Mortgage protection insurance quotes in Canada
Answer 7 quick questions and see options from 50+ Canadian insurers. Free, fast, no hassle.
Example rate: from 76¢ a day*Start your free quote
No obligation to buy after requesting a quote.
*76¢ a day example is based on a healthy applicant seeking up to $500,000 of coverage on a 10-year term or similar. Your actual rate may vary based on age, health status, province, and mortgage balance.
- Compare 50+ Canadian insurers
- Free quotes, no obligation to buy
- Independent of your bank or lender
Mortgage protection
What mortgage protection insurance is
It’s life insurance sized to your mortgage. If you pass away, the payout goes toward your mortgage balance, so your spouse or family isn’t left with the payments and can stay in the home.
Money Saving Scout compares options from multiple insurers in one place. Your answers are matched against options from 50+ Canadian insurers, so you can see independent choices instead of a single lender’s policy.
Answer 7 quick questions
Province, age, health, smoking status and how much is left on your mortgage.
We compare your options
Your answers are matched against options from 50+ Canadian insurers.
Review your quotes
See rates specific to your situation. There’s no obligation to buy.
Costs
What affects the cost of mortgage protection in Canada
Cost depends on your age, health, mortgage balance, and the insurer. Here’s how each one comes into your quote.
*76¢ a day example is based on a healthy applicant seeking up to $500,000 of coverage on a 10-year term or similar. Your actual rate may vary based on age, health status, province, and mortgage balance.
| Factor | How it affects your quote | In the quiz |
|---|---|---|
| Age | The biggest factor in your rate. | Question 2 |
| Health | Pre-existing conditions are okay to mention. Options depend on your age, health and the insurer. | Question 4 |
| Mortgage balance | Coverage is sized to your mortgage, so the amount you still owe matters. | Question 6 |
| Province | Your actual rate may vary by province. | Question 1 |
| Smoking | One of the questions we ask so your quote reflects your situation. | Question 5 |
| Insurer | Insurers price differently, so comparing several is the fastest way to see a rate specific to you. | We compare 50+ |
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Coverage explained
Know what you’re comparing
What does mortgage protection insurance actually cover?
It’s life insurance sized to your mortgage. If you pass away, the payout goes toward your mortgage balance, so your spouse or family isn’t left with the payments and can stay in the home.
What is the difference between this and my bank’s mortgage insurance?
Bank mortgage insurance is tied to that one lender’s policy. Comparing across 50+ Canadian insurers lets you see independent options that may offer different pricing or terms based on your health and age.
What will I be asked in the quote?
- Which province you live in
- Your age
- Your gender
- Any health conditions
- Whether you currently smoke
- How much is left on your mortgage
- Where to send your quotes (name, email and phone)
Good to know before you start
- Requesting a quote is free and there’s no obligation to buy.
- Coverage is independent of your bank or lender.
- Coverage is subject to underwriting.
- Money Saving Scout compares options from multiple insurers and is not an insurer.
Tips
How to get the most accurate quote
- Compare more than one insurerComparing quotes from multiple insurers is the fastest way to see a rate specific to your situation.
- Have your mortgage balance handyThe quiz asks how much is left on your mortgage, since coverage is sized to what you owe.
- Answer the health question as accurately as you canPre-existing conditions are okay to mention. Options depend on your age, health and the insurer.
- Treat the 76¢ example as a starting pointIt assumes a healthy applicant, up to $500,000 of coverage and a 10-year term or similar. Your own rate may differ.
Where we compare quotes
Mortgage protection quotes by province
Pick your province to start your quote.
FAQ
Frequently asked questions
How much does mortgage protection insurance cost in Canada?
Cost depends on your age, health, mortgage balance, and the insurer. The 76¢ a day example above is based on a healthy applicant. Comparing quotes from multiple insurers is the fastest way to see a rate specific to your situation.
Is there mortgage protection insurance with no medical exam?
Simplified, no-medical-exam options may be available depending on your age, health, and the insurer. A licensed advisor can confirm what you qualify for once you compare options.
Does requesting a quote commit me to buying?
No. There is no obligation to purchase insurance after requesting a quote.
Ready to compare mortgage protection?
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