Mortgage Protection Insurance Quote..

The biggest purchase of your lifetime needs protection. Mortgage life insurance provides your family with financial relief if you die. Where and how you buy your coverage will decide whether they win or lose. We’ll give you the knowledge to make the right choice now before it’s too late.

Mortgage Protection Insurance Online Quote:

Mortgage life insurance protects your family from being saddled with a massive mortgage debt if the mortgage holder unexpectedly dies.

The coverage amount is intended to match the mortgage amount and amortization period.

Mortgage life insurance allows the freedom as to whom you want to name as the beneficiary for the proceeds in an unexpected death.

A home is a family asset that needs mortgage life insurance protection


Mortgage life insurance vs mortgage protection insurance.

When it comes to mortgage insurance in Canada, our goal is to equip you with the tools to ensure you find the best coverage possible, for the lowest rate. Admittedly, closing a mortgage is a complex process. Now toss mortgage protection insurance into the mix – Without the proper guidance, you’ve got a recipe for disaster.

Mortgage brokers do exactly what their titles suggest. Whether from a bank or a private mortgage firm, they live and breathe mortgages. That is to say they are not insurance brokers, and as such do not have the knowledge to properly guide in the crucial step of mortgage life insurance during closing a mortgage.

Incidentally, mortgage brokers offer a simple product called mortgage protection insurance, which subsequently is inadequate for most people in terms of coverage. Additionally, mortgage protection insurance is much more expensive, and has many chances of failure at claim time. When you close a mortgage, eventually you will be asked if you would like this coverage by the mortgage broker. With this in mind, we highly recommend you think twice about it.


You’ve got options, but some are much better than others.

Rather than taking the subpar mortgage protection insurance from your mortgage broker, we suggest you first speak with a life insurance broker about better and cheaper coverage options.  Life insurance brokers specialize in mortgage insurance in Canada. In particular, they have the expertise and know-how to oversee and educate you towards the best possible insurance solution. As a result you will properly protect your family, home, and assets in death.

We know price is important to you, hence our mortgage protection insurance online quote tool offers you a way to compare term insurance rates instantly, and as a result, you can evaluate the price difference between the options available to you. First, enter your details into our free online life insurance quoting tool. Next, select a term insurance length that matches your mortgage, and finally, click compare now! The same way you can as well check rates of the policies like no medical life insurance. You can request an application and speak with a licensed life insurance broker about your rate in more detail.


Life Insurance vs Banks – are you making the right choice?

Life insurers protect you. Banks protect themselves.
  • Mortgage life insurance purchased from a life insurance company protects your family from financial ruin if you or your spouse dies.

  • Banks want to be paid back the mortgage debt if you or a spouse die. Protect yourself, not the bank.

Life insurer gives you control. Banks control the policy.
  • With mortgage life insurance you own the policy, choose the beneficiary, and select the type of coverage you want.

  • Whatever the bank offers you, they will be the beneficiary.

A life insurance policy is fully portable. Banks require coverage to remain with the bank.
  • Your policy will continue wherever you live, meaning you won't be required to buy a new policy when sell your home, or switch mortgages/banks.

  • The banks protection runs out when the house is sold or you move.

Life insurer provides flexibility. Banks are restrictive.
  • Upon death, with a life insurance policy your family has the option of paying off the mortgage or using them for something else.

  • The banks coverage does not allow this. The mortgage must be paid off upon death regardless of other investment opportunities.

Life Insurer offers you a choice of plans and benefits. Banks choices are limited.
  • Mortgage life insurance provides you choices. You choose the type of policy and benefits you want. Term plans can be converted to a permanent plan without a medical.

  • Banks coverages are conservative. Limited plans and benefits offered and no conversion privileges.

Life insurers allow mortgage rate shopping. Bank mortgage protection cannot transfer.
  • Mortgage life insurance provides you accessibility! Upon mortgage renewal, you can shop around for a better mortgage rate.

  • Banks coverage must remain with the lender. If you shop your mortgage on renewal and switch lenders, you will need to reapply for new coverage at a higher rate.

Life insurance offers flexible coverages. Banks provide no choice of coverage amount.
  • Mortgage life insurance allows you to choose the amount of coverage you require and the coverage does not decrease as the mortgage is reduced.

  • The bank will require coverage to be equal to the mortgage and decreases as the mortgage is reduced, the price will not.

Insurance advisors provide expert insurance advice. A mortgage specialist is not equipped for this.
  • You deal with a licensed insurance advisor who has your best interests at heart. They work entirely on your behalf to ensure you have adequate coverage and low premiums.

  • You deal with a bank mortgage specialist who knows next to nothing about insurance. They also work directly for the bank and do not have your best interests at heart.

Mortgage life insurance is convertible and renewable. Banks only offer non-convertible coverage.
  • After your mortgage is paid off, you can convert your mortgage life insurance to a permanent policy, or renew for another term.

  • There is no option to convert or renew your policy after it expire. You will be forced to purchase a policy from a life insurance company, and if there have been any changes to your health, you risk paying very high premiums.

Insurance advisors provide expert insurance advice. A mortgage specialist is not equipped for this.
  • You deal with a licensed insurance advisor who has your best interests at heart. They work entirely on your behalf to ensure you have adequate coverage and low premiums

  • You deal with a bank mortgage specialist who knows next to nothing about insurance. They also work directly for the bank and do not have your best interests at heart.