Your home is one of the most important investments you'll ever make. Yet a death or disability could quickly turn this haven for you and your family into a heavy financial burden. Help protect your family's home for the life of your mortgage with Mortgage Insurance provided by Mortgage Protection Plan, Canada's Number 1 choice in independent mortgage protection.
Mortgage Life Insurance
With Mortgage Life Insurance, the outstanding balance on your mortgage is paid in full should you or your co-insured partner pass away. So your loved ones won't have to worry about losing the family home. And you can enjoy peace of mind today knowing they'll be well provided for in the future.
Mortgage Disability Insurance
This great-to-have protection will pay you up to $10,000 per month for as long as 12 months if you become disabled due to a covered illness or injury. The best part is the mortgage payments will be made directly to the lender, so the Disability insurance in NOT reportable to CPP, your private insurer and it's NOT taxable (it will not add to your income).
Mortgage Insurance FAQs
I already have life and disability insurance. Why do I need Mortgage Insurance?
Having Mortgage Insurance ensures your family doesn't lose the house you've invested so much into in the event of death or disability. And with your mortgage taken care of, you or your family can use the benefits from your other insurance plans to cover household expenses and other costs.
What if I only want Mortgage Disability Insurance?
You have the option to choose both Life & Disability insurance together OR you can choose either Life or Disability separately. You are not required to take Life insurance in order to get Disability.
Who can apply for Mortgage Life Insurance and Disability Insurance?
All Canadian residents who are between the ages of 18 and 65 years old. MPP offers some form of protection to everyone who applies for life insurance, regardless of their health and medical history. An application for Disability Insurance may be declined if serious health problems exist.
Is it portable?
MPP is fully portable from lender to lender and property to property. Premium will not go up for the full amortization of the mortgage, regardless of whether it's 25 or 35 years.
Is there a review period or money back guarantee?
Yes, MPP has a 60 day money back guarantee. Cancellation is quick, easy and can be done right over the phone.
For more information on Mortgage Protection Plan Insurance, please click here.