Insurance & Estate Planning
Many individuals and families benefit from a judicious use of insurance products. A smart insurance strategy and well thought-out estate plan are essential for creating a legacy that will last, for your family and for generations to come.
My dedicated team can assist you with finding the right insurance solutions.
I will work with you to create an estate plan that is custom designed to meet the needs of your family, your heirs, your business interests and your philanthropic considerations.
Mortgage Comparison
Show mortgage prospects the "right" solution
Let's look at the differences between typical creditor group coverage purchased from a lender and what we can offer:
| Mortgage Lender | Insurance Company Life Policy | |
|---|---|---|
| Policy ownership | Lender owns the policy | Client owns the policy |
| Beneficiary | Lender is the beneficiary | Client chooses the beneficiary |
| Proceeds on death | Lender uses the proceeds for the outstanding mortgage balance | Beneficiaries may use proceeds any way they choose |
| Portability | Any change in lenders means client will have to qualify for coverage and rates may increase | Any change in lenders will not affect coverage or the existing insurance costs |
| Rate banding | Lenders will cover only the mortgage balance, giving less opportunity to reduced rates | Combining other insurance needs with mortgage coverage could further reduce overall costs |
| Underwriting | Post-claims underwriting, increases the risk that a client could be denied coverage years after payment commenced | Coverage is underwritten at the time of application and once the policy is placed it cannot be revoked by the insurer (except in cases of misrepresentation or fraud) |
| Decreasing coverage | Coverage automatically decreases as the mortgage is paid off without any decrease in costs | Coverage can only be decreased by the client, and any decrease will also decrease the costs |
| Guarantees | Some mortgage insurance offerings may allow the lender to increase rates or even cancel coverage on a group basis | Rates and coverage amounts are fully guaranteed once insurance is placed |
| Critical Illness Options | Typical lender critical illness offerings cover 3 conditions only and limited options | Individual critical illness coverage provides comprehensive coverage with multiple options including the return of premium options |
| Refinancing | Clients needing to draw equity from their home may be required to forfeit some coverage and possibly reapply at higher rates | Clients can keep their coverage regardless of any changes to their mortgage |
Manulife Critical Illness Mortgage Protection
When your lender offers to sell you critical illness insurance with your mortgage, what will your answer be?
Purchasing critical illness insurance to protect your mortgage makes a lot of sense. And purchasing it from the lender who's providing your mortgage may seem convenient.
But when it comes to purchasing critical illness insurance to protect your mortgage, it's important to know that you do have options. For example, did you know that purchasing an individually-owned critical illness insurance plan, like Manulife's Lifecheque, can provide greater flexibility and value than a plan offered by your lender?
Here's a quick look at how Manulife's Lifecheque compares to most lenders' mortgage critical illness insurance plans:
| Manulife's Lifecheque | Most lenders | |
|---|---|---|
| Do I own the policy?Most lenders issue group critical illness insurance. They are the owner and beneficiary - they receive the cash benefit if you became critically ill, not you or your family. The cash benefit is used solely to pay off your mortgage, no matter what your current needs may be. With Manulife's Lifecheque, you own the policy and any benefit payable is yours to use as you choose. | YES | NO |
| Will I be covered for conditions like Alzheimer's, Parkinson's and Multiple sclerosis?Most lenders provide basic coverage for cancer, heart attack and stroke. Manulife's Lifecheque provides protection for 22 covered conditions. Also included in your Lifecheque coverage are other great benefits like our Early Intervention Benefit, which provides a percentage of your coverage for the early stages of some cancers and for coronary angioplasty. If you qualify, you'll also receive our LivingCare Benefit, which provides a monthly payment if you become functionally dependent and satisfy the waiting period. | YES | NO |
| Can I choose the amount of coverage?You can purchase only the amount of coverage equal to your mortgage from your lender. As your mortgage amount decreases, so does your benefit. With Manulife's Lifecheque, you can purchase a minimum of $25,000 up to $2,000,000 in coverage. And, since the policy is not tied to your mortgage, the benefit amount doesn't change as long as the policy is in effect. | YES | NO |
| Can I continue my coverage if I switch lenders?Most lenders will terminate your coverage if you move your mortgage to another lender. If your health has changed it may be difficult to get new coverage with the new lender. With Manulife's Lifecheque, the policy is yours for the term of the contract. | YES | NO |
| Can I continue my insurance coverage beyond my mortgage period?Coverage provided by most lenders terminates when your mortgage is paid off. With an individually-owned plan like Manulife's Lifecheque, your coverage is not affected by your mortgage. Lifecheque coverage stays in effect for the life of the contract, until you terminate the coverage or until a benefit is paid. | YES | NO |
| Is my coverage guaranteed?Most lenders reserve the right to cancel your policy at any time. With Manulife's Lifecheque, your premiums and benefits are guaranteed for the life of your contract. | YES | NO |
If you're looking to protect your mortgage with critical illness insurance, it pays to compare. So before you say Yes to your lender, consider Manulife's Lifecheque critical illness insurance. Lifecheque offers two renewable plans - 10-year and 20- year - ideal for protecting your mortgage.