Creditor life insurance

Creditor life insurance

Manulife Bank Select Creditor life insurance coverage is available to eligible Select account holders who are between 18 and 64 years of age. If you are approved, coverage continues to age 70.


With Creditor life insurance, the beneficiary is Manulife Bank, not an individual that you designate. The benefit is paid to Manulife Bank to reduce the balance of the mortgage portion of your Select account. The amount of the benefit (up to a maximum of $500,000) will be equal to:

  • the outstanding balance (principal and interest) of the mortgage portion of your Manulife Bank Select account as at the date of death, plus
  • Any reasonable and customary charges required to discharge your mortgage, not to exceed five percent of the total outstanding mortgage balance.


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 Select account and they will vary based on your age and the account balance. Joint insurance premiums are based on the oldest of the borrowers and then the premium amount is multiplied by 1.4.

Only one claim may be paid per policy. Premium tax, where applicable, will be added to the premiums.


Creditor Life:
Monthly Rates Per $1,000 Outstanding Balance

Attained Age






















*Rates are not guaranteed and are subject to change.


No benefit will be paid if you die:

  • From a condition that pre-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;
  • As a result of intentionally ending your life within two years of the effective date of coverage;
  • While committing or attempting to commit a criminal offence;
  • While operating a motor vehicle legally impaired;
  • As a result of any act of war, insurrection or terrorism; or
  • While traveling in or descending from any aircraft unless you are a fare-paying passenger on a commercial flight

Other features

For more information about the Termination of Benefits, Privacy and Confidentiality
and the Exchange of Information, please see the product brochure.

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