Pay off the mortgage
if life doesn't go to plan.

Mortgage life insurance pays off your mortgage balance if you pass away — keeping your family in the home without the burden of monthly payments. Cheaper, more flexible, and far better than the version your bank sells.

Free & private
Takes 60 seconds
No credit check

Or talk to a licensed advisor25+ Canadian insurers · no credit check

Pays off the mortgage in one tax-free payout.

Locked-in premium for the term of the mortgage.

Owned by you, not the bank — fully portable.

Bank mortgage insurance vs. private term life.

When you sign a mortgage, your lender will offer 'mortgage protection insurance' at the closing table. It's tempting because it's right there. Don't take it without comparing.

Bank-issued mortgage insurance has three real problems. First: the bank is the beneficiary — the payout goes to them to retire the loan, not to your family. Second: coverage shrinks as you pay down the mortgage but the premium doesn't. Third: it's tied to the mortgage — refinance with a different lender and you might lose coverage just when your health makes it harder to get new cover.

A standalone term life policy used to cover the mortgage solves all three. Your family is the beneficiary and decides what to do with the payout. The coverage stays level. And it travels with you across lenders, refinances, and homes.

How much and what term.

Match the policy size to the mortgage balance plus a buffer. If you owe $500,000, a $600,000 to $700,000 term policy gives the family enough to pay off the mortgage and have something left for transition costs, lost income, and one less crisis on top of the others.

On term length, match the mortgage amortization. A 25-year mortgage pairs with a 25 or 30-year term. As the mortgage gets paid down, you can drop the policy or convert what's left to whole life — whichever fits your bigger plan.

What you get

The features that actually matter.

No fluff. No sales theatre. The handful of things that move the needle for real Canadian families.

Pays off the mortgage

Tax-free benefit large enough to clear the loan in full.

Family is the beneficiary

They decide how to use the money — not the bank.

Level premium

Locked at issue. No increases as you age or pay down.

Portable

Move lenders, refinance, or sell — the policy stays with you.

Term that fits

Match the term to the amortization — 20, 25, or 30 years.

The Lowest Rates Hub way

Why buy through us?

Same insurers. Same prices. We just lay them out side by side and translate the fine print.

Start free quote

Quotes from 25+ Canadian insurers, side by side.
Licensed advisors — never commissioned salespeople pushing one carrier.
Honest about trade-offs. We'll tell you when a smaller policy is the right call.
No paperwork. Apply online or over the phone — your choice.
Same price as going direct. Insurers pay us; you don't.

How it works

Three steps. Zero paperwork.

Step 01

Tell us about you

Six quick questions. No SIN, no credit pull.

Step 02

Compare matched quotes

Top three side by side. Plain English.

Step 03

Lock in your rate

Apply online or talk to a licensed advisor.

Honest tradeoff

When this isn't right for you

If you already have term life insurance with enough coverage to clear the mortgage, you don't need a separate mortgage insurance policy. We'll review what you have first — most of the time, an existing policy handles this without buying anything new.

Frequently asked

The honest answers. No fine print.

Almost always: a separate term policy. Your family is the beneficiary, the coverage stays level as you pay down, and the policy travels with you across lenders and refinances. Bank coverage usually fails on all three.

No — they're completely different. CMHC default insurance protects the lender if you stop paying. Mortgage life insurance protects your family if you pass away. You may need or have CMHC; you choose to buy mortgage life.

Most likely, yes. We compare carriers — some are noticeably more accommodating on age, weight, and medical history than others. Simplified-issue plans up to $500,000 require only a health questionnaire, no exam.

Your call. You can keep the policy in force (premiums stay level), reduce the coverage, or cancel it. Many people convert it to permanent life insurance at that point to keep some lifetime cover going.

Joint last-to-die or joint first-to-die policies exist and are slightly cheaper than two separate policies. Two individual policies are more flexible (each can be cancelled or converted independently) and usually our recommendation.

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