Mortgage Life Insurance

Mortgage life insurance ensures your mortgage is paid off in the event of your death, providing financial security for your family. It protects your home, ensuring your loved ones can stay in their home without the burden of mortgage payments.

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Our Reviews

Excellent4.8 Based on 426 reviews from ★★★★★ Spent time searching for best options for my needsmarg marlinmarg marlin ★★★★★ Dornaz was extremely helpful to get the right travel insurance for us. She was very friendly and knowledgeable.Barbara HanserBarbara Hanser ★★★★★ Ummi. Excellent representative. Very pleased.Darla SwardDarla Sward ★★★★★ Dornaz was very friendly and professional providing me with travel cancellation/interruption insurance.Gail CampbellGail Campbell ★★★★★ I’m so happy in dealing with Ummi Hanny , she’s absolutely a star, she really helped me finding the right insurance for me.hanne sajdahanne sajda ★★★★★ Great travel insurance Dornaz was very professional.Denise Morgan-FellDenise Morgan-Fell ★★★★★ Very pleasant, efficient and helpfulA. Ron AlgateA. Ron Algate ★★★★☆ Very easy to set up policy on a ti.ely manner.Brent ClaytonBrent Clayton ★★★★☆ The cost quoted was definately comparable to other carriers. My only complaint is that you can never call and get a direct quote. You always have to leave a message and wait for a call back. I find that inconvenient. It took me 2 days to get a quote. It used to take less than 30 minutes.Nora from AuroraNora from Aurora ★★★★★ Great service by Dornazpradeep mohapatrapradeep mohapatra ★★★★★ Dealt with Sehar Bajwa for travel insurance coverage for Caribbean cruise.Dealt with her for previous policy as well.Was very pleasant and helpful in completing the application.Dennis WrightDennis Wright ★★★★★ we dealt with Dornaz as our agent. Great service. First time using Alliance but will not be our last. Thank youNogutsNoguts ★★★★★ Dornaz was knowledgeable, professional, friendly and took the time to explain things clearlyGerald BerezukGerald Berezuk ★★★★★ Thanks to Mia Chen we were able to get our home insurance. She is very professional and safe.Genry Garcia LópezGenry Garcia López ★★★★★ I reached out to Alliance in my search to get travel insurance for an immigration visa for a family member. Ummi has been great throughout the process. She was available for all questions I had and assisted me in extending the plan as we had delays. I highly recommend her services as an insurance broker.Thank you Ummi!LilyLily ★★★★★ Sehar Bajwa looked after all my travel insurance needs in the utmost professional mannerShe was very helpful asking the right questions to help get the insurance that was right for me. I will definitely call her for my next trip to JapanDee TungDee Tung ★★★★☆ To date everything promised was delivered. If we ever need to make a claim, I will update with our experiencesJames FrancisJames Francis ★★★★★ Sehar Bajwa helped me with buying travel insurance for my husband. She was amazing!! The process was fast and painless. This was first time buying travel insurance and I was little leery about it but Sehar was very helpful in answering all my questions and she was very patient and caring. Thank you Sehar for making it so easy for me and it was pleasure dealing with you.Pratibha MalaviaPratibha Malavia ★★★★★ A fantastic experience! Sehar could not have been more helpful and competent. It was a real pleasure with someone so efficient and patient. I have already recommended Alliance Income to some friends and directed them to Sehar. Great work! Keep it up!Suzanne & Roy Cormier PalmerSuzanne & Roy Cormier Palmer ★★★★★ Very knowledgeable and able to recommend the best insurance for the circumstancesAntonio TalangaAntonio Talanga ★★★★★ Sarah, was very helpful in providing us with answers to our questions, and guiding us through our needs for travel insurance.Jan-Paul LandryJan-Paul Landry ★★★★★ Excellent service from Ummi.Chris PaveleyChris Paveley ★★★★★ Sahar provided a detail of my coverage was very courteous allowed me to review! After a couple weeks later we reconnected to secure!Great experience!Dave FabelloDave Fabello ★★★★★ Thank you Sehar Bajwa, prompt helpful and professional.hayam rozikhayam rozik ★★★★★ I got my out of country medical insurance assisted by Sahar. It was a pleasure workingwith her and will be contacting her for any future trips. Thank you Sahar.Janet FountainJanet Fountain ★★★★★ Attended by Artmize, good customer service, puntual and very professional. Will continue making bussiness with her.Edgar MontanoEdgar Montano ★★★★★ Sehar Bajwa was great and very knowledgeable. Sehar has been more than helpful over the last few years with my travel insurance needs. Thank you again Sehar.Kevin RodgerKevin Rodger ★★★★★ Sehar was super to deal with! she called with clarifications and any questions. Very happy with our travel insurance purchase. Hoping if we need to use it will be clear and easy too. Thank you Sehar we appreciate youDeb KnightDeb Knight ★★★★★ Sehar Bajwa gave us a lot of attention over 2 days with a details sent by email and over the phone. We obtained exactly what we wanted for medical insurance for the trip. Thank you Sehar!!Mary Lou and Fred CrossanMary CrossanMary Crossan ★★★★★ I’ve dealt with Sehar for the last few years and she is knowledgeable and helpful when purchasing our insurance for our stay in Florida for the winter I highly recommend herRachel BlouinRachel Blouin ★★★★★ Sehar was wonderful to deal with while buying medical insurance for our winter in Arizona. We had been having trouble securing insurance for my husband because of some health issues and she found a company very quickly that would cover him. Of course we always hope not to have to use our insurance but if we do I hope it goes as smoothly as when we purchased. Thank you Sehar!Faye Libler (MacGIRLver)Faye Libler (MacGIRLver) ★★★★★ Sehar Bajwa always followed up and double checking all prices and providers for the best insurance to fit our needs. Very patient and thorough, highly recommend her expertiseLindaLinda ★★★★★ Quick, reasonable and the broker, Sehar Bajwa was helpful, knowledgeable and kind.Thank you Sehar!Cindy MathisonCindy Mathison ★★★★★ Sehar was a great help in sorting out my travel insurance, even while I was on the road, follow up was easy.Emergency medical and Trip insurance, got a great rate, tks again Sehar!Donna KarjalainenDonna Karjalainen ★★★★★ Service was excellent. Assisted in every way possible to clarify my needs.John FantinJohn Fantin ★★★★★ I and my wife got travel insurance with help of insurance agent Sehar Bajwa. Tanks a lot for Sehar Bajwa for very professional and competent job.Mikhael ChernitskyMikhael Chernitsky ★★★★★ Thanks Sehar for your knowledge and patience while I decided which package to take!! Well done!Bandna SawhneyBandna Sawhney ★★★★★ I had a great experience with Sehar when purchasing my travel insurance.Joy McDonellJoy McDonell ★★★★★ Thank you Ummi, Alliance Income for her wonderful service, she was helping me with travelling insurance with professional manners, giving me options and advices that I felt very comfortable and confidence. The process was smooth and efficient, right after the phone call process, the policy was immediately delivered to my e-mail. I would recommend Alliance Income and agent Ummi. Thanks.Katiana LoKatiana Lo ★★★★★ Spoke with Artmiz. Very knowledgeable and very professional. Answered all my questions.Would highly recommend her to family and friends...actually, I already did and my friend was very pleased with the service she receivedPam SinghPam Singh ★★★★★ My dealings with both Adam and Theresa were handled in a professional prompt manner giving me confidence in Alliance. I hope never to have the need to use my coverage, but I would hope that the experience would be as good.Eklove ShatnerEklove Shatnerjs_loader
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Understanding Mortgage Life Insurance

Mortgage Life Insurance is a specialized form of coverage designed specifically for homeowners with mortgages. When you purchase a home, your mortgage is likely one of the most significant financial commitments you’ll make. In the event of your passing, your family could face the burden of continuing mortgage payments or even the risk of losing the home. That’s where mortgage life insurance steps in. It provides a safety net by paying off some or all of your outstanding mortgage balance if you die during the policy term. Unlike other types of life insurance, mortgage life insurance is closely tied to your home loan, ensuring that your loved ones can maintain their living situation without financial strain.

Key Benefits

Having a mortgage life insurance in Canada offers several key benefits:

Coverage for Outstanding Mortgage:

Mortgage life insurance covers some or all of your outstanding mortgage balance if you pass away. This ensures that your family won’t struggle to make mortgage payments or risk losing the home.

Budget-Friendly Premiums:

You usually pay the premiums along with your regular mortgage payment each month. It’s a convenient way to protect your family’s future without additional financial strain.

Immediate Coverage:

There’s typically no waiting period, so coverage can start immediately upon approval.

Flexible Payment Options:

You can choose monthly, semi-monthly, or weekly premium payment frequencies.

Preserves Existing Coverage:

If you already have other life insurance, mortgage life insurance won’t affect its terms. You can preserve your current coverage for other priorities.

Coverage Wherever You Work:

Whether you change jobs or move, your mortgage life insurance coverage stays with you.

Partial Coverage Option:

You can choose the amount of coverage that suits your budget.

Different Types of Mortgage Life Insurance

In Canada, two primary types of mortgage life insurance exist, each serving distinct purposes.

Mortgage Life Insurance

  • Coverage: Mortgage life insurance provides coverage for some or all of your outstanding mortgage if you pass away. Essentially, it acts as a safety net for your loved ones.
  • Premiums: Typically, you pay the premiums alongside your monthly mortgage payment. This convenience ensures that your mortgage protection remains in place.
  • Beneficiaries: The main beneficiaries are usually your family members. If you were to die, the insurance payout would help them avoid financial strain and prevent the risk of losing the home due to mortgage default.
  • Use: Importantly, the payout from mortgage life insurance can only be used to pay off your remaining mortgage balance. It goes directly to the lender.
  • Duration: This type of insurance lasts only as long as you have an outstanding mortgage. Once your mortgage is paid off, the coverage ceases.
  • Flexibility: While the premiums are usually fixed, the payout decreases over time as you pay down the mortgage.

Term Life Insurance

  • Coverage: Term life insurance offers coverage for a specific period (e.g., 10, 15, 20, or 30 years). If you pass away during the term, your beneficiaries receive a tax-free death benefit.
  • Benefit: Unlike mortgage insurance, the payout isn’t restricted to the mortgage itself. Your beneficiaries can use it for any purpose—whether it’s paying off debts, covering living expenses, or fulfilling other financial needs.
  • Longevity: Term life insurance remains in effect as long as your policy is active, even after your mortgage is fully paid.
  • Cost: Initial premiums for term life insurance are usually lower than those for mortgage life insurance, making it an attractive choice for many Canadians.
  • Family Needs: The flexibility of term life insurance allows you to address various financial concerns beyond just the mortgage.

Tips for Saving Money on Mortgage Life Insurance

When it comes to mortgage life insurance in Canada, there are some strategies you can consider to save money:

Compare Plans Wisely:

Regularly comparing mortgage life insurance plans allows you to stay informed about available options and potential cost savings. Reviewing policies annually or when major life changes occur ensures you’re getting the best coverage at the most competitive rates.

Choose Term Life Insurance:

Opt for term life insurance instead of permanent policies. Term insurance is more affordable and provides coverage during specific years (like when you have a mortgage and children at home). Permanent policies are much costlier because they guarantee a payout regardless of when you pass away.

Buy Only What You Need:

Calculate the precise amount of coverage you require. Avoid overprotecting yourself and your family by purchasing only what’s necessary. Consider your debts, income, mortgage, and education costs for your kids.

Take the Medical Exam:

While some policies promise instant approval without a medical exam, these “no-medical” options are costlier. Opt for a standard term life insurance policy that requires a medical exam. It’ll likely save you money in the long run.

FAQ’s – Mortgage Life Insurance

Learn more about Mortgage Life Insurance with our FAQ section. Get answers to common questions about coverage, benefits, and more.

Mortgage Life Insurance covers the outstanding balance of your mortgage if you pass away. It ensures that your family can keep the home without the burden of mortgage payments.

Anyone with a mortgage, especially those who want to secure their family’s home in case of their death, should consider it. It provides peace of mind knowing the mortgage will be paid off.

It’s not mandatory, but it’s often recommended for homeowners who want to protect their family from the mortgage burden after their passing. Some lenders may require it as a condition for approving the mortgage.

Yes, it can usually be cancelled or transferred based on policy terms and the insurance provider. Homeowners may cancel if they refinance or pay off the loan early. Transferring to a new property is also possible in some cases. Review policy details and consult with the provider for specific options.

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