The frequently asked questions regarding the Securi-T program:
1. I am self-employed. Am I eligible for the Securi-T program?
No. Self-employed individuals are not eligible for the Securi-T program.
2. I hold multiple jobs. If I were to lose one, would I be eligible for reimbursement under the Securi-T policy?
You will be eligible for reimbursement of your monthly mortgage installments only if you lose your main employment, which represents the employment providing the largest portion of your income.
3. My spouse and I purchased a residence together. If one of us loses our main employment, would the Securi-T policy provide reimbursement for our monthly mortgage installments?
Yes, you will be eligible for reimbursement of the amount of your monthly mortgage installments in the same proportion as that between the individual who lost employment and the total number of borrowers. For example, since you are two borrowers and only one person lost their main employment, Securi-T will reimburse half of the total amount of your monthly mortgage installments. In this example, the amount of reimbursement will be equal to fifty percent (50%) of the amount of the monthly mortgage installment.
4. I lost my main employment, but three (3) months later, I was able to find another job. However, my new salary is much lower than the previous one. Will I continue to receive reimbursement under the Securi-T program?
Yes, but only if your current salary represents less than seventy-five percent (75%) of the employment income you received before your loss of employment, as measured just before the time of your loss of employment.
5. I purchased a triplex and I occupy its largest unit. In the event I lose my main employment, how will the amount of reimbursement of my monthly mortgage installments be determined under the Securi-T policy?
You will be eligible to receive reimbursement for the amount of your monthly mortgage installments corresponding to the proportion of the living area of the unit you occupy. For example, you would be eligible for reimbursement amounting to 40% of the monthly mortgage installments if the living area that you occupy represents 1000 sq. ft. of the total 2500 sq. ft. living area.
6. What should I do in the event I lose my main employment?
Within sixty (60) days of your loss of employment, please contact the support centre by calling toll-free 1-833-736-2978, Monday through Friday, 9:00 a.m. to 8:00 p.m. EST.
7. Who should I contact if I have any questions?
Contact GPL Assurance inc., the program insurance broker, by calling 1-833-551-9798. The team will gladly assist and answer all of your questions.