Two ways your mortgage protects the people counting on you.
Mortgage life and mortgage disability insurance are designed to keep your home payments covered if the unexpected happens — whether that's a loss of life or an inability to work. Here's what each one covers and how they fit together.
If something happens to you
Pays off your outstanding mortgage balance if the mortgage holder passes away, so your family isn't left carrying that debt on top of everything else.
If you're unable to work
Covers your monthly mortgage payments if you're totally disabled for 60 days or more, so you can focus on recovering instead of worrying about the mortgage.
Both plans share the same core benefits
No waiting period
Coverage can start immediately once your application is approved.
Budget-friendly payments
Choose monthly, semi-monthly or weekly premium payments.
Top-up existing coverage
Add on top of what you already have and preserve it for other priorities.
Coverage follows you
Stays with you wherever your career takes you — it isn't tied to an employer plan.
Partial coverage
Flexibility to choose an amount that fits your budget, subject to eligibility.
60-day money-back guarantee
Review your options while you're still covered, risk-free.
Mortgage protection insurance FAQs
Answers pulled from Manulife's mortgage life and mortgage disability insurance pages. Filter by product, or browse everything.
It pays off your outstanding mortgage balance if the mortgage holder passes away, up to $1 million per person, so your family isn't left having to cover the home on their own during an already difficult time.
It's a benefit unique to Manulife's mortgage life plan that keeps making your mortgage payments while a submitted claim is being reviewed, so your family isn't out of pocket during the settlement process.
If you're totally disabled for 60 days or more, it covers your monthly mortgage payments — up to $10,000 a month, to a combined maximum of 24 months — so you can concentrate on recovering.
Yes — if you haven't already used up the maximum number of payments, a bonus disability payment is included to help you get back on your feet once you return to work.
According to the Canadian Life and Health Insurance Association, roughly one in three Canadians will be disabled for 90 days or more at some point before age 65 — which is why mortgage disability protection is worth planning for even if it feels unlikely today.
You need to be a Canadian resident between the ages of 18 and 64, and be a borrower, co-borrower or guarantor on a residential mortgage. Manulife notes that everyone is eligible for some level of protection.
Yes, the two products are meant to complement one another — life insurance protects against loss of life, while disability insurance protects against loss of income, so together they cover more of what could go wrong.
You can choose whichever schedule suits your budget: monthly, semi-monthly or weekly payments are all available.
Yes. Top-up options let you add mortgage protection on top of existing coverage, so you can preserve what you already have for other priorities rather than replacing it.
Yes. Because it's individual coverage rather than an employer benefit, it stays with you wherever your career takes you.
Instead of only offering all-or-nothing protection, partial coverage gives you the flexibility to choose a coverage amount that fits your budget, subject to meeting eligibility criteria.
Both plans come with a 60-day money-back guarantee, so you can take time to consider your decision while remaining fully covered.
Talk to your mortgage broker or mortgage provider — they'll walk you through applying for mortgage life insurance, mortgage disability insurance, or both.
Ready to protect your mortgage?
Talk to your mortgage broker or mortgage provider to find out which coverage — or combination — makes sense for your situation.