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Why MPP Mortgage Insurance?

Mortgage Tips Jeannie Mongrain 27 Feb

At Dominion Lending Centres we recommend the Maulife Mortgage Protection Plan (MPP) Insurance for home buyers. Here are 10 reasons why MPP is the best for our clients.

  1. We say YES!

    Manulife Mortgage Protection Plan (MPP) Insurance offers immediate protection when you submit a life insurance application, regardless of your health. As long as you are between the ages of 18 and 65, and your monthly mortgage payment is less than $10,000, you will not be declined. Even if you don’t qualify for full life and/or disability coverage you will still receive accidental death and/or accidental disability insurance at a reduced premium.

  2. And we say YES right away

    You can walk out of your broker’s office with the knowledge that you are already protected. You just have to pay the first premium when it is due.

  3. Your health matters

    Saying “yes” to everyone doesn’t mean that we don’t take your health into account. Everyone must provide medical information with their application. If you have some health problems, you may pay a little more, or your coverage may include some extra exclusions.

  4. Your premium doesn’t change

    Our premium rates are very competitive when compared to other mortgage insurance offers, and do not increase with your age or changing health conditions.

  5. Satisfaction guaranteed, or your money back

    Take up to 60 days to review your policy and if you’re not completely satisfied, simply cancel within those 60 days and we will refund any premiums you’ve already paid. The 60 days starts from the time the insurer receives your completed application and premium payment information.

  6. Disability coverage that’s better than ever

    Our total disability protection is still one of the most affordable choices. The benefit amount automatically adjusts when your interest rate changes at no extra cost. 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.

  7. We care about your health, not your occupation

    Unlike conventional disability insurance, we don’t look at your job or your income when you apply, only at your health. Self-employed individuals, seasonal and part-time workers are all fully eligible if they meet the other eligibility requirements for this product. We also don’t require you to buy life insurance. You can buy disability protection on its own.

  8. Portable coverage with prior coverage recognition

    You can transfer your mortgage whenever and wherever you like, without fear of losing your protection. Even if additional mortgage funds are advanced, only the premium for your additional coverage will be based on your then current age. The amount of coverage you already had will remain untouched, and can’t be taken away no matter what your health situation may be at that time.

  9. We will “bridge” the gap during your claim process.

    With our Bridge Benefit, we will start making your mortgage payments as soon as we get your completed life insurance claim form, and will continue to do so for as long as it takes to reach a final decision about the claim.

  10. MPP is underwritten by The Manufacturers Life Insurance Company

    A trusted name and industry leader.