Unlike insurance products offered by banks and mortgage lenders, MPP is portable, so it does not get canceled if you decide to switch lenders for more competitive rates.
It is common to see people settle for noncompetitive rates with their current lender on renewal because leaving them would cancel their insurance policy after they have aged and may have developed health problems. Banks and lenders know this and benefit from borrowers who have insurance policies with them who have suffered health problems. MPP can protect you from this.
Your health is reviewed up front, not after a claim is made. Your premiums will never change over the length of your coverage, no matter what health problems you may develop down the road. If you decide to increase your coverage, the initial coverage maintains its initial payment.
Insure the full limit of your line of credit. Unlike term insurance which will cause you to pay more in premiums each time your term policy renews, you can insure the full limit of your line of credit and be protected with the forever young clause for as long as you have the line of credit... no matter what the balance is on the line of credit.
Over the years, many of us in the mortgage industry have come in close contact with tragic stories; stories about families who had to sell their homes or face foreclosure as the result of a breadwinner suffering a serious disability or passing away unexpectedly. Naturally, we do not want to see something like that happen to any of our clients.
Our office offers Mortgage Protection Plan®. This insurance plan provides life insurance that will pay off your mortgage in the event of death and offers total disability protection as well.
Some people believe that the average Canadian has plenty of life insurance protection, and that programs like Mortgage Protection Plan are an unnecessary “frill.” But don’t risk being misinformed - be sure you do your research. We always encourage our clients to make sure they have enough insurance to cover all their obligations, especially their mortgage.
Relying too heavily on employee benefits insurance can also lead to a false sense of security. Even if you have a very generous plan right now, what happens when you decide to move to a different employer, or - as is getting more and more common these days - become a self-employed entrepreneur?
It may take some time to evaluate the coverage you already have right now. Why not be protected in the meantime? Mortgage Protection Plan protects you as soon as you complete the application and comes with a 60-day money-back guarantee.