Loan, line of credit, and mortgage insurance
Protection for what matters most.
Connect with a specialist Make a claimLine of Credit Protection.
Line of Credit protection insurance* is a safety net for the unexpected and helps to protect you from defaulting on your payments if your ability to earn income is impacted by illness, disability or death. Enrolment is easy with no health questions or medical underwriting required up to $50,000 of coverage. Premiums are based on the average daily balance of the line of credit for the previous month.
Loss of life
Disability
Critical Illness
Coverage pays the outstanding insured balance of your line of credit as of the date of death.
Coverage will pay 3% of your insured outstanding balance, up to $3,000 for a maximum of 60 months per claim if you become totally disabled.
Coverage pays the outstanding insured balance of your line of credit as of the date of critical illness diagnosis.
- Maximum coverage is $1,000,000 (application prior to age 65)
- Maximum coverage is $100,000 (application from age 65 to age 69)
- Coverage is available through age 69 and coverage ends at age 75.
- Includes a living benefit feature that helps protect you if you're diagnosed with a terminal illness with a life expectancy of 12 months or less.
- Coverage is available through age 69 and coverage ends at age 75.
- You're eligible to apply for coverage if you're not working as of effective date of insurance. You must be considered actively at work (working 20 hours per week for 2 consecutive weeks) prior to making a disability claim.
- Maximum coverage is $1,000,000 (application prior to age 65)
- Maximum coverage is $100,000 (application from age 65 to age 69)
- Coverage is available through age 59 and coverage ends at age 75.
- Coverage helps provide financial protection in the event of a heart attack, stroke or diagnosis of cancer.
Download information sheet.
Loan Protection
Loan protection insurance* provides protection for your borrowed money to help keep your finances in order. Enrolment is easy with no health questions or medical underwriting required. You pay one, up front premium at the time your loan is approved, and the premium can be financed in the loan and paid as part of the loan payment.
Loss of life
Disability
Critical Illness
Coverage is available up to $90,000 and pays the outstanding insured balance of your loan as of the date of death.
Coverage will pay your monthly loan payment up to a maximum of $1,500 per month for a maximum of 72 months per claim if you become totally disabled.
Coverage is available up to $90,000 and pays the outstanding insured balance of your loan as of the date of critical illness diagnosis.
- Includes a living benefit feature that helps protect you if you're diagnosed with a terminal illness with a life expectancy of 12 months or less.
- Coverage is available through age 69 and coverage ends when you turn 75.
- Coverage is available through age 69 and ends when you turn 75.
- You're eligible to apply for coverage if you're not working as of the effective date of insurance. Must be considered actively at work (working 20 hours per week for 2 consecutive weeks) prior to making a disability claim.
- Coverage helps provide financial protection in the event of a heart attack, stroke or diagnosis of cancer.
- Coverage is available through age 59 and coverage ends at age 75.
Download information sheet.
Mortgage insurance.
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.
Download information sheet.
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
Make an insurance claim.
Submit an online claim for your loan, line of credit, or mortgage insurance anytime, anywhere, and track its progress with ease.
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*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.
Creditor's group insurance is optional and is underwritten by Co-operators Life insurance Company. Supporting services, such as enrolment intake, medical underwriting and claims administration, are provided by the employees of CUMIS services Incorporated, a subsidiary of Co-operators Life insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full Coverage details.