GMP Life Basics
Life is a pre requisite for these riders/ addons.
Disability, critical illness and Loss of employment
These are Two features/ selling points for the premiums reduction option
Cost savings as your mortgage declines
increased disposable income can be used for other needs such as RRSP, TFSA, Education and other savings plans
Your life benefit will not be paid if your estate fails to provide proof of death within this time limit
1 year of the date of your death, this includes proof of your death and all other supporting documentation CUMIS requires.
The max coverage amount
1,000,000
$5000 is what minimum
This is the minimum reduced life insurance
You may receive a premium reduction if you quit this for 12+ months
Tobacco, Nicotine product or substitutes like e-cigarettes or vaping.
reach out to CUMIS and they will send out a smoker change form directly to the member.
Grace period of 75 days
This is the time frame the policy will remain in force after a premium is not paid and remains unpaid.
The recipient of the funds paid by CUMIS
The Credit Union
Coverage ceases at this age
75
When your loss occurs, If you are found to be operating this outside legal limits your life benefit will not be paid
a motorized vehicle or watercraft with a blood alcohol concentration in excess of legal limits in your applicable jurisdiction
16 to 69 years old
minimum and max age to qualify for GMP life
This claim must be made prior to death occurring
Service Request Form
This is the form used to apply for a premium reduction
If your loss occurs by committing this the life insurance benefit will not be paid
35 years
Maximum term of insurance
The age that the premiums are based at
The applications age at the time of application when they are the youngest.
$5000 is the amount to qualify.
the amount in accelerated payments/ lump sums to qualify for a premium reduction
If this happens within 2 years of the effective date of insurance the life insurance benefit will not be paid
Death by suicide
This term is used to describe this policy - If you do not answer the health questionnaire/ smoking status correctly or completely or mispresent information which is material or important your insurance may be void from the begging and treated as not in force. Premiums would be refunded less applicable processing fee's
Material misrepresentation