Group Mortgage Protection - Loss of Employment

An insurance product that helps protect your family's home for the life of your mortgage in the case of loss of employment.

Peace of mind: Expand/Collapse

"You have peace of mind knowing your payments will be covered in the event of loss of employment."
- Available for mortgage loans over $25,000.
- Maximum loss of employment insurance benefit is $3,000 a month to a maximum of 9 months per occurrence.
- Maximum term coverage is 35 years.

"You don't need to worry about using your other funds to make this loan payment as it is covered."
- Your payments are not affected by other insurance benefits received.

Affordable: Expand/Collapse

"You can purchase insurance at an affordable rate."
- Competitive rates.

Convenience: Expand/Collapse

"You don't have to worry about making your premium payments yourself."
- Monthly, semi-annual or annual automatic payments can be set up from your account.

"As long as you have a loan and Group Mortgage Protection Life insurance, you can apply for loss of employment insurance today or at any time in the future."
- No closing date for application.

Additional Information

- To be eligible you must be actively working for 30 hours per week for previous 12 months of application and date of loss of employment to qualify for benefits.
- You must be enrolled in Group Mortgage Life Insurance in order to obtain Group Mortgage Loss of Employment Insurance.
- Loss of employment must be involuntary and claims start after a 60 day waiting period.
- Maximum issue age is 69 years.
- Coverage ceases on 75th birthday.
- Self employed borrowers are not eligible.
- 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.

Who might benefit from this product/ service?

Your house is a big investment. This protection is for those between the ages of 16 and 69 who want to ensure their family's home is protected in the event of the unexpected.

 

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