiate on your behalf. Our expertise helps you get the payout you deserve, streamlining the process and reducing stress for you.

Bilingual Disability Lawyers with the Right Expertise to Represent You anywhere in Canada

While our offices are in Toronto, Ottawa, Hawkesbury and Waterloo, we can be by your side and on your side across Canada, handling matters in the Atlantic and Western provinces as well as Northern Ontario. There is no need for you to travel. We come to you, or we handle your case virtually.
Contact us today at 613-233-6898

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