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Frequently Asked Questions

Insurance

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General

Why do I need insurance?

Life is unpredictable. An unforeseen event could threaten the plans you've invested time and money in, or prevent you from meeting your financial responsibilities. Insurance can give you peace of mind.

How do I submit an insurance claim?

The procedure depends on the type of insurance. To learn more, consult our claims page.

What is a waiting period?

After an event covered by insurance, there may be a waiting period (generally of 60 days) before you can receive benefits. However, you can submit your claim before the end of the waiting period.

Travel insurance

Why take out travel insurance?

If you become sick or are injured abroad, you will have to pay for some or all of your healthcare expenses—your provincial health insurance plan will not provide full coverage. Healthcare abroad can be very expensive. Sign up for complementary travel insurance and be prepared for the unexpected.

I'm visiting another province for two days. Do I need insurance?

When you leave your province of residence, some healthcare services (dental care, ambulance service, medication, etc.) may not be covered by your provincial health insurance plan. That's why travel insurance can even be useful for short trips within Canada.

How long can I leave my province without losing my health insurance coverage?

To be covered by provincial health insurance, you must not remain outside your province or territory of residence for more than 6 months (183 days) in a given 12-month period, or 7 months (212 days) if you are a resident of Ontario or Newfoundland. For more information, consult your provincial or territorial ministry of health.

Do I have to pay a deductible?

You may have to pay a basic amount for certain events that are covered by your travel insurance. Consult your insurance contract for details, or call 1-800-240-8424 ou le 514-286-8424.

I'm travelling and I need healthcare. What should I do?

If you are hospitalized or need to see a doctor while you are travelling outside your province of residence, call our free assistance service. This service is accessible 24 hours a day, 7 days a week. It can help by directing you to a hospital or following up on your medical file.

Can I extend my coverage if I am already travelling?

Yes, in most cases. Call 1-800-240-8424 or 514-286-8424 to request an extension. Extensions are usually granted, with some exceptions (insurance expired, health status changed, etc.). You will be required to pay an additional premium.

What coverage is included in travel insurance?

You can take out the following coverage for you and your family:

  • Emergency medical care up to $5 million
  • Trip cancellation or interruption
  • Lost luggage
  • Damage to a rental vehicle
  • Emergency return
  • Accidental death or dismemberment insurance

You'll also have 24/7 access to a telephone assistance service. Take off with peace of mind and make the most of your vacation.

Consult our travel insurance page for more information.

Which credit cards offer travel insurance?

The WorldWorl Elite and Platinum cards include comprehensive insurance1 for the primary cardholder and their spouse and dependent children travelling with them. To compare the features of these cards, go to our travel cards page. For more information, see the insurance certificate for your credit card.

I'm planning to travel. How much will my insurance cost?

You can get a quote online. For advice on preparing for your trip, check out our travel sections.

Am I eligible for travel insurance?

To be eligible, you must be a resident of Quebec, New Brunswick or Ontario, have reached the age of majority in your province, and be covered by your provincial health insurance plan. You must also sign up for travel insurance before you leave.

I've got questions on my travel insurance. Who should I call?

Call Customer Service for help and information on your travel insurance.

Quebec : 1-800-387-2538

Ontario and Atlantic Canada: 1-800-557-3907

Loan insurance

Personal loans and mortgages

What is the insured amount in the event of death?

In the event of death, the Bank will pay a death benefit in accordance with the rules set out below.

  Death benefit Maximum amount
Mortgage loan and personal loan Insured loan balance as at the date of death, plus all interest accrued since the date of death
$500,000
All-In-OneTM and line of credit

Accidental death

Insured balance outstanding as at the date of death, plus all interest accrued since the date of death

Non-accidental death

The lesser of the following amounts:

  • The insured balance as at date of death
  • 110% of the average daily balance used over the past 12 months (or since the effective date of the insurance if less than 12 months)

All-In-One: $500,000

Line of credit: $1,000,000

What is the insured amount in the event of disability?

The benefits are prorated for each day of disability that is not part of a complete period covered by a payment.

  Disability benefit Maximum amount
Mortgage loan and personal loan Insured payment, up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for all insureds for the term of the loan.
$2,000 per month
All-In-OneTM and line of credit

Accidental disability

The lesser of the following amounts (up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for the term of the loan):

  • 2% of the loan balance
  • The insured amount chosen
  • The amount of the maximum benefit

Non-accidental disability

The lesser of the following amounts (up to a maximum of 24 months of consecutive insured payments for the same disability, without exceeding 48 months of insured payments for the term of the loan):

  • 2% of the loan balance
  • The insured amount chosen
  • 2% of 110% of the average daily balance used over the past 12 months (or since the effective date of the insurance if less than 12 months)
  • The amount of the maximum benefit

All-In-One: $2,000/month

Line of credit: $5,000

What is the insured amount in the event of a critical illness diagnosis?

In the event of critical illness, the Bank will pay a critical illness benefit in accordance with the rules set out below.

 
  Critical illness benefit Maximum amount
Mortgage loan and personal loan The insured loan balance calculated on the date of the diagnosis, plus all accrued interest
$150,000
All-In-OneTM and line of credit

The lesser of the following amounts:

  • The insured loan balance on the date of the diagnosis
  • 110% of the average daily balance used over the past 12 months (or since the effective date of insurance if less than 12 months)

All-In-One: $150,000

Line of credit: $1,000,000

Will the Bank make my payments for me if I become disabled?

It is up to you to make the payments during the waiting period, while your file is being studied and once you start receiving benefits.

Is the premium fixed, or can it increase?

The premium for a mortgage loan or a personal loan is fixed for the entire loan duration.

The premium for an All-In-One or line of credit is adjusted annually on the anniversary date of the signing of the insurance proposal.

If my claim is approved, will I receive a cheque or will the payments be deposited in my bank account?

If your claim is approved, the payments will be applied directly to your loan. If you have already made the payment, then the amount will be deposited in the bank account from which your branch debits your loan payments.

What is the pre-existing conditions clause for mortgage and personal loan insurance?

If death, disability, critical illness or accidental dismemberment occurs within 12 months of the insurance taking effect and you were treated during the 12 months prior to the insurance taking effect for the same illness, symptom or injury that directly or indirectly resulted in the death, disability, critical illness or accidental dismemberment, then no benefits will be payable.

You are considered to have been treated if you consulted or received treatment from a physician or other health care professional, underwent tests, took medication or were hospitalized.

Am I eligible for personal or mortgage loan insurance?

To be eligible for life insurance on your personal or mortgage loan, you must:

  • Be between the ages of 18 and 64
  • Be a resident of Canada or the U.S.
  • Be a borrower, co-borrower, guarantor or endorser (or their spouse)

To be eligible for critical illness or disability insurance, you must take out life insurance.

Consult the loan and line of credit insurance page or the mortgage insurance page to learn more about eligibility criteria.

I've got questions about my insurance. Who should I call?

Call Customer Service at 1-877-871-7500 for assistance.

Mortgage loan only

What are the benefits of insuring my mortgage?

Mortgage insurance protects your home—one of the biggest investments you'll ever make.

What would you do if a disability prevented you from working? If you take out disability insurance, it will cover your mortgage payments so you can focus on getting better.

In the event of death or critical illness, the insured portion of your loan or line of credit will be covered.

What's the difference between home insurance, mortgage loan insurance and CMHC/Genworth insurance?

What's the difference between home insurance, mortgage loan insurance and CMHC/Genworth insurance?

Mortgage insurance covers your loan balance or payments in the event of death, disability or critical illness.

If you buy a home with a downpayment that is less than 20% of the value of the property, lenders like National Bank require you to take out insurance with one of the recognized mortgage loan insurers, Genworth Financial Canada or the Canada Mortgage and Housing Corporation (CMHC). These organizations allow you to make a downpayment of as little as 5%.

What happens if I can't make my mortgage payments?

If you can no longer pay your mortgage, your co-borrower or your family will have to take over the payments. If they cannot afford to pay, they may be forced to sell your house.

This is why it’s important to protect yourself and your loved ones by taking out mortgage loan insurance. Insurance will cover your insured payments if you become disabled, or the insured balance of your loan in the event of death or critical illness.

What coverage is included in mortgage insurance?

Mortgage insurance has three components.

  • Disability insurance: Covers your insured mortgage payments if you are unable to work due to an accident or illness.
  • Critical illness insurance: Covers your insured loan balance if you are diagnosed with cancer, stroke or heart attack.
  • Life insurance: Covers your insured loan balance in the event of your death, relieving your loved ones of a financial burden.

What assistance services are offered with mortgage insurance?

Mortgage insurance includes access to assistance services that will support you and your loved ones on a day-to-day basis. To use the service, call 1-855-484‑8358 between 9:00 a.m. and 8:00 p.m., any day of the week. Learn more about mortgage insurance.

Assistance service Availability Services offered
Quality of Life Concierge Service
Included with life insurance
  • Referrals to nutritionists and other health care practitioners (e.g. massage therapists) as well as parental support and event planning services.
Health Care Concierge Service
Included with disability and critical illness insurance
  • Information on healthcare resources (e.g., clinics) and adapted transport. Also provides resources for caregivers.
  • Information on tax deduction and credit programs
Second medical opinion
Included with disability and critical illness insurance
  • Second medical opinion from a specialist on a medical diagnosis
  • Concierge service to arrange your travel, accommodations and appointments if you are receiving treatment abroad
Home care
Included with critical illness insurance
  • Up to nine hours of professional home care
Assistance following death
Included with life insurance
  • Provides assistance to the family of the deceased

What happens to my mortgage if I die or am diagnosed with a critical illness?

If you die or are diagnosed with a critical illness (cancer, stroke or heart attack), your insurance will pay the insured balance of your insurance will pay the insured balance of your mortgage directly to your financial institution. If you are critically ill, you'll be able to focus on getting better.

The funds are not paid directly to your estate if you die. This means that the payment can be processed more quickly, freeing your loved ones from a financial burden. By paying off your home, you're sure to leave a meaningful inheritance.

I have a home equity line of credit. How much will I pay for insurance?

When you take out insurance on your All-In-One, your insurance premiums are based on the outstanding balance of your home equity line of credit.

I get life insurance through my work. Why would I need mortgage insurance?

It's a good idea to have dedicated mortgage insurance. Your employer's life insurance may not cover all your debts, and could cease to apply if you left your job.

With mortgage loan insurance, you can change jobs without losing your insurance coverage. You and your family will also benefit from a wide range of assistance services. Learn more about mortgage insurance.

Credit card payment insurance

What is credit card payment insurance?

Credit card payment insurance protects your balance against unforeseen events (accidental death, disability, etc.) via payments that cover all or part of the outstanding balance on your credit card. We offer four plans to meet your needs. Learn more.

What amount does this insurance cover?

It covers the outstanding balance of your credit card. The insured balance is the outstanding balance on the most recent monthly statement of the Mastercard credit card account prior to the date of the insured event. The insured amount may not exceed $25,000. Learn more about credit card payment insurance.

What is the pre-existing conditions clause for credit card payment insurance?

If death or disability occurs within six months of credit card payment insurance taking effect and you were treated during the six months prior to the insurance taking effect for the same illness, symptom or injury that directly or indirectly resulted in the death or disability, then no benefits will be payable.

You are considered to have been treated if you consulted or received treatment from a physician or other health care professional, underwent tests, took medication or were hospitalized.

For claims due to loss of employment, why do I have to submit a form completed by my former employer in addition to the Record of Employment?

You have to submit a form completed by your former employer because we need to know the exact reason why you left your job and the number of hours worked per week.

Will I have to repay the amounts deposited to my card?

You will not have to reimburse credit card payments covered by your credit card payment insurance.

How long do I have to file a claim?

You must file your claim within 90 days of the insured event. Consult the claims page for more details.

Am I eligible for credit card payment insurance?

To benefit from credit card payment insurance, you must be between 18 and 64 years old (unless you sign up for the 65+ plan), be a resident of Canada and have a valid National Bank Mastercard credit card in good standing.

Is my spouse covered by this insurance?

Spouses are only covered if they are authorized users of the Mastercard credit card. If so, coverage for the following events is offered to you and your spouse:

  • Death
  • Accidental death
  • First cancer diagnosis.
  • Critical illness diagnosis
  • Accidental dismemberment
  • Certain life events

Learn more about credit card payment insurance.

I've got questions about my insurance. Who should I call?

Call 1-877-871-7500. One of our advisors will be happy to help.

Tips for achieving your goals

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My finances

See our tips and tricks for managing your finances more effectively.

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My travel plans

Everything you need to know to plan your next vacation with peace of mind.

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My new life in Canada

We have a great welcome offer for newcomers to Canada.

See our tips

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My family

We can help you power your ideas so you can turn your family plans into treasured memories.

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My retirement

Your retirement is the beginning of a new life—plan well and dare to dream!

See our tips

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My business

Are you thinking of branching out on your own, launching a business or going back to school?

See our tips

Little details that matter

Legal disclaimers

™ All-In-One is a trademark of National Bank of Canada.

®MASTERCARD, WORLD MASTERCARD and WORLD ELITE are registered trademarks of Mastercard International Inc. Authorized user: National Bank.

1. This coverage applies to purchases and rentals charged in part to the card, except out-of-province medical/hospital insurance for which the travel arrangements need not be charged to the card, and lost or delayed luggage insurance where all transportation costs must be charged to the card. This coverage applies to the primary cardholder, his/her spouse and/or dependent children when they (spouse and/or dependent children) travel with the primary cardholder. Extended warranty coverage applies to most new articles purchased with the card, in Canada or abroad, as long as the manufacturer's warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.

Understanding insurance

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