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Mortgage protection made easy

I want mortgage protection to:

We work with trusted Canadian insurers

Assumption Mutual Life Insurance Company
BMO Life Assurance Company
The Canada Life Assurance Company
The Canada Life Assurance Company
The Empire Life Insurance Company
Equitable Life Insurance Co of Canada
Foresters Life Insurance Company
Humania Assurance Inc.
L'Excellence Life Insurance Company
Industrial - Alliance Life Insurance
ivari
La Capitale
The Manufacturers Life Insurance Company
RBC Life Insurance Company
SSQ Insurance Company Inc.
Wawanesa Life Insurance Company

Mortgage protection offers financial security for your mortgage against whatever life throws at you, from serious illness to disability or death. The best form of mortgage protection comes from simply getting a term life insurance.

Lender's Mortgage Insurance

Lenders Mortgage
  • Usually offered upon mortgage / credit line approval by the bank / lender
  • Benefit paid to bank / lender in case of illness, disability or death

Term Life Insurance

Term Life
  • Generally purchased directly by you
  • Benefit paid to beneficiary of your choice with ability to bundle critical and disability riders

Why Pay More for Lender-Offered Mortgage Insurance?

Term Life Insurance can save you significant money during the mortgage term.

Lender's Mortgage Insurance

$ 76.01 *

  • $500,000 decreasing cover
  • Not guaranteed

Term Life Insurance

$ 34.83 *

  • $500,000 fixed coverage
  • Guaranteed coverage
GET INSTANT QUOTE

Mortgage Insurance. But Better.

Term Life Insurance has several benefits over your lender's mortgage insurance.

cover_everything

Covers everything

Term Life: Can cover everything from debts to family expenses and obligations

Mortgage Insurance: Only covers the decreasing mortgage balance

cover_everyone

Covers everyone

Term Life: Can cover you and your family

Mortgage Insurance: Only covers the borrower

flexible_term

Flexible term & coverage

Term Life: Can increase coverage amount and term

Mortgage Insurance: No flexibility to change amount or term

level_benefit

Level benefits

Term Life: Consistent coverage throughout the term

Mortgage Insurance: Coverage reduces with mortgage payments

gurantee

Guaranteed coverage

Term Life: Guaranteed coverage means a higher probability of paid claims

Mortgage Insurance: Coverage not guaranteed, only evaluated at claim

beneficiary

Beneficiary choice

Term Life: You choose the beneficiary

Mortgage Insurance: Your lender is the beneficiary

low_premium

Lower premiums

Term Life: Personalised premiums, with lower pricing for healthier clients

Mortgage Insurance: Generic rates, usually higher, and stay same even with reducing coverage

lender

Lender portability

Term Life: Ability to switch lenders throughout the mortgage term

Mortgage Insurance: Coverage may be lost when switching lenders

moneyback

Flexible usage

Term Life: Flexibility to use proceeds in any way

Mortgage Insurance: Can only be used by lender to pay mortgage

Mortgage Protection. But Better.

Term Life Insurance has several benefits over lender's mortgage insurance.

cover_everything Covers everything

Term Life: Can cover everything from debts to family expenses and obligations

Mortgage Insurance: Only covers the decreasing mortgage balance

cover_everyone Covers everyone

Term Life: Can cover you and your family

Mortgage Insurance: Only covers the borrower

flexible_term Flexible term & coverage

Term Life: Can increase coverage amount and term

Mortgage Insurance: No flexibility to change amount or term

level_benefit Level benefits

Term Life: Consistent coverage throughout the term

Mortgage Insurance: Coverage reduces with mortgage payments

gurantee Guaranteed coverage

Term Life: Guaranteed coverage means a higher probability of paid claims

Mortgage Insurance: Coverage not guaranteed, only evaluated at claim

beneficiary Beneficiary choice

Term Life: You choose the beneficiary

Mortgage Insurance: Your lender is the beneficiary

low_premium Lower premiums

Term Life: Personalised premiums, with lower pricing for healthier clients

Mortgage Insurance: Generic rates, usually higher, and stay same even with reducing coverage

lender Lender portability

Term Life: Ability to switch lenders throughout the mortgage term

Mortgage Insurance: Coverage may be lost when switching lenders

moneyback Flexible usage

Term Life: Flexibility to use proceeds in any way

Mortgage Insurance: Can only be used by lender to pay mortgage

Common questions

Mortgage protection insurance – or mortgage life insurance – is the process of protecting your mortgage debt through term life insurance. With a term that matches the length of your mortgage’s amortization period and a payout that covers the amount you owe on the mortgage, term life insurance can be a more flexible and affordable way to financially protect your home for your dependents.

Read more about the benefits of mortgage protection insurance here.

Mortgage insurance is offered by your lender when you initially take out your mortgage to purchase or refinance a home. It is meant to protect the lender by paying off your mortgage debt should something happen to you during the mortgage’s amortization period. The premium for mortgage insurance does not decrease even as your mortgage debt goes down. The payment is not guaranteed as the policy is underwritten when it’s claimed upon, not when you purchase it.

Mortgage life insurance offered by life insurance companies provides a consistent payout that is not tied to your mortgage debt. The payment is guaranteed as the policy is underwritten when purchased. Because of this rigorous underwriting, the premiums are typically lower. Your beneficiaries have complete control over how they wish to use the proceeds of mortgage life insurance.

Find out more about the differences between mortgage life insurance and mortgage insurance here.

Mortgage life insurance is meant to protect you and your dependents, should something unexpected happen to you during the amortization period of your mortgage.

Canadian Mortgage and Housing Corporation (CMHC) insurance is a one-time insurance payment Canadians need to make if they plan on putting down less than 20 percent for a downpayment on their mortgage. It exists to protect your lender should you default on replaying your mortgage loan.

Read more about CMHC insurance here.

Mortgage protection insurance is a cost-effective way to protect your home for your loved ones or estate. If you want the most flexibility and guaranteed protection when insuring your mortgage, you need mortgage protection insurance.

Read more reasons why protecting your mortgage with term life insurance might be the right fit in our Honest Guide to Mortgage Insurance.

Many different factors go into the cost of mortgage life insurance. There are individual factors pertaining to your insurability, such as age, smoking status, gender, health and more; plus there are policy dependent factors that also hinge on your mortgage amortization period, like the amount of coverage you need and the term length.

Use our quick online tool to determine your need and get instant quotes.

Yes! Our online tools let you browse or take quotes from 16 of Canada’s best insurance companies and start shopping for mortgage protection insurance in minutes. Just provide us with some basic information and you can get started right away!

PolicyAdvisor has partnered with Canada’s 16 best insurance companies to create the biggest marketplace for mortgage protection insurance in the country. You can protect your mortgage through term life insurance with policies from Assumption Life, BMO, Canada Life, CPP, La Capitale, Empire Life, Equitable, Foresters, Humania, iA Group, ivari, Manulife, RBC, SSQ, Wawanesa. We are always building relationships with new potential partners to offer Canadians the most comprehensive choices for mortgage protection. Compare them now with our online tool.

We’ve pored over and researched policies from the best mortgage insurance companies in Canada, and built the tools for you to find the best mortgage life insurance specific to your needs and situation. Answer a few basic questions and you’ll find the best policy for your needs in minutes.

What Our Experts Are Saying

*Representative premium for a 35-year old non-smoker woman in regular health for a 25 year term with $500,000 in coverage. Bank mortgage premium reflects average of 4 major bank lenders with published rates.