Mortgage disability insurance
Support for your mortgage payments starts with the right coverage.
Help protect your family, your home and your savings if you’re unable to work
One in three Canadians will be disabled for 90 days or more before age 65.1 If that were to happen to you, would you have trouble keeping up with your mortgage payments? Many people would, which is why mortgage disability insurance is so important. If you are totally disabled for 60 days or more, it will cover your monthly mortgage payments so you can focus on getting better.
Benefits of mortgage disability insurance
Understanding the benefits of mortgage disability insurance can help you prepare for unexpected changes to your income.
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Coverage can start immediately No waiting period
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Budget-friendly payment options Monthly, semi-monthly or weekly
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Top-up existing coverage Preserve your current coverage for other priorities
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You're covered wherever you work Coverage stays with you wherever your career takes you
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Partial coverage Flexibility to choose the amount of coverage that works for you and your budget2
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60-day money-back guarantee So you can consider your options while being covered
Who needs mortgage disability insurance protection?
Mortgage disability insurance may be worth considering if you:
- have a mortgage and rely on your income to make monthly payments
- recently purchased a home or are taking on a new mortgage
- want help protecting your household budget during a covered disability
- are looking to complement your existing financial protection strategy
- want added peace of mind while paying off your mortgage
Plan details
- Coverage up to $10,000/month for a combined maximum of 24 months.
- Includes a bonus disability payment to help you get back on your feet once you return to work if you haven’t already received the maximum number of payments.
- Can be complemented with mortgage life insurance.
Eligibility:
- To apply, you must be a Canadian resident age 18 to 64 and a borrower, co-borrower or guarantor for a residential mortgage.
- Everyone is eligible for some level of protection.
Ready to buy?
Talk to your mortgage broker or mortgage provider.
1 Canada Life and Health Insurance Association, A guide to disability insurance, January 2016
2 Partial Coverage subject to eligibility criteria.
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Mortgage life insurance Help ease the financial strain on your loved ones with coverage that pays your mortgage if something happens to you.
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Frequently asked questions
No. Mortgage disability insurance is optional coverage that may help make eligible mortgage payments if you're unable to work due to a covered disability.
Mortgage default insurance is generally required for eligible homebuyers who make a down payment of less than 20% and is designed to protect the lender in the event of borrower default. It does not provide disability benefits to the borrower.
No. Manulife mortgage disability insurance is designed to help cover eligible mortgage payments if you become totally disabled due to a covered reason and meet the policy requirements. Whether you also have workplace disability insurance depends on your individual circumstances and existing coverage.
Yes. Mortgage disability insurance is designed to help cover eligible mortgage payments if you become totally disabled due to a covered illness or injury and meet the policy requirements. It may complement other disability coverage by helping protect one of your largest financial obligations. Coverage is subject to the terms and conditions of your certificate.
Yes. As your financial needs change over time, it's a good idea to review your mortgage disability insurance coverage regularly. Your mortgage provider or advisor can help you understand your current coverage and discuss the options available to you.
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