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Mortgage Protection Insurance

Mortgage Protection

Canada’s Leading Insurance Marketplace

Help protect your loved ones, your home and your savings in case something happens to you,


Seventy-five percent of Canadian households say that they would have difficulty paying everyday living expenses like their mortgage if the primary breadwinner were to pass away.1 It doesn’t have to be that way. Mortgage life insurance is a simple, convenient and affordable way to protect your family’s future, with coverage that pays off the mortgage balance if the mortgage holder passes away.


Thinking of buying a new home? Your mortgage lender may offer the option of buying mortgage insurance (also known as creditor insurance). But do you really need it? Or do you need mortgage protection insurance instead? 


They sound similar, but they’re not the same. 


Mortgage protection insurance is a life insurance policy that offers your family or beneficiaries a certain amount of money if you were to die. In such a case, with an active life insurance policy, your beneficiaries would receive a tax-free amount of money, called the death benefit. (The exact amount they’ll get depends on how much coverage you have.) 


With life insurance, you’re leaving your beneficiaries with the flexibility to use the death benefit in any way, for any reason. For example, they can use that money to cover: 

When buying insurance, remember to make sure that you have enough coverage to meet your family’s financial needs, whether it’s making mortgage payments, paying off debts or anything else.

How Does  Mortgage Protection Life Insurance Work

Mortgage protection life insurance provides a consistent payout that is not tied to your mortgage debt. Instead, it’s a term life insurance policy: the term simply matches your mortgage’s amortization period.The payment is guaranteed as the policy is underwritten when purchased (meaning the insurance company takes your personal factors into account when determining the price). 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 – even if you’ve paid off your home.
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Benefits of Mortgage Protection Insurance

Mortgage protection insurance helps relieve the pressure when times are tough. It protects you and your family if an unexpected event prevents you from making your mortgage payments.

Budget-friendly payment options

Monthly, semi-monthly or weekly

Top-up existing coverage

Preserve your current coverage for other priorities

Locked-in premiums

Based on your age and mortgage balance when you apply

Benefits of Mortgage Protection
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What Happens After Your Term Life Insurance Ends?

Depending on your policy, you may have four options for how you proceed with coverage when your initial term life insurance policy ends.

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What Type of  Mortgage Protection Insurance Do You Need ?

Mortgage protection insurance is a life insurance policy. So what type of life insurance can protect your mortgage and your family’s future? The most affordable option is term life insurance.


How long are you covered? With term life insurance, you’re covered for a set period, such as 10, 15, 20 or 30 years.


Is it low cost? The premium – that’s the monthly or annual fee you pay for insurance – is usually low for the first term.


What happens if you die during your term? Then your family or beneficiaries would receive a tax-free death benefit. They can then use the money from this benefit for any purpose. This means your family will have funds to cover expenses that they relied on you to pay, including making mortgage payments.


We Care About Your Life’s Important Things. Expert Advice with Superior, Honest Solutions – Reliable, Essential and Yearlong Service. At PolicyDirect, we’ve made the process of buying insurance as easy and painless as possible.

Mortgage Insurance V/S Mortgage Protection Life Insurance?

When compared head-to-head, term life insurance beats mortgage insurance for protecting your home and your loved ones.

Mortgage Insurance

Only covers the decreasing, outstanding mortgage balance.

Only covers the borrower.

No flexibility to change amount or term.

Coverage reduces with monthly mortgage payments.

Coverage not guaranteed, only evaluated at claim.

Your lender is the beneficiary.

Generic rates, usually higher, and stay same even with reducing coverage.

Coverage may be lost when switching lenders.

Can only be used by lender to pay outstanding balance of mortgage.

Mortgage Protection Life Insurance

Can cover everything from debts to family expenses and obligations like a conventional loan or property taxes.

Can cover you and your family.

Can increase coverage amount and term.

Consistent coverage throughout the term.

Guaranteed coverage means a higher probability of paid claims and lower waiting period.

You choose the beneficiary.

Personalized premiums, with lower pricing for healthier clients.

Ability to switch lenders throughout the mortgage term.

Can use proceeds in any way and create a more flexible financial plan.

The Truth about Mortgage Protection Insurance

In truth, mortgage protection life insurance policies are generally ill-advised. First of all, there’s no flexibility. Unlike regular term life insurance, where beneficiaries may use insurance payouts as they see fit, most insurers send benefit payments directly to lenders, so your beneficiaries never see any money.


Secondly, expect to pay high premiums. If you’re a healthy individual who has never smoked tobacco, these policies are usually more expensive than regular life insurance. Traditional life insurance may be a better option for you.


There’s also a very good chance you won’t find much transparency. Unlike other types of insurance, it’s difficult to obtain quotes for mortgage life insurance online, which is a major concern since prices can vary widely.


Finally, expect your premiums to fluctuate. Unlike term policies, which charge fixed premiums for 30 years with no surprise price increases, premiums on mortgage life insurance policies may only be fixed for the first five years, after which time they could spike at any time.

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