Many homeowners want to protect the lifestyle their families currently enjoy in the event that something unexpected happens. They are looking at mortgage protection insurance which would cover their mortgage (the insured amount) as well as discharge fees and penalties in the event of death, or disability. It is something tangible they can do to help protect their biggest financial obligation.
Mortgagers who are Canadian Residents between the ages of 18-64 (maximum 4 applicants per mortgage any additional applicants are ineligible)
Coverage for the insured mortgage can be moved from lender to lender and property to property, subject to provisions in the certificate of insurance.
Premium payments can be set to synchronize with the mortgage payment frequency.
Having to worry about mortgage payments while a life claim is being assessed could add challenges to your estate. Your life coverage includes a Life insurance bridge benefit. This benefit is the amount paid while a life insurance claim is being assessed.
With the life insurance bridge benefit you will be covered from the date we receive the details until the time we make a final decision about the claim.
If you have a traditional mortgage and your life insurance covers the whole debt, the Life Insurance Bridge Benefit will equal your monthly mortgage payment.
If “No” was answered to the applicable health questions on the application and the mortgage is $400,000.00 or less it is automatically approved.
In all other cases the application will be further underwritten by Manulife before the application is approved.
Insurance may be cancelled within 60 days of the effective insurance coverage date. Upon receipt of a written cancellation request a full refund of any paid premium and coverage will be cancelled.
