Get mortgage insurance that puts your family first
For most Canadians, a home is their biggest investment. Mortgage Guard® from Co-operators can protect your home, and your finances, by securing your mortgage with term life insurance. What’s more, our plans come with optional extras – like critical illness and disability benefits – in one flexible, convenient plan.
What we offer
When it comes to mortgage insurance, you may be wondering how much you need. Or if it’s even worth it. As with all types of insurance, the answer depends on many factors. Read on for an overview of our mortgage coverage, and why it could make sense for you and your family.
Mortgage Guard® If you’re shopping for mortgage protection insurance in Canada, Mortgage Guard® is a great option. It lets you decide how to protect the financial well-being of your loved ones, your lifestyle and your financial future. Because, unlike mortgage insurance from other providers, our coverage puts you in total control of your policy. Here’s how:
- You own your policy, and only you can cancel it.
- Your policy stays in effect, even if you switch lenders.
- In the event of your death, your family receives the benefit directly.
- The funds can be used however your family decides, whether it’s paying off the mortgage, investing for the future or maintaining their quality of life.
- Your premium rate is guaranteed for the term of the policy.
- The benefit amount is level for the term of the policy, unless you choose to reduce it (which also reduces your premium).
- If your situation changes, for example you pay off your mortgage or sell your home, you can convert your policy to a permanent Life insurance plan, as permitted.
What else should you know
Our Mortgage Guard® comes with two optional add-ons:
Our Mortgage Guard® Disability Insurance (MDI) Rider provides a monthly income benefit to help you maintain your family’s lifestyle, if you become disabled and lose your job. The benefit can cover up to 125% of your monthly mortgage and/or line-of-credit payment (including property taxes, if desired), to a maximum of $3,500 per month. You can choose either a 24- or 60-month benefit period, which can remain in effect up to age 60. MDI is available as a rider on Versatile Term®, Infinity Term®, and Universal Life ™ policies.
Critical illness protection
If you are diagnosed with one of 25 covered conditions and the waiting period (30 days, in most cases) has passed, our Critical Assist® Rider provides you with a lump-sum payment – between $25,000 and $2,000,000, depending on the level of coverage you select. This rider also offers the option for a partial payment, if you are diagnosed with one of four Early Assist covered conditions. The partial payment is 10% of the policy face amount, up to a maximum of $50,000 and allows your policy to remain in force should you need to make a claim for the full amount in the future.
PLUS! Access to Teladoc Medical Experts®
When you add the MDI Rider and/or Critical Assist® Rider, you’ll also gain access to Teladoc Medical Experts®, an international roster of top medical experts that can provide advice and support when you need it. You can use this resource with Mortgage Guard® insurance as well.
Secure your mortgage today!
View our Getting Started Guide to initiate the life insurance discussion with your loved ones.
Download our Advisor Discussion Guide to help start the conversation with your financial advisor.
Talk to us today
For personalized solutions to fit your needs and budget, connect with a Co-operators financial representative