Be sure you qualify.

• Learn what the many terms and exclusions associated with credit insurance policies mean and how they apply to you.
• Call the insurance company directly (NOT the bank that sold you the coverage) for clarification about pre-existing medical conditions.
• Call your doctor to clarify details of any pre-existing medical conditions that may effect your coverage..

• You usually have 10-30 days to review your policy after the initial purchase (this is known as a "free look" period).
• You can cancel your credit insurance at anytime. However, realize you may lose premiums already paid.

• Consider buying from a licensed insurance broker who will explore any medical issues upfront.
• Consider buying or topping up an individual life insurance policy to cover your mortgage.

• Existing personal or group insurance at work may already provide adequate insurance coverage.
• The premiums may be cheaper and the coverage better by having one traditional insurance policy than a number of small policies for a variety of products.

• The purpose of credit life mortgage insurance is to protect your loved ones from making mortgage payments if something were to happen to you. This type of insurance may not be applicable if you do not have any dependents who would need to keep your home if something happened.

Source: CBC News "Marketplace"