Mortgage protection
Mortgage protection is life insurance sized to your mortgage, so if you die or become seriously ill, your family isn’t left choosing between the home and everything else. Compare the coverage your lender offered with a policy you own and control.
Pays
A lump sum to your beneficiary, or to you after a covered illness
Sized to
Your mortgage balance, plus a cushion if you want one
You own it
The policy stays with you if you move, refinance or switch lenders
Compare it with
The mortgage insurance your bank or lender offered at signing
When you signed your mortgage, the lender likely offered its own insurance. It’s convenient, but it usually pays the lender rather than your family, shrinks as your balance falls while premiums stay the same, and disappears if you change lenders. A personal term life policy sized to your mortgage pays your beneficiary directly, keeps its value, and comes with you.
Good to know
Lender coverage is often approved first and underwritten later, at claim time. A personal policy is underwritten up front, so you know where you stand before you ever need it.
Especially if you accepted the lender’s coverage at signing and never compared it.
If one income disappeared, could the household still carry the mortgage?
A personal policy follows you; lender coverage usually doesn’t.
Features vary by insurer and policy. Your advisor will show you exactly what each option includes.
Getting a quote takes about a minute, and a real person handles everything after that.
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A few questions about your age, your province and the coverage you have today, including any lender insurance.
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A licensed advisor in your province prices personal coverage against what your lender offered and explains the trade-offs.
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Keep what you have, replace it or add to it. There’s no fee and no obligation.
Bring these to your first conversation. A good advisor will answer every one in plain language.
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It can be, but it usually pays the lender rather than your family, the benefit decreases with your balance while premiums don’t, and it ends if you switch lenders. A personal policy avoids all three. An advisor can compare both on cost and what they actually pay.
In most cases yes, once a personal policy is in place. Your advisor will help you time it so you’re never without coverage.
No. Default insurance protects the lender if you stop paying and is required on high-ratio mortgages. Mortgage protection protects your family if you die or become seriously ill.
It depends on the insurer, the amount and your health history. Many applications only ask health questions. Your advisor will tell you up front.
No. PolicyBridge introduces you to an independently licensed advisor who gives the advice and arranges coverage. The insurer you choose issues and manages the policy.
Answer a few questions and a licensed advisor in your province will price it out for you. Free, and no obligation.
PolicyBridge is not an insurance company or a broker. Coverage, definitions, eligibility and pricing are determined by each insurer’s underwriting and policy terms, and nothing on this page is advice, a quote or a guarantee of coverage.