Disability and job loss coverage

Creditor insurance disability and job-loss option (rider)

The disability and job-loss option is available to you if you are an eligible Manulife Bank Select account holder between the ages of 18 and 64. If you are approved, the coverage continues until age 65. To be eligible, you must also be actively employed (but not self-employed) and working at least 25 hours per week.


If you apply and are approved for the disability and job-loss rider, you would be eligible to receive a benefit equal to the monthly mortgage payment (principal and interest) charged to your Select account in the month prior to the date of job loss or disability:

  • To a maximum of 24 months per disability.
  • To a maximum of six months for job loss (maximum one claim every two years).
  • Only one claim per certificate is payable at any one time.

You will be considered totally disabled if you are unable to perform the normal duties of your regular occupation due to injury or illness. You must also not be employed in any other occupation for compensation or profit.


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

Premium tax, where applicable, will be added to the premiums.


Disability and Job-Loss Option:
Monthly Rates Per $1,000 Outstanding Balance

Attained Age




















* Rates are not guaranteed and are subject to change.

Exclusions – disability insurance

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

  • A normal pregnancy;
  • A leave of absence or parental leave;
  • Intentionally 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 an assault or criminal offence;
  • Any act of war, terrorism, insurrection; or
  • A pre-existing condition within the 24 months after the effective date of coverage.

Also, if you are receiving job loss benefits under this rider, no disability insurance benefit will be paid until job loss ceases or the maximum benefit period for job loss is reached.

Exclusions – job-loss insurance

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

  • A normal pregnancy, 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, insurrection or natural disaster; or
  • Intentionally 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 90 days before applying for insurance;
  • You are dismissed for any reason within 90 days of starting work for any employer; or
  • You are receiving disability benefits under this policy, unless disability benefits cease and the maximum benefit period for job loss has not been reached.

Elimination period

The "elimination 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.

Other features

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

This web page is designed to outline the benefits for which you may be eligible and does not create or confer any contractual or other rights. All rights with respect to the benefits of a member will be governed solely by
the Group Master Policy issued by The Manufacturers Life Insurance Company. Job loss insurance is underwritten by First North American Insurance Company, a wholly owned subsidiary of The Manufacturers Life Insurance Company.

Manulife Bank Select Creditor Insurance is administered and underwritten by The Manufacturers Life Insurance Company (life and disability insurance) and First North American Insurance Company (job loss).

Looking for another innovative mortgage solution?  Check out Manulife One