Group Mortgage
Loan Insurance
Protecting your investment...
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Life and Critical Illness coverage up to $1,000,000
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Disability coverage up to $3,500
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Single, joint and multi-applicant rates available
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Full or partial coverage of your mortgage loan available
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Convenient automatic monthly payment withdrawal
What is Group Mortgage Loan Insurance?
Would your household budget allow you or your family to survive an extended period of disability, a critical illness, or even a premature death? Your Group Mortgage Loan Insurance will provide you with the peace of mind, knowing your home will never become a financial burden to you or your family.
Group Mortgage Loan Insurance is designed to repay your mortgage loan or cover the monthly repayments should you die, become ill, or become unable to work due an accident or sickness.
Group Mortgage Loan Insurance offers: · Decreasing Term Life Insurance · Decreasing Term Critical Illness Insurance · 60 Day Elimination Disability Insurance These coverages may be purchased in any combination, or as stand-alone insurance coverage. For example, if you already have sufficient Life and Disability coverage through your employer or insurance broker, you may wish to consider applying for Critical Illness as a stand-alone coverage.
Important things you should know about
Group Mortgage Loan Insurance.
Group Mortgage Loan Insurance is a voluntary insurance product offered by your mortgage broker at the time of arranging or renewing your mortgage loan and for a limited time after the completion of your mortgage. Group Mortgage Loan Insurance is optional and it is not mandatory to purchase as part of your mortgage loan negotiation.
By purchasing Group Mortgage Loan Insurance through Industrial Alliance you can maintain your insurance coverage under one certificate throughout the lifetime of your loan. If you move your loan to another mortgage lender, your Industrial Alliance insurance coverage may remain in-force at our option.
Industrial Alliance’s insurance coverage is not tied to your mortgage loan. When you renegotiate or refinance your mortgage, you have the option to keep your existing insurance in effect. Insurance products offered by banks and other lending institutions do not offer this benefit. When your mortgage interest term expires, their insurance often terminates, and you may be required to re-apply for insurance at higher premiums at your attained age. You also risk being ineligible for insurance as your health status may have changed from when you first applied.
Your choice of insurance coverage includes:
Decreasing Term Life Insurance:
Group Mortgage Loan Insurance offers life coverage from $20,000 up to $1,000,000. This coverage provides you with ongoing protection up to 100% of your mortgage balance. Life coverage is available on an individual or joint basis, with a significant premium reduction for joint enrolments. In the event of death, the benefit is paid to your mortgage loan lending institution.
60 day elimination Disability insurance:
Eliminates the added stress of financial worries allowing you to focus on recovery during a period of Disability. By including Disability coverage in your Group Mortgage Insurance plan will provide you and your family with financial support in the event of a temporary loss of income due to disability. Group Mortgage Loan Insurance offers Disability coverage from $300 up to a maximum of $3,500 per month. Disability insurance coverage pays your lending institution a monthly benefit equal to the insured monthly mortgage payment.
You are eligible to apply for Disability coverage if you are between the age of 18 and 64 years, and in good health.
Decreasing Term Critical Illness
Insurance:
A critical illness can place you and your family in a difficult financial situation and even force you to give up your home. The occurrence of critical illnesses such as cancer, heart attack and stroke are alarming. Fortunately, thanks to continuing medical breakthroughs, people are overcoming these illnesses and living longer.
Critical Illness coverage provides a lump-sum payment following the diagnosis of one of 6 covered critical illnesses. You can concentrate on your recovery without the added burden of having to worry about your mortgage.
Critical Illness coverage is available from $20,000 up to a maximum of $1 million. You are eligible to apply for Critical Illness coverage if you are between the ages of 18 to 64.
The following 6 Critical Illnesses are covered: · Heart Attack
· Life-Threatening Cancer · Stroke
· Coronary Artery Bypass Surgery · Paralysis
Is Group Mortgage Loan Insurance underwritten at the time of application?
Are medical tests or reports required?
All applications for Group Mortgage Loan Insurance are underwritten at the time of application. Your health is taken into consideration and a few questions will be asked about your health and lifestyle on the application form. Depending on the answers to these questions, you may need to undergo further underwriting review with a telephone medical interview and/or additional medical tests, paid for by the insurer. Once you receive confirmation that your application has been approved, you will have peace of mind knowing that you are protected under the coverage you selected.
Does Industrial Alliance conduct post-claims underwriting?
Post-claims underwriting means the medical and lifestyle history of the insured is reviewed at the time a claim is submitted. Even though an insured may have been paying premiums for years, they could be declared ineligible for insurance and their claim could be denied. Some mortgage loan insurance plans offered through banks and lending institutions are subject to post-claims underwriting, and their only obligation is to refund all premiums paid if they deem the insured was ineligible for the insurance.
Industrial Alliance does not conduct post-claims underwriting. All underwriting is completed when you apply for insurance. You will be provided with a certificate of insurance of all approved coverage when your insurance goes into force.
How are Premiums paid?
Premiums are conveniently collected on a monthly basis via pre-authorized debit. Premiums are age-issued, and will not increase as you become older.
Your insurance premiums are calculated based on several criteria such as age, tobacco use and the balance of your mortgage. The premium is guaranteed for the entire term of your insurance contract and is not affected by interest rate increases.
What if I refinance my loan when I renew my mortgage? Can I increase
my insurance to cover the full amount of my new loan?
What if I am declined for Group Mortgage Loan Insurance?
In the event you are declined for all Life, Critical Illness and/or Disability coverage applied for, we will provide you with Accidental Death and Dismemberment (AD&D) Insurance on your insured outstanding mortgage balance, provided you have accepted AD&D coverage on your application form. With this coverage, should you die or lose both your hands or both your feet, as a result of an accident, your outstanding insured mortgage balance will be paid off to the mortgage lender. Maximum coverage is up to $1,000,000.
Form 6068 (JUN/2013)
Insurance underwritten by: Special Markets Solutions
A division of Industrial Alliance Insurance and Financial Services Inc. 2165 Broadway W., P.O. Box 5900
Vancouver BC V6B 5H6 Canada
Ph: 1-800-923-5626 Fax: 1-888-553-5433
Email: [email protected] Who are we?
Special Markets Solutions is a division of Industrial Alliance Insurance and Financial Services Inc., serves the special risk and group insurance market across Canada.
Our ability to customize programs to the needs of each of our clients sets us apart from traditional insurance carriers. Our strength is based on underwriting expertise, value-added benefit packages, innovative corporate and exceptional customer service.
We are committed to building strong relations with all our clients by providing innovative products and service expertise.
Insurance from a company you can trust As a customer of Industrial Alliance Insurance and Financial Services Inc. you can enjoy the peace of mind that comes with sound financial backing, dependable corporate integrity and years of dedicated service.
Strength
As one of the top four insurance companies in Canada, we owe our growth and financial strength to a conservative investment portfolio, sound capital management and a strong risk management culture. Longevity
Our tradition of value and service goes back to 1892. Reliability
A.M. Best Company, an independent financial rating agency responsible for assessing the financial strength of Canadian insurance companies, gives Industrial Alliance an “A” rating. This rating is assigned to companies that have achieved excellent overall performance and a strong ability to meet their obligations to policyholders over a long period of time.
