Contents insurance, better known as “tenants package” applies to contents of condominiums
or strata titles, where the strata corporation only insures the building.
All mortgage lenders insist that collateral be insured. In fact, in order for you to obtain
mortgage funding you are required to verify that the property is insured,
and the insurer agrees the first loss is payable to the lender.
Standard insurance costs for a typical $150,000 home will range anywhere from $300
to $400 per year.
Losing a loved one shouldn't mean losing a home.
Protect your home. Protect your family with Mortgage Protection Plan. If something happened to you, would your mortgage be paid out or passed on? With Mortgage Protection Plan you can insure that your loved ones will not be burdened with your biggest outstanding debt - your mortgage.
> read more here
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LIFE INSURANCE |
TOTAL DISABILITY |
ELIGIBLE
APPLICANTS |
Canadian residents, aged 18 to 62
Up to 2 applicants per mortgage
Mortgage may not exceed $400,000 |
Canadian residents, aged 18 to 62
Up to 2 applicants per mortgage
Seasonal workers, self-employed and stay-at-home parents can be covered |
ELIGIBLE
MORTGAGES |
All residential mortgages
Some commercial mortgages (must have a regular payment schedule and applicant must have a personal obligation for the mortgage) |
All residential mortgages |
REQUESTED
EFFECTIVE DATE |
Date application is signed, or the Advance Date, provided the first premium is paid when due |
same as Life |
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BENEFITS |
Outstanding balance of mortgage at date of death, plus up to 5% to cover discharge cost, plus interest accruing between date of death and date of claim payment (in accordance with the borrowers most recent MPP application)
Maximum benefit payable is $400,000 |
Lesser of actual mortgage and "Monthly Payment Amount" shown on the Application to a maximum of $3,500 per month
100% is paid if one borrower is insured
50% is paid when there are two insured
Benefits start after a 60-day waiting period and are paid monthly up to a maximum of 12 payments per illness or injury
One month's "bonus" payment is made after claimant returns to work, if the maximum of 12 payments has not already been reached |
| PORTABILITY |
The mortgage may be moved from lender to lender at renewal time without the need to re-apply for insurance |
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LIMITATIONS &
EXCLUSIONS |
Pre-existing conditions that give rise to a claim within the last 12 months of coverage ("pre-existing" means a condition, symptom, illness or disease that existed during the 12 month period prior to applying for MPP)
Suicide occuring within the first two years of coverage
Attempting to commit, or commiting a criminal offense (extends to driving while legally impaired)
Acts of war
Flying in an aircraft, other than as a fare paying passenger |
Same as Life, plus...
Self-inflicted injury
Pregnancy/childbirth (complications are covered), abortion, miscarriage
Conditions arising from drug or alcohol abuse
Cosmetic/elective surgery
To qualify for benefits, the claimant must be unable to perform main duties of their own job, or if not employed, unable to perform at least two essential daily life activities. |
This fact sheets provides a summary of the coverage provided by Mortgage Protection Plan.
Please read your Certificate of Insurance carefully for full conditions and details.
Mortgage Protection Plus is underwritten by The Manufacturers Life Insurance Group.
*Information supplied, while deemed to be correct, should be verified before any commitment is made. You can get more information about MPP at 1-866-677-4366 |
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