Let us give you peace of mind knowing your mortgage payments will be covered in the event that you cannot make them, due to disability, death, involuntary loss of employment, or critical illness. Our Group Mortgage Protection program is designed specifically for mortgages, and protects your mortgage payments.
Application for Group Mortgage Protection can be made quickly and easily when you apply for your mortgage. The application will ask a few health-related questions, but once approved, your mortgage is immediately insured.
Our Group Mortgage Protection program is easy and can often save you more money that other insurance options. The application is hassle-free, and there will be no salesperson to pressure you. Our branch staff are simply there to help you find the coverage that’s right for you. And your premiums are guaranteed to not increase.
This flexible program offers a variety of coverages depending on your needs.
Life Coverage
Program pays outstanding mortgage balance, accrued interest, and settlement interest in the event of death of one of the mortgage-holders.
- Maximum coverage: $500,000
- Minimum coverage: $5,000
- Maximum term of coverage: 35 Years
- Maximum issue age: 64
- Age coverage ceases: 80
- On-site maximum issuance: $250,000
Disability Coverage
Program pays monthly mortgage payments in the event of a qualified disability to one of the mortgage-holders.
- (Life Coverage is a pre-requisite for Disability Coverage)
- Maximum monthly benefit: $2,500
- Maximum term of benefits: 24 months
- Maximum term of coverage: 35 years
- Maximum issue age: 64
- Age coverage ceases: 65
- Elimination period (before benefits become payable): 60 days non-retroactive
Involuntary Loss of Employment Coverage
Program pays monthly mortgage payments for approximately nine months in the event of a mortgage-holder’s involuntary loss of employment. This removes the added stress of mortgage payments and gives you time to get back on your feet and to find a new job.
- (Life Coverage is a pre-requisite for Involuntary Loss of Employment Coverage)
- Maximum monthly benefit: $2,500
- Maximum term of benefits: 9 months
- Maximum term of coverage: 35 years
- Maximum issue age: 64
- Age coverage ceases: 65
- Qualification period (before benefits become payable): 60 days non-retroactive
Critical Illness Coverage
Program pays outstanding mortgage balance, accrued interest, and settlement interest at date of diagnosis of critical illness to the mortgage-holder.
- (Life Coverage is a pre-requisite for Critical Illness Coverage)
- Medical impairments insured: life-threatening cancer, stroke, and heart attack
- Maximum coverage: $500,000
- Minimum coverage: $25,000
- Maximum term of coverage: 35 years
- Maximum issue age: 55
- Age coverage ceases: 70
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