As exciting as buying a home is, it’s more than just a place to live. It’s the place where life happens. A mortgage is a long-term commitment and a lot can happen during the time it takes to pay it off. Your financial situation or lifestyle may change over this period of time.
Mortgage Protection Plan® (MPP) insurance is optional life and disability insurance coverage that works with your mortgage to help provide financial security for your loved ones. It can help ensure your mortgage payments are covered, and your family is taken care of in case of the unexpected.
MPP insurance can include two vital insurance products for mortgage protection:
Mortgage Life Insurance Help ease the financial strain on your loved ones with coverage that will pay the mortgage balance if the insured borrower passes away.*
Unique Feature:
Life Bridge Benefits mean that Manulife will cover mortgage payments until your family’s submitted life claim is settled. Your family will have the money you need when you need it.
Disability Insurance If you are sick or injured and unable to work for at least 60 days, Manulife will cover your monthly mortgage payments so you can focus on getting better.
Unique Feature:
You’ll even receive a disability bonus payment to help you get back on your feet once you return to work unless you’ve already received the maximum number of 24 payments.
It is important to consider your current and future needs when choosing MPP insurance. Talk to your mortgage broker about your situation to determine what the best options are for you. MPP insurance can be cancelled at any time during the mortgage with no penalty, 60-day money-back guarantee.
Mortgage Protection Plan® (MPP) insurance will give you one less thing to worry about when you are going through a difficult time.
* Please note that some additional conditions and limitations may apply to your life and/or total disability insurance coverage