Manulife Bank Select mortgage protection insurance

The smaller your outstanding balance, the lower your monthly premium. Premiums are calculated based on the outstanding month-end balance of the mortgage portion of your Manulife Bank Select account.

Joint coverage
Joint life (first-to-die) insurance premiums are based on the age of the oldest borrower and multiplied by 1.5.

Joint disability insurance premiums are based on the age of the oldest borrower and multiplied by 1.9.

Premiums for self-employed individuals are payable at the same rate, though self-employed individuals are not eligible for job loss coverage.

The insurance benefit will not be paid under all circumstances. This policy does not apply if the cause of death is:

• A pre-existing condition that existed six months prior to the effective date of coverage or a pre-existing condition that required medical treatment within the six months immediately following the effective date of coverage
• Suicide within two years of the effective date of coverage
• Committing or attempting to commit or provoke a criminal offence or assault
• Operating a motor vehicle while legally impaired
• Any act of war, insurrection, or terrorism
• Traveling in or descending from any aircraft unless you are a fare-paying passenger on a commercial flight

No benefit will be paid if total disability results from or occurs during:

• A normal pregnancy, or maternity or parental leave
• A leave of absence
• Self-inflicted injuries
• Any disability during which you are not under the regular care of a physician and following the appropriate treatment
• Committing or attempting to commit or provoke a criminal offence or assault
• Any act of war, terrorism, or insurrection
• A pre-existing condition within 24 months following the effective date of coverage
• Medical conditions due to alcohol or drug abuse
• Also, no disability insurance benefit will be paid if you are receiving job loss benefits under this Plan

No benefit will be paid if job loss results from or occurs during:

• A normal pregnancy, or maternity or parental leave
• A leave of absence
• Dismissal with cause
• Voluntary resignation
• Seasonal conditions or work that is seasonal in nature
• Temporary or contract employment
• Retirement, whether voluntary or mandatory
• Any act of war, terrorism, or insurrection
• Self-inflicted injuries

Also, no benefit will be paid if:

• At the time of claim, you are self-employed, an independent contractor, or working for an immediate family member who effectively controls at least 25% of voting shares of any company you are working for
• You were aware of impending unemployment up to 90 days before applying for insurance
• You are dismissed for any reason within 90 days of starting work for any employer
• You are receiving disability benefits under this plan

The “waiting period” is 30 consecutive days from the date of total disability or job loss. Waiting 30 days before benefits are paid ensures that the claimant is actually disabled or unemployed and therefore qualified to receive a benefit.