Life & Disablity
With very few exceptions (e.g. private mortgages), mortgage life insurance is optional. Be prepared however, some banks still use pressure tactics to sell this product. If you don't need it, you don't have to take it.
It may be optional, but for most people 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. The simple truth is that illness or death can happen to anyone of any age at any time. In fact:
- 44% of 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. The 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 300% over a very competitive term life product. Unlike term life products, Mortgage Protection Plan premiums do not increase automatically as you get older.
Unlike similar plans offered by mortgage lenders, Mortgage Protection Plan is independent of your lender. That means you are free to negotiate the best mortgage deal at renewal without having to worry about losing your protection. You're also never locked in.
Don't Gamble, Protect your home now!
With Mortgage Protection Plan we've made it easy and simple to get the protection you need now. For most applications, there is no medical exam and we will have your certificate on its way to you within 5 days. And if you find a better solution within 60 days we'll refund all of your premiums. That's why over 110,000 Canadians have made the Mortgage Protection Plan Canada's No. 1 choice for independent mortgage protection.
The information provided here is courtesy of The Mortgage Protection Plan. The "Plan" is an insurance program designed to provide life and disability protection to the clients of Mortgage Managers mortgage brokers. The Plan is underwritten by The Manufacturers Life Insurance Company (the "Insurer") and administered and managed by Lorriman & Long Management Inc. and its appointed agents (collectively these parties are called "MPP")