Job Loss Mortgage Protection

Canadian Employment Insurance (EI) pays a maximum of $485 per week or about $1,940 per month. This amount is paid and is subject to Canadian Income Tax. The majority of homeowners with a mortgage will Canadian Employment Insurance payments inadequate to cover associated mortgage payments and living expenses.

To protect your mortgage, Job Loss Mortgage Insurance pays part or all of your monthly mortgage payments to your bank in the event you are laid-off. This amount supplements EI and allows you to maintain your lifestyle while focusing on getting your next job.

Job Loss Mortgage Insurance is available with Online Enrollment and no salesperson will visit!!

  • Plans starting from $25 per month
  • Non-taxable a benefit
  • Will not interfere with your other benefits
  • $6,000 maximum benefit
  • Underwritten by major insurance companies
  • Premiums are guaranteed
  • Available to ages between 18-64 to salaried employees
  • No underwriting if you qualify
  • Payments are made for up to 6 months

To Qualify Individuals Must:

  • Have a mortgage
  • Be a Canadian resident
  • Be eligible for EI
  • Be between the ages of 18-64
  • Be working as salaried employee
  • Not have known of any potential lay-off
  • Work a minimum of 25 hours / week and 30 consecutive days

Underwriting may be required if applicant has 'Yes' as answer to one of the health questions.

Exclusions and limitations:

  • Seasonal, temporary and contract workers
  • Labour disputes and lockout
  • Self-employed workers
  • Terminated with cause
  • Retirement

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