Meridian Credit Union
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Group Mortgage Protection

Monthly Premium

Your house is a big investment and it is important to ensure that it is protected in the event of the unexpected. Group Mortgage Protection (GMP) is a monthly premium product that helps protect your family’s home for the life of your mortgage. If you choose life coverage on your mortgage, you can also purchase optional riders, including disability, loss of employment and critical illness coverage. You will be required to answer a few health questions through the process.

Life Coverage
  • Maximum coverage is $500,000
  • Minimum coverage is $25,000
  • Maximum term of coverage is 40 years
  • Maximum issue age is 64
  • Coverage ceases at age 80
  • Program pays outstanding mortgage balance at date of death, plus accrued interest, plus settlement interest
Involuntary Loss of Employment Coverage (Optional)
  • Maximum monthly benefit is $2,500
  • Maximum term of benefits is 9 months
  • Maximum term of coverage is 40 years
  • Maximum issue age is 64
  • Age coverage ceases at age 65
  • Qualification period (before benefits become payable) is 60-day non-retroactive
  • Program pays monthly mortgage payments
Disability Coverage (Optional)
  • Maximum monthly benefit is $2,500
  • Maximum term of benefits is 24 months
  • Maximum term of coverage is 40 years
  • Maximum issue age is 64
  • Coverage ceases at age 65
  • Elimination period (before benefits become payable) is 60-day non-retroactive
  • Program pays monthly mortgage payments
Critical Illness Coverage (Optional)
  • Medical impairments insured include life-threatening cancer, stroke and heart attack
  • Maximum coverage is$500,000
  • Minimum coverage is $25,000
  • Maximum term of coverage is 40 years
  • Maximum issue age is 55
  • Coverage ceases at age 70
  • Program pays outstanding mortgage balance at date of critical illness diagnosis, plus accrued interest, plus settlement interest