Mortgage Disability Protection provides the payment of a non-integrated monthly benefit to the insured in case of disability. MDP covers mortgage, motorized vehicles and boat loans.

MDP offers the possibility to issue a pension amount according to the clients needs, and includes property and school taxes. MDP can be added to most PACE products and a large number of Traditional insurance products.

Benefit payments begin three months after onset of disability and are retroactive to the first month. At time of claim, the monthly benefit paid to the disabled insured is not coordinated with any other income. Depending on the option selected, the term can be a maximum of two years or until age 65. However, no benefits will be paid beyond the end of the amortization period.

Mortgage Disability Protection: flexibility that distinguishes us!
 

• A benefit that is independent to the decreasing life insurance
• Not limited to 50% or 100% of the payment (adjusts to budget restrictions)
• Adjustment according to the interest rate fluctuations
• A protection adjusted to each spouse's contribution
   

Increase your client's protection by assuring the continuation of their mortgage payments with:
 

• the decreasing life insurance Mortgage Protector (UL) and Mortgage Protector (Non UL)
• the critical illness insurance Mortgage CI Protector
   

Product Description

This protection pays monthly non-integrated benefits to cover systematic mortgage payments if the insured person becomes totally disabled.

The sum of the benefit can cover the totality of the monthly mortgage payment as well as school and municipal taxes.

This protection can also cover mortgage loans on recreational vehicles including motor homes or boats of significant value.

Issue Ages - (Age nearest)
 

• 18 to 55 
   

Sum Insured
 

• Minimum: $250/month
• Maximum: $3,000/month
   

Premiums
 

• Level and guaranteed
• Amortization period between 10 and 30 years
   

Benefit Period
 

• 2 years
• until age 65
   

(Limited to the end of mortgage amortization)

Rates: Standard / Preferred / Select / Type of Occupation
 

• No premium rates by type of occupation
   

Exclusions
 

• Yes, can be issued with exclusions
   

Added to the Following Products

Traditional Life
ML, T10, T20, GWL, L20, MP

PACE
All life protections except for Enhanced Term 10, Accelerated Health Care and Health
Care Advance

Additional Benefit on an In-Force Policy
 

• Only if one of the basic coverages mentionned above is purchased at the time of the addition
   

Purchased on an Individual basic benefit (I), First-To-Die (F) or Second-To-Die (S)

The total benefit may represent 100% of mortgage payment for each spouse. The benefit cannot exceed the full mortgage payment in the event that both spouses suffer a simultaneous disability.

End of Coverage

In the event of one of the following:
 

• death of insured
• age 60 if not disabled, 65 if disabled
• end of base life coverage
• end of mortgage amortization period
• the date the mortgage loan is paid off
• when the loan is transferred to another person
   

Person Covered
 

• Designated insured
   

Benefit Eligibility Conditions

Disability definition

• Main occupation 24 months. Afterwards, occupation for which the insured is reasonably qualified.
   

Taxation of Benefit
 

• Not taxable
   

Integration of the Benefit
 

• Non-integrated
   

Payment of Benefits
 

• Policyholder
   

Waiting Period
 

• 90 days retroactive to the 30 day
   

Conversion Privilege
 

• No
   

Insurability Privilege
 

• No
   

Other Characteristics

Adjustment according to interest rates fluctuations:
 

• increase: possibility to adjust the protection without proof of insurability
• decrease: if the mortgage payment decreases by 25% or less, the total amount of the disability income is paid