Details for Mortgage Protection Insurance
Update on June 22, 2020
Insurance premium repayment option following extended grace period
We continue to adjust our business and processes to help our customers while we all deal with the ongoing impacts of the Coronavirus (COVID-19). This includes easing the financial burden to help customers focus on the things that matter most during this time, like their health and family.
In this spirit, we are offering our Grace Repayment Plan. This plan is an insurance premium repayment option if you still face financial hardship following your extended grace period, including if you do not have sufficient value in your policy to cover your premiums, as a result of the Coronavirus (COVID-19). You may contact us to explain your financial situation and ask if you qualify for the Grace Repayment Plan whereby, the deferred premium amount will be split evenly and added to the monthly premium amount for the next six months.
|Monthly premium payment for 6 months||Amount|
|Monthly insurance premium amount||$100|
|Deferred insurance premium repayment amount||$50|
|Total premium payment amount per month||$150|
Update on April 3, 2020
Extending the grace period for insurance premium payments
For Canadians who have purchased an insurance product that provides protection for their mortgage in the event of Life or Disability.
To help you focus on the things that matter most during this time, such as your health and family, we are prepared to provide temporary relief. If you contact us because you are struggling financially, due to layoffs and job loss as a result of COVID-19, we will consider an extension of your grace period to 90 days for your insurance premium payment. We hope to ease your burden by giving you additional time to pay your premium(s).
From now until June 30, 2020 we will extend the grace period for payment to 90 days for all MPP certificates that were issued prior to April 1, 2020 upon request due to financial hardship as a result of COVID-19.
This extension is extra-contractual, and a one-time exception given the extraordinary circumstances you are currently facing. Unless otherwise notified, June 30, 2020 is the final date to grant an exception based on the above criteria. Therefore, the date of extension may go beyond June 30, 2020.
- During the grace period, the certificate continues (is still in force).
- Premiums are being deferred (not waived) and need to be paid in full by the premium payment extension date for a policy to continue.
- In the event a policy lapses after the expiration of the grace period, then a policy holder will have to reinstate their policy.
- You can contact us directly at 1-866-677-4366 to confirm which of the following reasons, if any, apply:
- Mortgage payments have been deferred by their lender
- illness quarantine,
- a lay-off or job loss,
- absence from work due to fulfilling caregiver needs of a child or family member with COVID-19,
- other financial hardship as a result of COVID-19.
You will need to back-pay the missed premiums if you wish to re-instate a lapsed policy and are not eligible to submit claims until their policies are reinstated.
As we continue to work through how COVID-19 impacts all of us and our business, we commit to update you on adjustments we make to our processes to make it easier for you to do business with us.
For information on how you can interact and continue to do business with Manulife during the COVID-19 pandemic for Life, Living Benefits, PADI, Health and Dental and Travel please visit our dedicated hub: Update on COVID-19
We’ll continue to update these pages regularly, as the situation evolves, to provide you with the most current information.
Well positioned for now and the future
We have been in business for over a century, and over the last couple of years have purposely taken steps so that we are well positioned to continue to serve and look after our customers now and in the future.
Thank you for your continued patience and support as we work through this unprecedented time together.