Mortgage Insurance

We are very pleased to announce that in addition to our existing mortgage life insurance, all credit union branches will now be offering mortgage insurance coverage for loss of employment, disability and critical illness.

Our members can now receive financial protection for their credit union mortgage should critical illness, disability or loss of employment impair their ability to meet their mortgage payments. These new coverages will protect our members’ assets, lifestyle, credit rating, and provide them and their loved ones with a well-deserved peace of mind.

Following, please find some basic information on these new insurance products:

Loss of Employment Insurance

  • Covers involuntary loss of employment – (i.e. downsizing; liquidation; closures)
  • Coverage available for up to 9 consecutive months*
  • Contract; self-employed and elected officials excluded from coverage
  • Joint coverage is available with no increase in premium.

Disability Insurance

  • Covers accidents and sickness
  • Coverage available for up to 24 months*
  • Joint coverage is available with no increase in premium.

Critical Illness

  • Covers cancer; heart attack; and stroke
  • Full, outstanding mortgage balance paid off upon qualified diagnosis*

Benefits

  • Coverage premiums are deducted through convenient automatic monthly payments directly from the member’s credit union account.
  • All benefits paid are tax free.
  • On-site coverage may be issued without a medical examination in most cases if certain health criteria are met.
  • Insurance coverages are available for both existing and new mortgages with mortgage life insurance.
  • Coverage enrolment is easy.

* Coverages are subject to normal waiting periods on claims

Some coverage restrictions, terms and conditions apply. For more information, please contact our credit union lending staff.

 

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