There's more than one way to protect your home, and your bank only offers one.

Your broker thinks of everything, that's why they sent you here. Take 15 minutes to see the options a bank can't offer.

Book a Free Call

Network of over 7,225 licensed insurance agents across Canada

Over 26 available insurance Carriers

Available to all licensed mortgage channels and brokers

Two ways to protect your mortgage.

Here's how they compare.

Bank Mortgage Insurance

Payout goes directly to the bank

Coverage decreases as you pay down your mortgage

Premium stays the same even as coverage shrinks

Health reviewed after a claim is filed

Ends if you switch lenders, renew, or sell

Personal Life Insurance

Payout goes to your family, to use however they need

Coverage stays level for the length of your term

You only ever pay for the coverage you have

Health reviewed upfront, before you're approved

Stays with you no matter what happens to your mortgage

Which one is right for you?

When bank mortgage insurance makes sense

Your health or age makes it hard to qualify for personal coverage, or the cost of a personal policy doesn't work for your budget right now. It's simple, and it guarantees the mortgage gets paid.

When personal life insurance makes more sense

You want the payout to go to your family, not just the mortgage, coverage that doesn't shrink while your premium stays the same, and you can qualify at a good rate. For most homeowners, this ends up being the stronger option, just not the only one.

Book a Free Call

26+

Canadian insurers compared

More options than your bank can offer.

Your bank sells one insurer's product. We work with more than 26 across Canada, so you can actually compare and pick.

15+ Years

Serving Canadian families

26+

Carriers compared for you

Licensed

Advisors, real conversations

MrInsurance.ca

Backed by a trusted agency

Common questions

Do I need a medical exam?

Not to talk to us. We'll tell you upfront exactly what to expect based on your own situation.

Can my family use the payout for anything, or just the mortgage?

Anything. Unlike bank mortgage insurance, a personal policy isn't restricted to paying down your mortgage balance. Your family decides how the money is used.

I already signed up for insurance through my bank. Am I locked in?

No. You can cancel bank mortgage insurance at any time, and there's no penalty for switching to a personal policy.

Why look into this now instead of later?

Your rate is based on your age and health today. The younger and healthier you are when you apply, the lower your premium is likely to be, and it stays locked in for your full term.

What happens when my mortgage is paid off?

Bank mortgage insurance usually ends when your mortgage does. A personal policy is yours. It stays in place regardless of what you still owe on your home.