Protect your home and your family's finances from the unexpected with mortgage balance insurance. That way, you can rest assured that your payments are covered in the event of critical illness, disability or death.
Mortgage life insurance
Mortgage insurance helps your family retain its home if you (or your co-borrower) die before the mortgage is paid off.
- Pays the outstanding balance of an insured mortgage up to $1,000,000
- Premiums are based on your age and the amount of your mortgage when you apply for coverage
- Available for purchase between the ages of 16 and 69 (with coverage ending at age 75)
Mortgage disability insurance
A disability rider ensures that your mortgage payment will be made in the event you are ill, or injured, or unable to perform your usual job.
- Available for purchase between the ages of 18 and 69. Joint coverage is available at no additional cost (benefits based on 100% unless specified)
- Benefits start after you have been off work for 60 days and continue up to 24 months for each period of continuous disability
- Since benefits are paid directly to your mortgage at Island Savings, there are no tax implications
Loss of employment
A loss of employment rider ensures that your mortgage payments will be made should you become involuntarily unemployed.
- Covers your mortgage payments up to a maximum of $3,000 per month.
- Available for purchase between the ages of 18 and 69. Joint coverage is available for no additional cost (benefits based on 100% unless specified).
- Benefits are paid after you've been off work for 60 days and continue for up to 9 months for each claim.
- Since benefits are paid directly to your mortgage at Island Savings, there are no tax implications.
If you are diagnosed with life-threatening cancer, or suffer a heart attack or stroke, mortgage critical illness insurance will pay off your mortgage balance in full.
- Coverage amounts must equal life coverage and must be between $5,000 and $1,000,000.
- Available for purchase between the ages of 18 and 59. (Coverage ends at age 75.) Joint coverage is available at reduced costs.
Payment protection coverage is optional and is underwritten and provided by CUMIS Life Insurance Company. Coverage is governed by the terms and conditions of the creditor group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements.