Mortgage Insurance

Mortgage Guard® puts your family first

Mortgage Guard® from The Co-operators secures your mortgage with life insurance and optional critical illness and disability benefits all in one flexible, convenient plan.

Unlike the bank's mortgage insurance, you own your Mortgage Guard® policy.

  • The policy stays in effect even if you switch lenders.
  • Only you can cancel it.
  • Your family receives the benefits in the event of your death, not the bank.
  • The funds can be used as you decide: to pay off the mortgage, invest for the future or to maintain quality of life.
  • Your premium rate is fixed and guaranteed for the term of the policy.
  • The benefit amount is level for the term of the policy, unless you choose to reduce it, and reducing the benefit amount also reduces the premium rate.
  • You can convert the policy to a permanent insurance plan as the policy allows.

Banks typically sell mortgage insurance. With mortgage insurance, the amount payable to you decreases as you pay off your mortgage. Upon death, the only benefit is that the outstanding debt is paid. Your family will not receive any additional benefit from all of the premiums paid. In addition, each time you renew your mortgage, you have to renew and requalify for your insurance as well.

With Mortgage Guard®, you're in total control of your policy.

Optional disability protection

Our Mortgage Guard® Disability Insurance (MDI) Rider provides you with a monthly income benefit to help you maintain your family's lifestyle should you become disabled. The benefit can be up to 125% of your monthly mortgage and/or line of credit payment (including property taxes, if so desired), to a maximum of $3,500 per month, for either a 24- or 60-month benefit period, up to age 60.

MDI is available as a rider on Versatile Term®, Infinity Term® and Universal Life policies.

Optional critical illness protection

Our Critical Assist® Rider provides you with a lump sum payment between $25,000 and $2,000,000, dependent upon the level of coverage you select, if you are diagnosed with one of the 25 covered conditions and survive the waiting period (30 days in most cases). This rider also offers an Early Assist partial payment equal to 10% of the policy face amount, up to a maximum of $50,000, if you are diagnosed with one of the 4 Early Assist covered conditions. There is no reduction of the policy face amount when a partial benefit is paid. The Critical Assist® Rider is available with level premiums for either 10 years (with 10-year renewals to age 75) or 25 years (with 20-year renewals to age 75).

Best Doctors®

The Mortgage Guard® Disability Insurance Rider and the Critical Assist® Rider include the Best Doctors® service, which gives you free access to an international roster of top medical experts to help you obtain the best medical advice available.

We know mortgage insurance requires more than ticking boxes on an application to give you the right coverage. One of our trusted local Financial Advisors can help walk you through the application.