Guaranteed Mortgage Protection

Once you accept the responsibilities of taking on a mortgage that spans several decades, a smart move would be to look for a mortgage protection plan for your family and loved ones in case you’re not there or in the event of the unexpected. Then, your family can have a fully paid-off residence to live in with one less thing to worry about. In fact, other debts can be paid off immediately

The mortgage insurance Canada Benefit Plan offers covers for homeowners who want a safety net if a health issue arises, they become disabled, or a job loss is lengthy. Our coverage plans are flexible with the decreasing term to match your mortgage or term-loan schedules. Our coverage plans can pay the tax-free amount directly to your family so they can pay off the balance of the mortgage or partial amount of their choice, and even purchase a second property or make investments.

When you take out a Guaranteed Mortgage Protection Plan through Canada Benefit Plan, you know you are covered against a potential financial disaster. The application and quoting process is simple, quick, and entirely online-based. We can determine what’s right for you together.

 Guaranteed Mortgage Protection Features and Funding

  • Coverage amounts available for ages 18 to 50 up to $750,000
  • Coverage amounts available for ages 51 to 60 up to $500,000
  • Absolutely no medical exams & no needles 
  • No denials due to health conditions or previous decline history 
  • Most coverages issued with a bankruptcy history
  • Most coverages issued with a guaranteed -cash value feature
  • Access to emergency funds in a terminal condition
  • Permanent coverage until age 100
  • Terminal Illness Benefit included (Most Coverages)
  • Transportation Benefit included (Most Coverages)
  • No waiting period, coverage starts day one

Optional Benefits:

  • Hospital Cash   ($25, $50, $100) per day
  • Child Term Benefit
  • Accidental Death Benefit
  • Most coverages are convertible to permanent even you finished with your mortgage and loans

 We work with a vast network of Canadian insurance providers to give you the best Guaranteed Mortgage Protection Insurance options based on your circumstances,

Find the best-suited plan for you Get A QuoteApply Now
Calculate your insurance needs today Insurance Calculator

CALCULATE YOUR BENEFIT AMOUNT

Life Insurance Needs Calculator | Canada Benefit Plan

An easy-to-use calculator to help determine your insurance needs.

Step 1- My debts and final expenses?

The first step is to determine your liabilities (mortgage, loans) and final expenses (funeral costs, tax bills and final medical bills)

How much do I owe on my mortgage?
  (Your total outstanding mortgage balance) includes your home line of equity


How much other debt do I have?
  (Your total debts are all types of loans, credit card balances, used portion of your line of credits, auto loans etc.) includes your home line of equity


How much do I expect in final expenses?
  (Your expected cost of funeral, any tax bills and unpaid government bills, and final medical bills such as parking costs, family attendant wage compromise in your final times etc.


Step 2- My family's financial needs?

This step is to consider how much income your family would need and for (how many years) in case of your unexpected death. You are financially worth for your family as your family is depending on your income and financial decisions

What is my current annual income?
  Your total gross annual income from all sources


How much annual income would my family need if I die today?
  (This should be your total annual household expense: groceries, travel, out of pocket medical and emergency expenses) Generally it is equal to your annual spending on your family living expense needs.


How many years would my family need the income?
  (Consider your elder child to grown up and could be potential replacement of your income. Generally, it is 15 to 20 years in considering to provide your family family with an income for next 20 years after you die.


How much will my family need in an emergency fund?
  Consider once in a while emergency: natural disasters, pandemic diseases, family incidents, necessary travel, shortage on unexpected expenses etc.


How much do I expect to pay for my childern's education?
  (Consider all of your dependent children educational cost, Books, tuition fee, student expenses, other college and university expenses). Generally it is $50,000 per child subject to change in inflation and cost of education.


How much do I expect in child-care expenses ?
  Total expense of your toddlers or any dependent children: babysitting cost, mental, social, physical development costs like swimming, additional learning & development activities etc.


Step 3- Are my parents dependent on me?

In this step, you should consider your parents if they are relying on you for basic needs and how they will continue to meet those needs if you are not there.

How much money would my parents need if i died today?
  Consider the amount you are spending today on your parents needs: health & wellness, transportation bills, phone bills, shortages in their regular living expenses etc. Generally, it is $3000 to $12000 annually per person depends on their need and your support level. If your parents are not receiving any pension or other income and fully dependent on you then it could be higher need depends on the unique situation.


How much will i need to cover for my parents funeral costs?
  (Consider funeral cost: inflation, rising property and land prices etc.) Generally, it is $6,000 to $15,000 per deceased. The funeral cost could go higher as per unique situation and the time.


Step 4 - My favorite charity?

This step is the opportunity to continue to taking care of your favorite charity after your death. What is a better gift than charity?

How much would you like to donate in one lump sum?
  Consider the total amount you are donating now in one or more charities: Your long distance relative, friend, kids foundations etc.


Step 5- How much are my assets worth?

This final step is to help you evaluate your financial position and add up your total debts (mortgage, loans etc.), final expenses (funeral costs, tax bills, medical bills etc.) family’s financial needs (family income needs for the desired number of years, family emergency need, children education costs, child-care expenses etc.) Dependent parents’ financial needs (parent support, parents funeral cost etc.) charity (lumpsum donations) and subtract all this from your total assets to calculate your life insurance needs.

How much do I have saved?
  Consider all your registered, non-registered savings, TFSA current value, other liquid savings: Stocks, bonds, mutual funds, segregated funds, GICs, etc.


What is the value of my real estate assets?
  Consider the total current market value of all of your properties today: Primary residence, commercial or investment property, apartments, condos etc.


How are my other assets worth?
  Consider the total other assets: Any valuables


-RESULT SUMMARY-




Mortgage$ {{quantity}}.00
Debts $ {{price1}}.00
Expected final expenses $ {{price2}}.00
Current Annual Income $ {{price3}}.00
Family's income after death $ {{price4}}.00
Years of income needed {{price5}} Year/s
Emergency funds for family$ {{price6}}.00
Expected childeren education cost$ {{price7}}.00
Expected child care expenses$ {{price8}}.00
Amount for parents after death$ {{price9}}.00
Parents funeral cost$ {{price10}}.00
Would like to donate$ {{price11}}.00
Savings$ {{price12}}.00
Real Estate Assets$ {{price13}}.00
How much my other assets worth?$ {{price14}}.00
 

My life insurance need is : $ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}

The Amount of Life Insurance I Need Is:


$ 0.00

$ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}



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