Insurance is a tricky subject for a lot of people. Everyone knows someone in the insurance industry and somehow we’re always getting contradictory advice about the best insurance options. So what about Mortgage Protection Insurance?

Oftentimes, you get so much jargon and terminology thrown at you that you have no idea what policy is the best for your situation. Phrases like term and whole life, critical illness, and fair market value are less than intuitive.

Most of the time you just have to accept what the person in front of you is telling you.

They are the expert after all.

mortgage protection insurance

So maybe you’re skeptical of another insurance product. We certainly were when we were introduced to it. But Mortgage Protection Insurance is worth the consideration.

Here are 9 reasons why you should consider Mortgage Protection Insurance, also known as the Mortgage Protection Plan from Manulife for your family:

1. Your Application will be approved

Mortgage Protection Plan is the first mortgage protection product to offer some form of protection to everyone who submits an application, regardless of your health. As long as you are between the ages of 18 and 65, you will never be declined.

2. Approval is immediate

Coverage will start the minute you complete an application. You just have to pay the first premium when it is due.

3. Your good health still matters

Saying “Yes” to everyone doesn’t mean that your health isn’t important. If you have some health problems, you may pay a little more, or your coverage may have some extra exclusions. For example, it’s possible that your insurance may only provide protection against accidental death and/or accidental disability*.  If the insurer adjusts your premium or your coverage, you will be notified in writing.

4. Competitive premium rates

Mortgage Protection Plan rates compare favourably with both the major banks’ mortgage insurance plans AND with term insurance. Keep in mind that Mortgage Protection Plan premiums do not automatically increase with age like a lot of term products do.

5. Disability coverage that’s better than ever!

Mortgage Protection Plan disability protection is still one of the most affordable choices, but now the benefit amount floats to match your mortgage interest rate – no matter how high it goes. And, unlike some others, you won’t be charged more when interest rates change and your mortgage payment goes up. In addition, these benefits do not have to be reported as income to either CPP or your private disability insurer and are not subject to income taxes. It’s especially great for self-employed people, since no proof-of-income needs to be provided with your application.

6. Flexible premium collection options

You can choose to have your monthly premium collected from any bank account at any Canadian financial institution, or from any VISA or MasterCard account.

7. 60-Day Money Back Guarantee

You can choose Mortgage Protection Plan today and change your mind at any time within the first 60 days. If you decide to cancel, the insurer will refund all the premiums you paid during that time. Feel free to shop around … but don’t leave your mortgage unprotected in the meantime.  If you change your mind after the first 60 days, you can still cancel your coverage at any time and there are no penalties whatsoever.

8. Fully portable coverage with Prior Coverage Recognition

You can transfer your mortgage whenever, wherever you like, without any fear of losing your protection. Even if additional funds are advanced, only the “topped up” portion will be priced at your current age. The amount of life coverage you already have will remain untouched, and can’t be taken away no matter what your current health situation may be. 

Read More: 3 Common Mistakes To Avoid When Choosing A Mortgage Broker

9. Unlimited Bridge Benefits that are unmatched

Mortgage Protection Plan will start taking care of the mortgage payments as soon as a completed life insurance claim form comes in, and will keep making the payments for as long as it takes to receive all the documentation and reach a final decision.


Mortgage protection insurance is a great option as a supplemental product to protect your family. When combined with a solid term life insurance plan, you can be sure that your family will be covered for whatever happens.

Want to talk to Mortgage Agent about getting Mortgage Protection Insurance? Click here to schedule a call with a licensed mortgage expert who can walk through the process and get you protected!