Mortgage protection insurance can pay some or all of your outstanding mortgage balance if you lose your job, become disabled, or pass away, so you don’t leave a large debt for your family.

You can purchase this optional insurance coverage when you get your Manulife One mortgage.

  • The average month-end balance of your Manulife One account over the last 12 months or the outstanding balance on the day you pass away – whichever is less.
  • Interest accumulated on the debt balance between the date of death and the date the insurance payment is made.
  • Fees and expenses to discharge your mortgage up to 5% of the total insurance payout.

If you choose to purchase the disability and job loss protection, the monthly benefit is equal to the monthly interest charged to the Manulife One account in the month prior to the date of job loss or disability, plus the minimum monthly principal payment, if your account includes a fixed rate sub-account with monthly payments, to a maximum of:

  • $3,500 per month for 24 months per disability
  • $3,500 per month for six months for job loss

Maximum of one claim every two years, and only one claim per Certificate is payable at a time. To be considered disabled, you must be unable to perform the normal duties of your occupation due to injury or illness, and you also can’t be employed at another job. With disability and job loss protection, you can be covered until age 65.

Monthly rates per $1,000 outstanding balance
Age Life insurance rate Disability and job loss insurance rate
18-29 $0.09 $0.14
30-35 $0.12 $0.17
36-40 $0.19 $0.18
41-45 $0.27 $0.20
46-50 $0.39 $0.24
51-55 $0.52 $0.30
56-60 $0.70 $0.40
61-64 $0.94 $0.62

Rates are not guaranteed and are subject to change. If applicable, premium tax will be added to the cost of your premium payments.

Premiums

The smaller your outstanding balance, the lower your monthly premium. Premiums will vary. They’re calculated every month based on the outstanding month-end balance of your Manulife One account and the age when you were approved for the coverage.

Joint coverage
Joint life (first-to-die) insurance premiums are based on the age of the oldest borrower and multiplied by 1.5.

Joint disability insurance premiums are based on the age of the oldest borrower and multiplied by 1.9.

Premiums for self-employed individuals are payable at the same rate, though self-employed individuals are not eligible for job loss coverage.

The insurance benefit will not be paid under all circumstances. This policy does NOT apply if the cause of death is:

  • A pre-existing condition that you had within six months before the effective date of coverage
  • Suicide within two years of the effective date of coverage
  • Committing or attempting to commit or provoke a criminal offence or assault
  • Operating a motor vehicle while legally impaired
  • Any act of war, insurrection or terrorism
  • Traveling in or descending from any aircraft unless you are a fare-paying passenger on a commercial flight

No benefit will be paid if total disability results from or occurs during:

  • A normal pregnancy, or maternity or parental leave
  • A leave of absence
  • Self-inflicted injuries
  • Any disability during which you are not under the regular care of a physician and following the appropriate treatment
  • Committing or attempting to commit an assault or criminal offence
  • Any act of war, terrorism, or insurrection
  • A pre-existing condition within 24 months following the effective date of coverage
  • Medical conditions due to alcohol or drug abuse
  • Also, no disability insurance benefit will be paid if you are receiving job loss benefits under this Plan

No benefit will be paid if total disability results from or occurs during:

  • A normal pregnancy, or maternity or parental leave
  • A leave of absence
  • Dismissal with cause
  • Voluntary resignation
  • Seasonal conditions or work that is seasonal in nature
  • Temporary or contract employment
  • Retirement, whether voluntary or mandatory
  • Any act of war, terrorism, or insurrection
  • Self-inflicted injuries

Also, no benefit will be paid if:

  • At the time of claim, you are self-employed, an independent contractor, or working for an immediate family member who effectively controls at least 25% of voting shares of any company you are working for
  • You were aware of impending unemployment up to 90 days before applying for insurance
  • You are dismissed for any reason within 90 days of starting work for any employer
  • You are receiving disability benefits under this Plan

The “waiting period” is 30 consecutive days from the date of total disability or job loss. Waiting 30 days before benefits are paid ensures that the claimant is actually disabled or unemployed and therefore qualified to receive a benefit.

Once your application is approved, you will receive certificate of insurance in the mail outlining the details of your insurance coverage. Your effective date of coverage will be the later of the date Manulife receives your written application and the first full premium payment, subject to underwriting approval.

You can cancel the mortgage protection insurance at any time if you feel the coverage doesn’t meet your needs. Simply contact us at 1-866-388-7095. If you cancel within 60 days of receiving the certificate of insurance, you will receive a refund of any premiums paid.

Mortgage protection insurance is available for eligible joint account holders. Joint insurance premiums are based on the age of the oldest borrower.