Mortgage Protection Insurance

Just before you sign off on your mortgage, we are required to tell you about mortgage protection insurance.
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Prepare for life’s complications

Plan ahead! It’s the unexpected events in life that can cause you the most stress. Did you know that 65% of Canadians would have trouble covering their living expenses, including the mortgage, for more than a few months if the primary wage earner died?* What would your family do if something unfortunate happened to you and they were left to make the mortgage payments on their own?

Mortgage Protection Plan insurance provides a quick and easy solution.

Mortgage Protection Plan® (MPP) insurance is optional life and disability insurance coverage, insured by The Manufacturers Life Insurance Company (“Manulife”).

It can protect your investment while helping secure your family’s financial well-being in the event of your death or disability.

MPP insurance offers flexible premium payment options that allow you to pay your premium in smaller installments.

Look at the quote section on your application form for your initial premium payment frequency. Every eligible applicant is approved for some kind of coverage.

mortgage protection insurance
supportive women not denied mortgage insurance

​You won’t be denied coverage regardless of your health.

You are eligible to apply if you’re a Canadian resident between 18 and 64 years old and are a borrower, co-borrower or guarantor on a residential mortgage, up to $1,000,000, arranged by a mortgage broker who offers MPP insurance. Even if you don’t qualify for full life and/or disability coverage, you can receive accidental death for 50% of the full life premium, and/or accidental disability insurance for 60% of the full disability premium.

Applying is easy

Plus you have the option of immediate protection. Your coverage can begin the minute the insurer receives your application and premium payment information. Or you have the option to delay the coverage start date to match with your mortgage funding date. If you want to delay coverage, check the box, “I want to delay my coverage start date to match the funding date” on your application. One phone call may be all it takes to complete your application. When you apply for MPP insurance, you may be asked some questions about your health on your application and/or via a medical interview over the phone.

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Highly Recommended

Find out why hundreds of others choose GoToBrokers as their Alberta mortgage broker of choice.

My husband and I have recommended Stephanie Lopushinsky to everyone we know because she is so knowledgeable and wonderful to work with! She truly went above and beyond to guide us through every step of obtaining our mortgage for our first home!

Julia K

Ms. Stephanie at all times gave her very best to help us as her clients. She remained professional while still being approachable. She made us feel comfortable to ask questions anytime and she’s always willing to help us understand the why’s and how’s in purchasing a house. She is excellent and highly recommended.

John Doe

We contacted Stephanie for help in our remortgage of our home. Never used a broker before but lately unhappy with our bank and their rates. We decided to try a mortgage broker. Stephanie did a fantastic job with less hassle then the bank. She made it so easy. Got us great rates, met with us when it was convenient for us (no banker hours). Very professional and hard working. Overall excellent service!!!

Lynn C

Your answers will determine if medical tests are required

This would be completed at a mutually convenient time.

Based on those tests, coverage level and premium will then be determined. If your insurance is to start immediately, you will continue to be covered while we complete the medical review of your file. You’ll receive confirmation of your coverage by mail. Valuable Features When you make a life or disability claim, the coverage offered through MPP insurance can help see you through these challenging times. We are able to provide you with valuable extra benefits like the Life Bridge Benefit and the Disability Bonus.

medical eligibility might be needed

Coverage is portable with your mortgage.

You will not lose your coverage (or have to re-qualify) no matter how many times you change homes or lenders in the future, and premiums (based on your original mortgage amount and amortization period) don’t increase with changes in your health or because you get older. Blend and extend your coverage You may apply for additional insurance to cover a significant change to your mortgage, if you are eligible. If you have MPP insurance and are applying for additional insurance. This will tell us that you’re applying for an increase in coverage.

The additional coverage will work as follows:

  • If you already have life coverage with us, and are applying for additional life coverage now, your initial life insurance benefit under the new certificate will equal your new refinanced debt minus your initial life insurance amount on your existing certificate.
  • If you already have disability coverage with us, and you are applying for additional disability now, your initial disability benefit under the new certificate will equal your new mortgage payment amount minus the initial mortgage payment amount on your existing certificate. The additional coverage premium will be calculated using your age at that time and the rates then available. You’ll keep your existing coverage at your existing rates, and the payment frequency for your existing insurance will change to match your new frequency, if different. The combined insurance may not cover your full debt or payment. Please see your certificate for details.

Important Mortgage Protection Information

Buying a home is likely one of the single largest purchases you will make in your lifetime. It is also an investment in your family’s financial future – an investment that needs to be protected.