When you're approved for a mortgage, your lender will offer to sell you mortgage insurance. That may seem convenient, but before you say yes to mortgage insurance, you should know that you have other options. Protecting your mortgage with an individually-owned term insurance plan, life Manulife's Family Term, offers you and your loved ones better guarantees and greater choice. Quite simply, Family Term provides better value, more flexibility - and in most cases at a lower cost.
Take a look at the differences between protecting your mortgage using Manulife's Family Term Insurance vs. most lenders' mortgage insurance:
With Manulife's Family Term
With most lenders' mortgage insurance
I pay the premiums, so I own the policy right?
Yes. You own the policy and you name your beneficiaries.
No. You`re part of a group policy owned by the lender. The lender is the beneficiary.
|Is the coverage flexible?|
Yes. You choose from 3 coverage options and the amount of coverage you want, regardless of your mortgage balance. You can increase or decrease your coverage, renew your coverage and convert to permanent protection. If you negotiate or pay off your mortgage or sell your home, you can continue your coverage.
No. Your lender will insure you only for the amount of your mortgage, You can't alter, renew or convert the policy. If you choose to move your mortgage to another lender, you can't transfer the policy. Your coverage ends when the mortgage is paid off or ends.
Circumstances change. If it's better for my beneficiary to use the proceeds from the policy for something other than paying off the mortgage, will they have that option?
Yes. Upon death, the benefit goes directly to your beneficiaries. They decide how to best use the money.
No. Upon death, the benefit goes directly to your lender to pay off the mortgage.
Is the coverage guaranteed?
Yes. Your premiums and benefits are guaranteed for the life of the policy. Only you can cancel or make changes to your policy.
No. Your premiums and benefits are not guaranteed. The lender can change or cancel the policy at any time.
I look after my health and I don't smoke. Will that make a difference in the amount I pay for coverage?
Yes. The amount you pay for your coverage is based on your age, health and smoking status.
No. Since mortgage insurance is usually provided through a group plan, you pay the same rate for your coverage as everyone else.
Term Life Insurance
Whether you are looking to protect your family or your business, Term life insurance offers affordable and flexible protection you can customize to meet your temporary and growing needs.
You can choose term life coverage that protects you for 10 or 20 years or until you reach age 65 or age 100.
Family Term from Manulife Financial
The flexible design of Family Term provides you and your family with affordable protection that can be adapted to your family’s changing lifestyle, income and needs.
Family Term gives your loved ones the financial security to:
- Maintain a comfortable lifestyle
- Pay off existing debts – like your mortgage
- Fund long term investment needs like educational savings plans or RSPs
Plus, you can adjust your Family Term insurance as your needs change, using a wide range of options called ‘riders’, such as Children’s Protection Rider (adding coverage for children), Total Disability Waiver (waiving premiums if you become disabled) and more.
For information on Family Term, please click here or contact us.
Family Term is a registered trademark of and is offered through Manulife Financial (The Manufacturers Life Insurance Company)
Universal Life Insurance
Designed to meet both your life insurance and investing needs, universal life insurance combines long-term insurance protection and tax-advantaged investing in one single, customizable policy. Whether your goal is to protect the legacy you’re building for your loved ones, or to build additional wealth over time, universal life insurance can help you:
- Leave proceeds to your beneficiary – tax free
- Further your estate planning
- Build tax-deferred equity and accessible cash value over time (may be subject to taxation)
- Establish financial collateral for a bank loan
- Provide key person insurance coverage for your business (business continuity)
From how you want to invest, to how you pay for your insurance, to how much or little you want to invest, there are a variety of simple universal life coverage options that can be customized to meet your financial planning needs.
Disability insurance helps protect your income and business if you become disabled and can’t work. With different products available for full-time, part-time or home-based workers, disability insurance is the perfect solution for professionals, business owners, business executives and other employed Canadians. An individual disability insurance plan can help you meet your income requirements so you can concentrate on recovering and returning to an active life.
Whether you need to secure your main source of income or supplement the coverage you receive from your employer or an association, disability insurance can help by providing a comprehensive and portable plan you can rely on throughout your working years.
For more information on disability insurance, please contact us.
Critical Illness Insurance
Critical illness insurance helps cover the unexpected costs and potential loss of income associated with a serious illness. From the additional costs associated with medicine and treatment, to travel, home care and specific accommodations if needed, treating and recovering from an illness can have a devastating financial impact. Plus, if you’re unable to work during your recovery, the impact is even greater.
With critical illness insurance, if you become sick with one of the covered conditions covered by your policy and survive the waiting period, you receive a cash benefit. You can then use the funds as you wish.