Two ways your mortgage protects the people counting on you.

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.

Possibly not as much as you’d think. Employer group life coverage is typically only 1–2 times your annual salary, and group disability coverage usually replaces 60–85% of income — often not enough to also cover a mortgage on top of everyday expenses.

Mortgage Protection Plan lets you top up that existing coverage specifically for your mortgage. It isn’t tied to your employer, so it stays with you even if you change jobs.

No. For mortgages of $400,000 or more, you can choose partial coverage instead: 100%, 75% or 50% of your mortgage balance for life insurance, or 100% or 50% of your regular payment for disability insurance.

Premiums scale with the amount you choose — 50% coverage costs roughly half of full coverage — so some protection at a lower cost is available even if full coverage doesn’t fit your budget. If you’re applying jointly, you and your co-borrower can each choose a different percentage.

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 NOW Mortgage — we’ll walk you through applying for mortgage life insurance, mortgage disability insurance, or both, alongside your mortgage. Book a free consultation.