Mortgage insurance

Worry-free coverage in case of the worst

Your mortgage is a big part of your financial picture, and every smart financial plan includes coverage that protects. A disabling accident or a loss of life causes enough upheaval; don’t saddle your loved ones with debt, disorder and displacement on top of their grief.

Our Group Mortgage Protection (GMP) is a monthly premium product that protects you and your family for the life of your mortgage. You can choose to purchase additional coverage for disability, loss of employment or critical illness too.

Life Coverage

  • This plan will pay the outstanding balance of your insured mortgage at date of death, plus accrued interest, plus settlement interest
  • Maximum coverage is $1,000,000
  • Maximum term of coverage is 35 years
  • Maximum issue age is 69
  • Coverage ends when you reach age 75

Additional Coverage
(Life coverage is a pre-requisite; you may be required to answer questions pertaining to your health when you apply.)

Involuntary Loss of Employment Coverage

  • This plan will pay your monthly insured mortgage payments
  • Maximum monthly benefit is $3,000
  • Maximum term of benefits is 9 months
  • Maximum term of coverage is 35 years
  • Maximum issue age is 69
  • Coverage ends when you reach age 75
  • Waiting period (before benefits become payable) is 60-day non-retroactive

Disability Coverage

  • This plan will pay your monthly insured mortgage payments
  • Maximum monthly benefit is $3,000
  • Maximum term of benefits is 24 months
  • Maximum term of coverage is 35 years
  • Maximum issue age is 69
  • Coverage ends when you reach age 75
  • Waiting period (before benefits become payable) is 60-day non-retroactive

Critical Illness Coverage

  • This plan will pay the outstanding balance of your insured mortgage at date of critical illness diagnosis, plus accrued interest, plus settlement interest
  • Medical impairments insured include cancer, stroke and heart attack
  • Maximum coverage is $1,000,000
  • Maximum term of coverage is 35 years
  • Maximum issue age is 59
  • Coverage ends when you reach age 75

Talk to us about mortgage insurance. Visit a Vancity branch or call 604-877-7000 for more information.

The details of this insurance product, including important exclusions, restrictions and limitations on the coverage and benefits payable, are contained in the Certificate of Insurance which you will receive when you apply.