MPP – Mortgage Protection Plan
Mortgage Protection Plan has protected Canadian mortgage borrowers since 1995. It is the largest independent plan of its kind, insuring over 150,000 clients. It is insured by the Manufacturers Life Insurance Company (Manulife Financial).
Who needs mortgage protection?
If your mortgage is not protected, you will lose your home if a key breadwinner dies or becomes disabled.
Now, “protection” may not always mean having insurance.
It simply means that there must be ample resources – from somewhere – to ensure your mortgage will not go into default, or your home won’t have to be sold.
What’s the other main form of protection?
In other words, even in the event of a death or disability, a family still has enough liquid assets to cover the mortgage obligation.
Not very many mortgage borrowers fall into that category.
So, it might be easy to agree that every mortgage needs protection.
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