What is a Mortgage Protection Plan?
Mortgage protection plan is a form of mortgage liability insurance which is underwritten by Manulife Financial, one of the largest company providing insurance. Mortgage Protection Plan is also referred to as MPP.
How does Manulife Mortgage Protection Plan Works?
Its very simple …. When borrowers dies or gets disabled and can not earn money to make payments, the protection plan take over the mortgage payments so that borrowers family continues living int he property.
The coverage starts almost instantly.
What is the difference between banks and a Brokers Mortgage Protection Plan?
The one critical difference between these two is that brokers protection plan is fully portable whereas banks plans are not.
This important feature becomes important when you decide to change banks in the future for better interest rates, equity take out line of credits and much more.
Your 10 Ultimate Benefits of Mortgage Insurance Plan
- Regardless of your health you have some kind of coverage as long as you are between 18 – 65 years old.
- Coverage will start the minute you complete an application. You just have to pay the first premium when it is due.
- You can pay the monthly premiums by credit card, debit from any financial institution.
- The insurance plan premiums do not automatically increase with age
- This mortgage insurance plan premiums rate compare favorably with both major banks insurance plans & other term insurances
- In case of disability the benefit amount floats to match your mortgage interest rate, no matter how high it goes. Unlike other policies, you won’t be charged more if in case interest rate or payments goes up.
- Your coverage is fully portable to any other lender.
- When additional funds are advanced only topped up portion is priced according to your age not the full amount
- Mortgage Protection Plan will start taking care of the mortgage payments as soon as a completed life insurance claim form comes in, and will keep making the payments for as long as it takes to receive all the documentation and reach a final decision.
- Manulife MPP Insurance coverage has 60 days money back guarantee. If you don’t like it or changed your mind you can always get your money back.
The secret to mortgage delivery guy’s success is providing customized solutions for mortgages and other related services through complementary strategic affiliations with professionals who not only possess integrity but are also capable of custom designing solutions for clients.
Our job is to make you aware of all your benefits so that you decide what is best for you.
If you already have a mortgage or are looking to get new mortgage, give us a call to schedule a meeting to discuss your present and future needs and mortgage liability insurance needs.
Allow Us An Opportunity To Win Your Home Loan and Mortgage Protection Plan. You Will be Pleased You Did.
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