Mortgage and Loan Protection

PROGRAM DETAILS

Will you lose your home or risk bankruptcy when you face a health challenge and cannot work?

Did you know...?

  • 50% of all mortgage foreclosures and bankruptcies are due to extended illnesses and injuries

  • Not all company benefits plans include an income replacement program

  • Even when your company does offer an income replacement program, it may cover only 60% of your salary, have a maximum dollar limit, and stop paying out before you're ready to go back to work

  • Most provinces have a funding cap on recovery expenses, so your workplace income replacement program might not give you enough income to pay for all your out-of-pocket rehabilitation costs and your mortgage and loan payments

The Mortgage and Loan Protection program provides continuous, tax-free monthly funding for your mortgage and loan payments until you are able to return to work from an extended illness, injury, or health condition.

This program provides funding for:

  • Mortgage payments

  • Home equity line of credit (HELOC) payments

  • Renovation loan payments

  • Car loan or lease payments

  • Recreational vehicle (motor home, boat, motor bike) loan or lease payments

  • Student loan payments

  • Personal loan or line of credit payments

  • Credit card payments

  • RRSP and investment loan payments

  • All other fixed-term loans with regular payments

  • Treatments and medications

  • Physical rehabilitation

  • Mental and emotional recovery

Your program funding is independent from your mortgage and loan providers. This means:

  • Your funding is paid directly to you, not your lenders, so you can decide for yourself how best to use the money

  • You can change lenders anytime you want, and still remain fully eligible for the funding

  • Your funding program protects all your loans, regardless how many lenders you have

  • You can replace a repaid loan with another loan if necessary

Built-In Additional Benefits

  • No Reduction Benefit: Your program funding is not reduced by any external benefits*, including:

    • Employee benefits

    • Government benefits

    • Workers Compensation Board (WCB) claims, such as WorkSafeBC income payments

    • Auto insurance claims, such as Insurance Corporation of British Columbia (ICBC) settlements

*Except for any benefits that directly repay the loan.

Optional Benefits for Select Programs

  • Benefit Length: You can choose to receive funding for your mortgage and loan payments for 2 years, 5 years, or until age 65.

  • Gradual Return to Work Benefit: If you can only work part-time due to your health condition, you will still receive 50% of your full funding for up to 12 months.

 

JESSICA'S STORY

 

Gary and Jessica met as undergrads at the University of Toronto, and both had a passion for helping people overcome challenges. Growing up playing soccer and basketball, Gary understood the physical toll of sports and decided to work with athletes as a physical therapist. Jessica watched her younger brother struggle with a speech disorder all his life, so she dedicated her life to being a speech-language pathologist.

 

After working for four years in their respective fields, Gary and Jessica decided to marry and buy a house in the suburbs. Although their mortgage payments were high, they loved the neighbourhood and could see themselves raising a family there. A year later, they were nervous but excited parents of a baby girl, Kady.

 

Six months after returning to work, Jessica was involved in a serious car accident and spent 2 weeks in a hospital. After she went home, however, Jessica still had severe headaches, neck stiffness, and back pain. Jessica tried to return to work, but her injuries left her fatigued and unable to concentrate, so she had no choice but to take disability leave at 60% of her salary.

All Gary wanted was to stay home to care for his wife and baby daughter, but he had to keep working to try to keep the family above water. However, with the drop in Jessica's income, combined with the extra out-of-pocket costs of physiotherapy, counselling, and childcare, they started to fall behind on their $3,600/month mortgage payments, $870/month payments for their two cars, and $450/month student loans.

If Gary and Jessica had enrolled in a Mortgage and Loan Protection program, they would have received funding that automatically covered all the mortgage, car, and student loan payments until Jessica is well enough to return to work.

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SAMPLE PROGRAM CONTRIBUTION RATES

Program contribution rates can vary and are subject to change. These rates are strictly for illustrative purposes.

 

 

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Connect@LivingWellSolutions.ca

+1.604.726.9727

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© 2019 by LivingWell Healthcare Funding Solutions