I've completed an EDUCATION UPGRADE for my clients!
Manulife MPP (Mortgage Protection Plan)
MPP is THE BEST Mortgage Life and Disability Protection you can get. Why you ask? Let me explain....
1 - It lasts until the mortgage is fully paid, or you cancel it, or you turn 70. Every other Bank's Life Insurance lasts for the duration of the term (typically 5 years), so you have to qualify again 5 years later when you're older and more likely to have a health condition that causes you to not qualify. Typical bank life insurance is insurance for them, MPP is insurance for YOU.
2 - It's portable! That's right! Not only does it last for the life of the mortgage through as many terms as you want, but it even moves with you, EVEN IF YOU MOVE HOUSES. YES... it can move with you even if you have a new mortgage in a new home.
3 - Universal Coverage... this means that if you don't qualify for health reasons you can still qualify for accidental insurance. So if you're 'the victim of a vehicle crash for instance you are still insured, even if you smoke 2 packs a day. Same for the disability coverage.
4 - Job Loss premium waiver. This means that if you lose your job Manulife will waive your monthly premiums and KEEP YOUR POLICY IN PLACE. So you don't have to pay and you keep the coverage. Wow.
5- Terminal illness coverage. If god forbid you get diagnosed with a terminal illness MANULIFE will take over your payments so that you can live out your days without worrying about making mortgage payments.
6- Life Bridge Benefits. If a Life claim is made (a person passes and the estate files for the payment) Manulife automatically takes over the mortgage payments while the claim is processed. Things take time and you don't need to worry about mortgage payments while grieving.
7 - You can double dip. So if you have other coverage (like term Life Insurance) MPP will still payout. You can even double dip the disability benefit, so if you get hurt at work and are getting paid by Workers Comp. you can STILL have MPP pay your mortgage while you're disabled.
The Manulife MORTGAGE PROTECTION PLAN is a fantastic product that I am very happy to be able to offer my clients.