Mortgage Protection Through Flow (Manulife MPP)
Mortgage protection is insurance tied to your mortgage that pays toward it if you die and, with optional coverage, if a disability or critical illness stops you from working. Flow sets it up through the Manulife Mortgage Protection Plan when your mortgage is approved. It's optional, it's never a condition of your mortgage, and we'll tell you if you don't need it.
Your mortgage is the biggest bill your family would keep paying if you weren't here.
What does mortgage protection cover?
Life coverage is the core, and disability and critical illness are add-ons you choose based on what your family needs.
- Mortgage life insurance. If you pass away, it pays toward your mortgage so your family isn't carrying it alone, or losing the home over it.
- Optional disability coverage. It covers your mortgage payments if an illness or injury stops you from working, so the mortgage keeps getting paid while you recover.
- Optional critical illness coverage. A benefit toward your mortgage if you're diagnosed with a covered serious illness.
How is it different from the bank's mortgage insurance?
The idea is the same, and the difference is who the coverage belongs to. Bank creditor insurance is usually tied to that one lender and ends the day you leave it. The Manulife plan is portable, so when you switch lenders at renewal your coverage stays in place.
Is mortgage protection or term life insurance better?
It depends on your health, your budget and how long you want the coverage to last. For a lot of people the right move is mortgage protection now to cover the gap, and a term-life policy later. We'll tell you which camp you're in.
| Manulife MPP is stronger on | Term life can be stronger on |
|---|---|
| It goes in place at the mortgage stage | It's often cheaper over the long run for many healthy applicants |
| A short health questionnaire, often with no medical exam | You own the policy outright, fully separate from the mortgage |
| It follows you across lenders | Coverage can outlast and exceed the mortgage itself |
Who is mortgage protection for?
- Families running on 1 and a half incomes. The home works only while both paycheques keep coming, and premiums are based on your age when you apply.
- First-time buyers who stretched to get in. There's no cushion built up yet, and the mortgage is the one payment that can't slip.
- Anyone whose health or work makes life insurance a hassle. The plan uses a simplified application, often a few health questions and frequently no medical exam, so it's quick to put in place at the mortgage stage.
How do I set up mortgage protection with Flow?
- We flag it when your mortgage is approved. You'll see mortgage protection raised in your offer summary, when it's easiest to set up.
- You decide, on your terms. If it's a yes, you give consent in writing and answer a short health questionnaire. If it's a no, that's the end of it.
- Manulife underwrites it and coverage starts. From there it pays toward your mortgage if a covered event happens, and you can cancel at any time.
There's no auto-enrolment and no script. We'll walk you through whether it's worth it for you, how much makes sense, and how it compares with a standalone term-life policy before you decide anything.
Who underwrites the plan?
Mortgage Protection Plan insurance is underwritten by The Manufacturers Life Insurance Company (Manulife). Coverage is subject to the terms, conditions, exclusions and eligibility requirements in the policy. This page is general information only and isn't insurance advice or a recommendation. Mortgage protection is optional and is never a condition of getting your mortgage, and we enrol clients only with their explicit consent.
Frequently asked questions
Does mortgage protection cover my whole mortgage?
- Coverage is based on your mortgage balance, up to the plan's limits. We'll confirm the exact amount you're eligible for on your own file.
What does mortgage protection cost?
- Premiums depend on your age and the coverage amount. We'll show you the exact number for your situation before you commit to anything.
Do I need a medical exam for mortgage protection?
- Often you don't. The plan uses a simplified application with a few health questions, and higher coverage amounts may ask for more. We'll tell you up front what your file needs.
What happens to my coverage if I switch lenders?
- Your coverage is portable and follows you, so changing lenders at renewal doesn't reset or cancel it.
Can I cancel mortgage protection later?
- Yes, you can cancel at any time.
Is mortgage protection required to get a mortgage?
- No. It's optional and never a condition of your mortgage. We set it up only if you say yes, in writing.