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Mortgage Insurance
The purpose of mortgage insurance is to cover the balance outstanding (on a mortgage) at the time of death of the borrower. This product should not be confused with 'home owner's insurance', which is property insurance covering houses, outbuildings and personal property against loss or damage.
The Credit Union's product name for mortgage insurance is Group Mortgage Protection (GMP). A short application with three health related questions is required.
Along with life insurance, members have access to disability, loss of employment, and critical illness as optional rider coverage to the life insurance.
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Disability and loss of employment
- $2,500 per month maximum benefit
- insures the outstanding mortgage balance in the event of heart attacks, stroke, and life threatening cancer
- benefits are paid on the diagnoses of the above three conditions by paying the insured member's mortgage balance in full
Critical illness
Check with individual Credit Unions for product availability.
