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Mortgage Protection Insurance
Pays off your mortgage if something happens to you
β οΈ No active Mortgage Protection Insurance policy found in your records
π¬ What is it?
Mortgage protection ensures your family won't lose their home if you die or become disabled. Unlike bank-offered mortgage insurance where the bank is the beneficiary, private coverage pays your family directly β giving them the choice of what to do.
π¨π¦ Why do Canadians need it?
Most Canadians' largest debt is their mortgage. One lost income can put the family home at risk. Private term life is usually better value than bank creditor insurance.
Coverage Details
π° Typical Cost
$30β$150/month depending on mortgage balance, age, and health
π‘οΈ Coverage Range
Equal to your outstanding mortgage balance
Available Types
Mortgage Life Insurance (Bank creditor)Decreasing Term (private)Level Term (best value)
Key Factors to Compare When Shopping
- β Creditor vs. personal insurance (who receives the payout)
- β Decreasing benefit vs. level benefit
- β Portability if you change lenders
- β Post-claim underwriting vs. up-front underwriting
Top Canadian Providers
Manulife
Sun Life Financial
Canada Life
Industrial Alliance
Empire Life
RBC Insurance
BMO Insurance
TD Insurance
Desjardins
Co-operators