Group Mortgage Protection

Your home is a place where memories are created; it is a place to watch children grow, to celebrate life and a place to support each other during times of sorrow.  What would you do if you had to sell your home due to a family tragedy such as a job loss, critical illness, total disability or death? 

The good news is that even though unexpected tragedies do happen, you can protect yourself and your loved ones from financial heartaches.

With Group Mortgage Protection (GMP), provided by our partners at CUMIS, you have a safeguard that frees your family from mortgage payments, saving them from financial hardship during life's uncertainties.  Life is too short to worry, learn about how this comprehensive coverage can provide peace of mind today. 

Life

CUMIS pays the insured mortgage balance plus accrued interest plus settlement interest in the event of death.

Life Insurance at a glance:

  • Maximum coverage of $1,000,000
  • Maximum period of coverage is 35 years
  • Maximum issue age is 69 
  • Coverage ceases at 75 

Disability

CUMIS pays the insured monthly mortgage payments while you are unable to work (maximum 24 months).

Disability insurance at a glance:

  • Maximum monthly benefit of $3,000
  • Maximum period of coverage is 24 months per claim
  • Maximum issue age is 69
  • Coverage ceases at age 75 
  • Elimination period before benefits are paid is 60 days non-retroactive
  • Life Insurance coverage is a pre-requisite to obtaining Disability Insurance

Involuntary Loss of Employment

CUMIS pays the insured monthly mortgage payments after a job-loss that is not of your choosing.

Involuntary Loss of Employment Insurance at a glance:

  • Maximum monthly benefit is $3,000
  • Maximum period of coverage is nine (9) months per claim
  • Maximum issue age is 69
  • Age at which coverage ceases is 75
  • Elimination period before benefits become payable is 60 days non-retroactive
  • Life Insurance coverage is a pre-requisite to obtaining Involuntary Loss of Employment Insurance

Critical Illness

CUMIS pays the insurable balance at date of diagnosis of a critical illness plus accrued interest plus settlement interest for cancer, stroke or heart attack.  Ask to see the policy for full coverage details, including restrictions.

Critical Illness Insurance at a glance: 

  • Maximum benefit is $1,000,000
  • Maximum period of coverage is 35 years
  • Maximum issue age is 59
  • Age at which coverage ceases is 75
  • Life Insurance coverage is a pre-requisite to obtaining Critical Illness Insurance

Group Mortgage Protection is designed especially for mortgage loans.  The advantage of a Group Mortgage Protection program is that it enables you to insure your loan immediately, pending your answers to a few health questions.  GMP is easier and, normally, less costly for you.

If you are interested in obtaining GMP on your current mortgage, changing your current coverage or if you would like to know more before obtaining your mortgage, please contact one of our knowledgeable and experienced mortgage professionals.  They can provide you with the information you need to make the best decision for your financial health.

 

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