Mortgage life insurance · Canada
Keep the home, whatever happens next.
Peace of mind
Comprehensively underwritten when you apply — so the answer isn't decided after a claim.
Your mortgage is likely the single largest source of personal debt you carry. Mortgage protection insurance is a life insurance policy designed to pay that debt off in the event of your death — so your family keeps the house, not the payments.
- Level
- Coverage for your full term
- Portable
- Switch lenders any time
- Yours
- You name the beneficiary
Individual policy vs. bank coverage
Two products with the same name — and very different outcomes
How your premium is priced
Health & lifestyle pricing
Age-only pricing
How much you're covered for
Level coverage amount
Declines with balance
Portability
Fully portable
Tied to lender
Who receives the money
Your beneficiary
Lender receives it
When underwriting happens
Underwritten upfront
After the claim
General information only. Coverage, pricing and eligibility vary by insurer, province and individual circumstances.
Why Homeowners Choose Individual Coverage
Protects your biggest debt
Your mortgage is likely your largest financial obligation. This coverage helps ensure it's taken care of.
Coverage doesn't shrink
Your benefit stays the same even as your mortgage balance decreases.
Your family decides
The money goes to your loved ones, not the bank, giving them flexibility when they need it most.
Approved before it's needed
Medical underwriting happens at application, so there are fewer surprises when a claim is made.
How it works
Three steps to coverage you own
- 01
Review your mortgage
We look at your balance, amortization and family budget to size the coverage you actually need — not just the bank's number.
- 02
Apply and get underwritten
Your health and lifestyle are assessed upfront. Non-smokers and healthy applicants earn lower premiums for the whole term.
- 03
Own your policy
Approved coverage stays level, belongs to you, and follows you to any lender — with the beneficiary you choose.
Perks included on every policy
Membership benefits that go beyond the policy
Every individually owned policy includes access to member benefits designed to support your health, family and finances.
15% Premium Rebate
After your policy has been in force for 3 months, you'll receive a rebate of your premiums — up to 15% back — as a thank-you for being a member.
Go
This benefit is so much more than just a wellness app. Go helps you earn exciting rewards for healthy living, giving back and having fun. It’s a flexible and convenient way to stay active and make a difference in your community.
Renew
Get helpful funds to upskill, reskill and grow in your career. Renew offers reimbursement grants to repay tuition, cover textbooks, course-related tools and more.
Member Discounts
Members can access discounts on gift cards, everyday necessities, electronics and other online shopping opportunities. Plus, family-focused activities are more affordable with discounts on hotels, rental cars, theme parks, attractions and much more.
LawAssure
This online document preparation service helps you create customizable wills, powers of attorney and healthcare directives. Find out how LawAssure can help you to protect your legacy.
Orphan Scholarships
This benefit provides the children of deceased members with a renewable higher learning scholarship of up to $6,000 per year for up to four years.
Orphan Benefit
This monthly payment of up to $900 per month per child may help you provide for your children in the event of the death of both you and your spouse.
Terminal Illness Loan
If you become terminally ill, you may be eligible to receive an interest-free loan up to 75 per cent of the face value of your policy.
$25 Donation to Habitat For Humanity
For every policy placed, we donate $25 to Habitat For Humanity to help Canadian families build strength, stability and independence through affordable homeownership.
FAQ
Common questions
Still unsure which option fits? A 15-minute review is usually all it takes.
Your mortgage protection quote
Find out what protecting your mortgage actually costs
Meet your advisor
Tyler Hoffman, FMA
OnPoint Private Wealth Coaching
As a former AA professional baseball umpire, Tyler Hoffman understands the importance of making the right call. For more than 24 years, he's been helping Canadians hit a home run with their finances through independent, unbiased advice. Tyler's approach is simple: put people before products and focus on strategies that help clients build, protect, and enjoy their wealth with confidence.