Do I own the policy?

Most lender's issue group critical illness insurance.  They are the owner and the beneficiary – they receive the cash benefit if you became critically ill, not you or your family.  The cash benefit is used solely to pay off your mortgage, no matter what your current needs may be.

You own an individual plan, you receive the cash benefit, you decide it's use.   
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Will I be covered for conditions like Alzheimer's, Parkinson's, and MS?

Most lenders provide basic coverage for cancer, heart attack, and stroke.

Individually owned CI coverage can provide protection for up to 21 conditions.  Furthermore, included in your coverage is a supplementary cancer benefit, which provides a percentage of your benefit for early stages of some cancers.
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Can I choose the amount of coverage?

You can purchase only the amount of coverage equal to your mortgage from your lender.  As your mortgage amount decreases, so does your benefit.

With an individually owned CI policy, you can purchase up to $2,000,000 in coverage and since the policy is not tied to your mortgage, the benefit amount remains level and is only decreased if you request the company to do so.
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Can I continue my coverage if I switch lenders?

Most lenders will terminate your coverage if you move your mortgage to another lender.  If your health has changed it may be difficult to get new coverage with the new lender.

With an individual CI policy, the policy is yours for the term of the contract. 
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Is my coverage guaranteed?

Most lenders reserve the right to cancel your policy at any time.

With an individually owned CI policy, your premiums and benefits are guaranteed for the life of your contract.