Protecting What Matters Most
The short answer
The Mortgage Protection Plan (MPP), provided by Manulife, pays off your mortgage balance if you pass away (ages 18 to 64 to apply) and covers your monthly mortgage payment for up to 24 months if illness or injury keeps you off work for more than 60 days. The first 30 days are free, there's a 60 day money back guarantee, and your premium is locked at the age you apply.
Lacroix Mortgage Group is a Calgary mortgage team licensed with and powered by Mortgage Connection Inc., a mortgage brokerage licensed in Alberta by the Real Estate Council of Alberta (RECA), and part of the DLCG network. Our brokers are individually licensed. See licence details.
The question most people never ask
Most people insure their car without a second thought. Far fewer protect the largest debt they'll ever carry. Between mortgage approval and possession, often 30 to 60 days, you're fully committed, your deposit is at risk, and you depend on your income and health to close. An accident, a heart attack, a stroke, a cancer diagnosis or a disabling injury can put the whole purchase in jeopardy, and a surviving spouse can face a lost deposit, legal action from the seller and serious stress at the worst possible time. It happens every year.
What MPP covers
Life Protection
If you pass away, your outstanding mortgage balance is paid off. Includes a Terminal Illness benefit (after 6 months of coverage, Manulife takes over your payments if you're diagnosed with a terminal illness) and a Life Bridge Benefit that covers payments while your claim is reviewed. Available ages 18 to 64.
Disability Protection
If illness or injury keeps you off work for more than 60 days, your monthly mortgage payment is covered for up to 24 months, plus one extra payment after you return to work. Coverage ends at age 65.
A few things worth knowing
- The first 30 days are free, which gives you time to review your needs
- 60 day money back guarantee: change your mind within 60 days for a full refund
- Every eligible applicant is approved for some level of coverage
- Premiums are paid separately, not added to your mortgage payment
- Your premium is locked at the age you apply and never increases
- Coverage moves with you if you change lenders or move
- Job Loss Waiver: premiums waived for up to 3 months if you involuntarily lose your job, once a year
- Maximum coverage: $1,000,000 life and $10,000 a month disability
MPP isn't a one size fits all decision
It depends on what other coverage you have and what you want to protect. We'll walk you through it honestly. Questions before your call? Reply to your email, or call Manulife directly:
Provided by Manulife.