Have you purchased your mortgage insurance from your financial institution?
Did you know that you can cancel this insurance at any time, free of charge, and choose a solution that is often more advantageous? Let one of our mortgage life insurance brokers contact you to find the best products at the best price.
Mortgage life insurance pays off, or helps pay off, your mortgage if you die, so your family can stay in the home. It is not the same as CMHC mortgage loan insurance, which protects the lender if you default. Mortgage life insurance protects your family.
With ClicAssure.com, one short form gets you mortgage life insurance quotes from 20+ Canadian insurers. A licensed advisor in your province compares them with what your bank offered, free and with no obligation.
| Creditor insurance from the bank | Your own life insurance policy | |
|---|---|---|
| Who receives the money | The bank, to pay off the loan | Your family, to use as they choose |
| Amount of coverage | Shrinks as you pay down the mortgage | Stays the same for the whole term |
| If you change lenders | Coverage ends; you reapply at your new age | Nothing changes; the policy is yours |
| Medical questions | Often checked at claim time (post-claim underwriting) | Checked when you apply, so the claim is not in doubt |
| Price | Set by the bank, one rate for everyone | Compared across 20+ insurers, based on your health |
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Most mortgage life insurance is simply term life insurance matched to the length of your amortization, with your family named as beneficiary.
Life insurance that pays a lump sum if you die, so your mortgage can be paid off and your family can keep the home. You can buy it from your lender as creditor insurance, or as an individual policy from an insurer.
No. CMHC (or Sagen or Canada Guaranty) mortgage loan insurance is mandatory when your down payment is under 20%. It protects the lender if you stop paying, and it cannot be compared or shopped around. Mortgage life insurance protects your family and is always optional.
Yes, at any time, with no penalty on your mortgage. Get your individual policy approved first, then cancel the bank’s coverage so you are never uninsured.
No. Lenders cannot make their creditor insurance a condition of approving your mortgage. You are free to decline it and insure your mortgage with a policy you own.
At least your mortgage balance, and often more, to also cover final expenses or replace income for a few years. An advisor helps you size the coverage and pick a term that matches your amortization.
Fill out one short form on ClicAssure.com. You receive quotes from Canadian insurers, and a licensed advisor in your province calls you back to compare them with the bank’s offer. Free, no obligation.
