Learn more about your coverage

Mortgage Protection Plan has protected Canadian mortgage borrowers since 1995. It is the largest independent plan of its kind, insuring more than 150,000 clients. It is offered by Credit Security Insurance Agency Inc. and underwritten by The Manufacturers Life Insurance Company.

What is Protected?

Mortgage Protection Plan life insurance and total disability insurance are all designed to ensure that your home will be secure if a bread-winner dies or becomes disabled and is unable to work.

Mortgage Protection Plan is available to anyone between 18 and 65.  Life insurance coverage can continue to age 70, and disability coverage to age 65.

Mortgage Protection Plan provides Canadian mortgage borrowers with secure, reliable protection for their homes.

If you have a mortgage, wouldn't you like it to be protected by the expert?

Frequently Asked Questions
Do you have a question? Search our frequently asked questions by entering a full or partial question below, or scroll down to browse the faq's.


Faq's found: 11
Q : When does coverage start?
A : Immediately - regardless of your health or the size of your mortgage (as long as it is less than $1 million).  You can delay coverage until the mortgage funding date, but you may already be committed to completing the house purchase - in which case you need protection now.  

If you choose to delay your coverage, don’t forget to indicate your decision at the bottom of the application form.  Otherwise, Your protection will start right away.

Your initial Certificate of Insurance may include a Notice of Conditional Coverage, which means your premium or some aspects of your coverage may change, based on your health.  You must pay the first premium when due for coverage to take effect.

Please remember that the coverage you are granted is always based on the answers to your Medical Questions and any other health information you provide.  If that information is materially inaccurate or incomplete, your coverage may be revoked later on.  If that happens, it will be the same as if you were never insured, and you cannot make a claim for any reason.

Q : Do I have to provide information about my health in order to get coverage?
A : Yes. Your application contains a set of Medical Questions that you need to answer. Once your application has been reviewed more information may be needed about your health. This may take the form of just a simple interview over the phone, or a blood and urine test may be required, as well as a recording of your “vital signs”, such as heart rate, blood pressure, height and weight. Click here to get more information.
Q : Is my coverage portable?
A : Yes! If you buy a new house, or if you just change lenders, the coverage you have is fully portable.  If you are thinking about buying protection from your bank, they may say their coverage is "portable" but it will not go with you if you take your mortgage to a different lender.
Q : Is my coverage portable, even if I get a bigger mortgage than I have now?
A : Yes. Once you have Mortgage Protection Plan coverage, it can never be taken away, no matter what.  If you get a bigger mortgage you will have to apply for the new amount of coverage you need, but that will have no effect on the coverage you already had.

For example, if you start out with a $150,000 mortgage, and then it goes up to $200,000 when you buy a home, you'll have to submit a new application for the $50,000 increase.

Please be aware that even though your broker may submit an application for the total new obligation ($200,000 in the above example), we will treat it as if it were only for the additional coverage you need.

Q : What happens to my protection if I change lenders?
A : Absolutely nothing! It remains exactly the same when you move your mortgage from one lender to another. The only time you need to worry about updating your protection is when you increase your mortgage balance (because you have bought a new house, or refinanced your mortgage) or extended your amortization period.
Q : What do you mean by `Significant Mortgage Change` and why does it matter?
A : Your premium and benefits are calculated based on the mortgage information received as part of your insurance application. 

If you just move your mortgage to a different lender, your benefits are not affected at all.

However, your benefits will be effected by a "Significant Mortgage Change" which means either:

  1. the total funds advanced under the Mortgage is greater than the Initial Mortgage Balance; OR
  2. as at the date of death or onset of total disability, the then-current Mortgage amortization period will not end at the same time as the Initial Amortization Period would have ended.
Q : What's the difference between a `Traditional` and `Non-Traditional` mortgage and why does it matter?
A : Traditional Mortgage means a Mortgage that:  

  1. requires You to make regular payments comprised of principle repayment and interest owing, such that the outstanding balance steadily declines; and
  2. does not allow for additional funds to be advanced during the term of the Mortgage.
Non-Traditional Mortgage means a mortgage that is either:  
  1. in whole or in part a secured line of credit, or
  2. any other type of loan that does not satisfy the definition of a Traditional Mortgage.

This distinction matters because a Traditional Mortgage generally will have a predictable payment and outstanding balance at any point in time, allowing an accurate connection between your insurance premium & benefits and your mortgage. A Non-Traditional Mortgage is totally unpredictable, so benefits are calculated in a different way.

Q : What does pre-existing condition mean?
A : It means any medical condition about which you consulted a physician or for which you received treatment in the 12 months prior to the Coverage Start Date.
Q : What should I do if I am able to pay off my mortgage?
A : Once you no longer have any mortgage obligations at all, you coverage ends too.

However, your coverage doesn’t automatically cancel at the end of the amortization period shown in the insurers records. Since your coverage is fully portable, the data originally received from you or your mortgage broker may go out-of-date. Rather than risk eliminating your protection prematurely, you must call to cancel.

Therefore, you must call when your mortgage has been paid off so that your premium collection can be stopped at the appropriate time.

Q : Can I get a refund if I have paid premiums after I've already paid off my mortgage?
A : Yes. If you pay off your mortgage you need to call and cancel your coverage at the appropriate time. Any premiums you paid after the date on which your mortgage was discharged will be refunded. If you are requesting a refund of more than 3 months' worth of premium, a copy of the mortgage discharge statement will be required.
Q : Are there any other limitations I should know about?
A : The benefit limitations that may come into play at claim time are as follows.

  1. The total amount paid with respect to total disability benefits will not exceed $10,000 per month for any one person (regardless of the number of Mortgage Protection Plan Certificates of Insurance he or she may have).
  2. The total amount paid with respect to a life insurance benefit (including Bridge Benefits) will not exceed $1,000,000 in respect of the death of any one person (regardless of the number of Mortgage Protection Plan Certificates of Insurance he or she may have). 
  3. If more than one person is insured in respect of your mortgage, and two or more die or are totally disabled at the same time, the total Share of Benefit for all such persons shall never exceed 100%. The Share of Benefit for each person is shown as “Your Share of Benefit” on the Coverage Summary page of your Certificate of Insurance package.
  4. If any other insurance policy provides a benefit payment towards your mortgage, the other policy shall be the first payor. If the other policy also has a provision naming it as second payor, benefits will be pro-rated between Mortgage Protection Plan and the other policy. If the benefit payable is reduced because of this paragraph, the premiums associated with that coverage will be reduced in the same proportion and the amount you over-paid will added to the benefit amount.
  5. Claims should be filed within twelve months of the date of an Insured Person's death, or the onset of total disability, or within three years for Quebec residents. Failure to provide proof of claim when requested will result in benefits not being paid.

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Do you need protection?
Anyone who has a mortgage needs to protect it somehow. Otherwise, you risk losing your home should there be a death or disability in the family.
Learn more.
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are your clients protected?

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Mortgage Protection Plan.