Protection you can count on.
Your mortgage is a big part of your financial picture, and every smart financial plan includes coverage. If you lose your job, become disabled or experience a critical illness, mortgage protection can help pay down your mortgage. In case of sudden death, it will ensure your outstanding balance is paid.
Our Group Mortgage Protection (GMP) includes life insurance coverage, plus optional additional products like disability, critical illness and loss of employment.
Life coverage.
This plan will pay the outstanding balance of your insured mortgage at date of death, plus accrued interest, plus settlement interest.
The details:
- 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.
To qualify for additional coverage, you’ll need life coverage and 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.
The details:
- 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.
The details:
- 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.
The details:
- 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