Insurance

Group Mortgage Protection (GMP)

Your house is a big investment, and it is important to ensure it is protected in the event of unexpected loss. Leaving the security of such an investment up to chance is a risk no one should be willing to take. At Community Savings Credit Union, we offer Group Mortgage Protection (GMP), a monthly premium product designed to help protect your home for the term of your mortgage.

GMP Life Coverage
With GMP Life Insurance you will have peace of mind knowing you are helping to protect your loved ones and assets from an unforeseen death. In the event of such a tragedy, you can protect your family with up to $1,000,000 of coverage for a maximum of 35 years. This product pays the outstanding balance of your insured mortgage at date of death, plus accrued and settlement interest. Members can enrol up to age 69 and coverage ceases at age 75. You will be required to answer a few health questions through the application process.

Additional Coverage Options (Life coverage is a pre-requisite)
Choosing life coverage on your mortgage also allows you to purchase optional riders, including disability, loss of employment and critical illness coverage.


Disability Coverage
Without proper disability coverage, you may be faced with the unsettling decision of having to spend your savings, cash out your retirement plan or reduce your family's standard of living in the event you become disabled. Having disability coverage is especially important if you are a primary income contributor in your household.

With Disability Insurance, you can protect yourself and your loved ones with a benefit of up to $3,000 per month (to a maximum total benefit payable of $72,000), which will be applied to the outstanding balance of your insured mortgage for a maximum of 24 months (per claim). Members can enrol up to age 69 and coverage ceases at age 75. This product is designed to cover your insured monthly mortgage payment. The waiting period before your benefits become payable is 60 days.

Critical Illness Coverage
We all know that leading a healthy lifestyle is the best way to manage your health in the long-term. However, one day you may be diagnosed with a life-threatening illness, and it is important to make sure you are properly protected if that unfortunate event should happen.

Critical Illness Insurance protects you and your loved ones from serious medical impairments, including cancer, stroke and heart attack. This product will protect the outstanding balance of your insured mortgage, up to $1,000,000 of coverage for a maximum of 35 years. This program pays the outstanding balance of your insured mortgage at the date of critical illness diagnosis, plus accrued and settlement interest. Members can enrol up to age 59 and coverage ceases at age 75. Additional health questions will be asked during the application process.

Involuntary Loss of Employment Coverage
There is no question that you and your family rely significantly on your full pay cheques coming in each month, but have you ever thought of what would happen if you were faced with an unexpected lay-off and no longer had a pay cheque?

With Loss of Employment Insurance, you can protect yourself and your family with a benefit of up to $3,000 per month (to a total maximum benefit payable of $27,000), which will be applied to the outstanding balance of your insured mortgage for a maximum of 9 months per claim. Members can enrol up to age 69 and coverage ceases at age 75. This product is designed to cover your insured monthly mortgage payment. The waiting period before your benefits become payable is 60 days.

 

Payment Protection for Lines of Credit – Monthly Premium


You work hard for your money and your lifestyle but sometimes life can take a hard turn; you may find yourself critically ill, in an accident or unexpectedly pass away; leaving loved ones with unplanned, overwhelming debt. With payment protection, you will have the peace of mind knowing your loved ones and assets are covered.

Life Coverage
In the event of a tragedy, having Life Insurance on your line of credit means that the outstanding balance of your insured debt, plus accrued interest, will be paid. If you enrol before age 65, you can get up to $1,000,000 of coverage. If you enrol between age 65 and 69, you can get up to $100,000 of coverage. The maximum issue age is 69 and coverage ceases at age 75.

Disability Coverage
Unfortunately, accidents happen all too often and if you suffer an unexpected disability, this product will cover three per cent of the outstanding balance of your insured line of credit up to a maximum of $3,000 per month, to a maximum of 60 months or cumulative total benefit of $180,000. Members can enrol up to age 69 and coverage ceases at age 75.

Additional Coverage Options (Life coverage is a pre-requisite)

Critical Illness Coverage
If you are diagnosed with cancer, suffer a stroke or heart attack, Critical Illness Insurance will provide you with up to $1,000,000 of coverage to repay the balance of your outstanding insured debt plus accrued interest. Members can enrol up to age 59 and coverage ceases at age 75.

 

Payment Protection for Loans – Single Premium

Single premium products are designed for personal, fixed-term loans and the premium is included in your loan payment.

Life Coverage
With Life Insurance on your personal loan (with a fixed term of repayment), your family will be financially protected with up to $90,000 of insurance for a maximum term of 15 years. This coverage pays the outstanding balance of your insured loan, plus accrued and settlement interest if you unexpectedly pass away. Members can enrol up to age 69 and coverage ceases at age 75.

Disability
Having Disability Insurance on your personal loan provides peace of mind in the event of an unexpected disability. With this coverage, if you suffer a total disability, you can receive a monthly benefit of up to $1,500, for a maximum of 72 months, to help cover the cost of your loan payment. Members can enrol up to age 69 and coverage ceases at age 75.

Additional Coverage Options (Life coverage is a pre-requisite)

Critical Illness Coverage
With Critical Illness Insurance on your personal loan, you will have peace of mind knowing that your family is financially protected in the event you are diagnosed with cancer or suffer a stroke or heart attack. In the event of a critical illness, this coverage pays the outstanding balance of your insured loan, plus accrued and settlement interest. You can protect yourself with up to $90,000 of coverage for a maximum term of 15 years. Members can enrol up to age 59 and coverage ceases at age 75.


For cost and complete details regarding our insurance products, please call 1-888-963-2000.


The details of this insurance product, including important exclusions, restrictions and limitations on the coverage and benefits payable, are contained in the Product Guide and Certificate of Insurance that you will receive upon application. Creditor’s Group Insurance is underwritten by CUMIS Life Insurance Company. CUMIS® is a trademark of CUMIS Insurance Society, Inc. and is used under licence.