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Canadian Mortgage Life Insurance

Mortgage Life Insurance Protection

Protect your home and protect your family with Mortgage Protection Plan

If something happend to you, would your mortgage be paid out or passed on? Losing a loved one shouldn't mean losing a home.
With Mortgage Protection Plan you can ensure that your loved ones will not be burdened with your biggest outstanding debt - your mortgage.

An unprotected mortgage can end up being a moving experiance. Dealing with the death of a loved one is never easy. Not protecting your family with the right amount of insurance can make it even harder. Without the appropriate protection, your family may not be able to meet this financial obligation. They may have no choice but to sell their home.

People of all ages need insurance protection. Unfortunatly, many Mortgage Protection claims involve people who were right in the middle of raising a family, saving for their children's education, car payments and of course, paying off their mortgage. Protect your family with Mortgage Protection Plan. Not protecting your family with the right amount of mortgage life insurance could make a difficult situation even harder.

Mortgage Protection Plan

Canada’s #1 Choice in Independent Mortgage Protection

Your home is not only your largest single investment, but it is also where you have chosen to raise your family. If your mortgage is not protected, you risk losing everything you have worked so hard for. The simple truth is that illness or death can happen to anyone of any age at any time.

In fact:

  • 44% of Mortgage Protection Plan claims have been made in the first 2 years of the mortgage (Source: over 10 years of MPP claims data).
  • 11.4% of working age Canadians suffer from some form of disability with 43% of those disabilities severe or very severe (Source: Statistics Canada: 89-579).

With today’s high cost of living, taxes, and mortgage payments, it’s more difficult to save than ever before. An unexpected death or illness can be financially devastating for your family. Mortgage Protection Plan was created as an affordable, simple and convenient solution. It allows you to protect your investment right away, at the same time you arrange for your mortgage. There is no reason to gamble – you can insure your mortgage now and you can cancel at any time. We’ll even refund all your premiums if you find a better solution within our 60-day guarantee period (or even if you just change your mind).

The Mortgage Protection Plan was also designed to be more affordable than you think. In fact, a typical couple can save thousands of dollars, compared with buying a term life insurance policy. Unlike term life products, Mortgage Protection Plan premiums do not increase automatically as you get older.

About MPP

Mortgage Protection Plan is an insurance program designed to provide life and disability protection to the clients of mortgage brokers. The plan is underwritten by The Manufactureers Life Insurance Company (the `Insurer`) and administered by Benesure Canada Inc. and its appointed agents (collectively these parties are called `MPP`).

Others say no, but MPP says YES!

  1. We say YES – MPP is the first mortgage protection provider to offer some form of protection to everyone who submits a life insurance application, regardless of your health. As long as you are between the ages of 18 and 65, you will never be declined.
  2. And we say it right away – Not only that, but coverage will start the minute you complete an application. You can walk out of your broker’s office, with our rock-solid assurance that you are already protected. You just have to pay the first premium when it is due.
  3. Your good health still matters to us - Saying “Yes” to everyone doesn’t mean that we don’t take your health into account. If you have some health problems, you may pay a little more, or your coverage may have some extra exclusions. For example, it’s possible that your life insurance may only provide protection against accidental death.1 Before adjusting your premium or your coverage, we will discuss it with you over the phone within a few days of receiving your application. We will tell you right then and there what’s going to happen next, and we will never make you fill out any long or complicated forms.
  4. Competitive Premium Rates – Our rates compare favourably with both the major banks’ mortgage plans AND with term insurance. Keep in mind that Mortgage Protection Plan premiums do not automatically increase with age like a lot of term products do.
  5. Disability Coverage That’s Better Than Ever – Our total disability protection is still one of the most affordable choices, but now the benefit amount floats to match your mortgage interest rate - no matter how high it goes. And, unlike some others, we won’t charge you more when interest rates change and your mortgage payment goes up. In addition, these benefits do not have to be reported as income to either CPP or your private disability insurer and are not subject to income taxes.
  6. More premium collection options for your convenience – You can choose to have your monthly premium collected from any bank account at any Canadian financial institution, or from any VISA or Mastercard account.
  7. 60-Day Money Back Guarantee – You can choose Mortgage Protection Plan today and change your mind at any time within the first 60 days. If you decide to cancel, we will refund all the premiums you paid during that time. Feel free to shop around … but don’t leave your mortgage unprotected in the meantime.
  8. Fully Portable Coverage with Prior Coverage Recognition – You can transfer your mortgage whenever, wherever you like, without any fear of losing your MPP protection. Even if additional funds are advanced, only the “topped up” portion will be priced at your current age. The amount of life coverage you already have will remain untouched, and can’t be taken away no matter what your current health situation may be.
  9. Unlimited Bridge Benefits that are Unmatched – Mortgage Protection Plan will start taking care of the mortgage payments as soon as a completed life insurance claim form comes in, and will keep making the payments for as long as it takes to receive all the documentation and reach a final decision.
  10. Underwritten by Manulife - a trusted name and industry leader.

Others say no, but MPP says YES!

Some companies only want to protect your mortgage if you satisfy certain health requirements, but we truly believe that every mortgage should be protected. That’s why we never decline a life insurance application. Not only that, but your protection starts the minute you sign your application, regardless of your health or the size of your mortgage (as long as it is less than $1 million). You just have to pay the first premium when it is due.

Your good health still matters to us. Saying “Yes” to everyone doesn’t mean that we don’t take your health into account. If you have some health problems, you may pay a little more, or your coverage may have some extra exclusions. For example, it’s possible that your life insurance may only provide protection against accidental death.

According to Statistics Canada, accidents are the fifth most common cause of death, and about 25 Canadians die from an accident each and every day of the year. This means that coverage for accidents can play an important part in protecting your home and your family.

Before adjusting your premium or your coverage, we will discuss it with you over the phone within a few days of receiving your application. We will tell you right then and there what’s going to happen next, and we will never make you fill out any long or complicated forms.

Compare Benefits:

Typical Term Life Insurance

Typical Lender Creditor Life Insurance

MPP
Pay Off Mortgage? Yes
Yes Yes
Covers Prepayment Penalties and Discharge Fees? Yes Yes

Covers Mortgage Payments while Adjudicating the Claim?
No No Yes
Independent of Lender?
Yes No Yes
Coverage Declines to Match Risk?
No Yes Yes
Total Disabililty Option? No Not Usually Yes
60 Day Money-Back Guarantee? 
No No Yes
Offers Some Form of Protection to Everyone? No No Yes
Coverage Always Starts Immediately? No No Yes

Manulife Financial

About Manulife Financial
Mortgage Protection Plan (the "Plan") is an insurance program designed to provide life and disability protection to the clients of mortgage brokers. The Plan is underwritten by The Manufacturers Life Insurance Company (the "Insurer") and administered and managed by Benesure Canada Inc. and its appointed agents (collectively these parties are called "MPP").

Role of Your Canadian Mortgage Broker

Coverage under the Plan is optional. Your Mortgage Broker’s role is to have you complete the pre-printed MPP form (“Application”). If you require advice or additional information concerning the Application, please contact MPP; and for other insurance advice please consult a licensed life insurance agent of your choice.

MPP & Manulife Financial Privacy & Confidentiality Notice
When you sign an Application, you agree to the conditions described in this Notice and you authorize your Mortgage Broker to provide us with your Mortgage Information. Mortgage Information means details about you and your mortgage that we reasonably require to administer your application and the coverage we issue to you. This may include information that is not printed on your Application. MPP may collect, use, retain and disclose your Mortgage Information and any other personal information solely for the following purposes:

  • to assess your Application, to administer your insurance coverage including any claims you may make, and for statistical analysis;
  • to collect premiums when they are due; and
  • to communicate with you regarding your insurance or related financial services available from MPP, its affiliates or marketing partners.

MPP is responsible for the security of all the information we have about you, and we will retain it only in the manner permitted by law. You may review any such information and make any corrections by contacting MPP. MPP may outsource information storage and processing services to a third-party service provider.

Please Check Your Coverage
Upon receipt of your Application, MPP will send you a Certificate of Insurance. The Certificate of Insurance sets out the terms of your insurance coverage, and may include a Notice of Conditional Coverage. We encourage you to read this document carefully. If you have any questions please contact MPP.

MPP Frequently Asked Questions:

1. Does MPP offer protection for everyone?
Others say no, we say YES – We are the first mortgage protection provider to offer some form of protection to everyone who submits a life insurance application, regardless of their health.  As long as they are between the ages of 18 and 65, we will decline no one.

2. How long is the application process?
We say it right away – Not only that, but coverage will start the minute we receive a complete application. Every client can walk out of your office, with our rock-solid assurance that they are already protected.

3. How do I pay my premiums?
More premium collection options make it easier to apply – Many of you told us that your clients don’t carry cheque books, and that can lead to serious delays in the application process.  Now your clients have a choice. They can have their premiums collected from any bank account at any Canadian financial institution, or from any VISA or Mastercard account. No cheque book? No problem!    

4. Does MPP have competative premium rates?
Competitive Premium Rates  – Our rates compare favourably with both the major banks’ mortgage plans AND with term insurance. Remember, MPP premiums do not automatically increase with age like a lot of term products do.  The cost of our disability coverage is also one of most affordable in the industry.

5. What if I want to cancel my policy?
60-Day Money Back Guarantee – Clients can choose MPP today and change their minds any time within the first 60 days and it will cost them nothing. They can feel free to shop around … but be protected in the meantime.

6. Is the coverage portable?
Fully Portable Coverage – Clients never have to worry about being locked in to one lender! They can move their mortgage whenever, wherever they like, without any fear of losing their MPP protection because their health situation has changed.  Even if additional funds are advanced, only the “topped up” portion will be priced at the client’s current age. The amount of life coverage they already had will remain untouched, and can’t be taken away no matter what the client’s current health situation may be.

7. How does the claims process work?

Unlimited Bridge Benefits that are Unmatched – MPP will make the client’s mortgage payments during the time it takes to adjudicate a life insurance claim, no matter how long it takes.

Contact MPP:

Client Service Line: 1-866-677-4366
P.0. box 987
50 Charles Street East
Toronto  ON  M4Y 2N9

Contact Manulife Financial:

Client Service Line: 1-888-626-8543
500 King St. N.
PO Box 1669

Waterloo, ON N2J 4Z6

http://www.manulife.ca/canada/canada1.nsf/public/homepage

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