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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4.8 Stars
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Our Reviews

Excellent4.8 Based on 352 reviews from ★★★★★ Artmiz was very pleasant and efficient to deal with. She was prompt in her replies, and in answering any other questions we had. Her travel insurance pricing was the best that we found,Jean BamfordJean Bamford ★★★★★ Artmiz was totally great!! She is so pleasant, efficient and she gave us the best price and advice!! It was a pleasure to work with her.Ian BamfordIan Bamford ★★★★★ Very good. LovelyDonna KeenanDonna Keenan ★★★★★ Our agent Artmiz was very knowledgeable and answered all of our hypothetical travel scenarios with ease. The premium savings were significant because Allianz offers "top-up" products to those of us who have existing coverage, but need more.catherine onishicatherine onishi ★★★★★ Ummi is always helpful and professional. She has been helping our family for all travel insurance over the past years.MargieMargie ★★★★★ Ummi is courteous and professional. Good job!Rod SetoRod Seto ★★★★★ Artmiz was very pleasant and helpful in providing the coverage needed for my trip.John CliffordJohn Clifford ★★★★★ Nice Dealing And Nice Explanation…Harman BasraHarman Basra ★★★★☆ I want to let everyone know that when you buy your insurance from Alliance, buy it from Dornaz. I have had 2 separate policies through her and can't say enough about her thoroughness, knowledge of the product and her customer service. It was pleasure dealing with her.Nola DyckNola Dyck ★★★★★ Great customer serviceJennifer PhillipsJennifer Phillips ★★★★★ I had a very good experience with Dornaz. She was very helpful and got my policy together quickly. I will certainly recommend her to my friends.Steve StaplesSteve Staples ★★★★☆ Thank you Theresa and Adam for your help with our travel insurance plans, for your timely assistance and the savings you were able to find for us.Yogashiatsuyucatan DonypaolaYogashiatsuyucatan Donypaola ★★★★★ Artmiz Namazi provided excellent service. She was very professional and took the time to explain the insurance coverage and answer all my questions. She is a great asset to your company and I will not hesitate to recommend her to my friends and familyChris DingsdaleChris Dingsdale ★★★★★ Artmiz was very helpful, friendly and informative. She really knows her subject and was ready to help in any way.Carolyn CassellsCarolyn Cassells ★★★★★ Theresa Heuser is professional and competent in the insurance process. A pleasure!Ronald BironRonald Biron ★★★★★ What a pleasure dealing with Ummi, who took all the pain out of purchasing Travel Insurance for my wife and I, who are both 80 year old Seniors. Sensitive and yet enquiring, Ummi guided us through the minefield of questions with the competant ease of an expert. Ummi was responsive to any unintended omissions and made sure there were no loose ends that could disqualify any future claim. We go on Holiday knowing that we have been professionally prepared with cover for Medical emergencies, if they should arise.John DawkinsJohn Dawkins ★★★★★ great service by the phone and email.h mh m ★★★★★ We bought Emergency Medical policy for our coming trip from Ummi Hanny. She was such a good help and responsive to all our questions, either by phone or emails. Such an excellent service, above and beyond our expectations!! Thank you!Jacob SteinbergJacob Steinberg ★★★★★ We booked travel insurance with Ummi Hanny for a river cruise we are taking this summer. She was very professional, responded quickly and efficiently to emails, calls and questions. Would definitely recommend her and Alliance/Allianz.Kathy CastleKathy Castle ★★★★★ It was a pleasure to deal with Artmiz. Very polite and Patient. Nice to deal with someone who knows and enjoys their job.Tom BrailsfordTom Brailsford ★★★★★ I just finished getting a tailored insurance package with the help of Ummi. I really appreciated the attention to detail and how knowlegable she was on the various packages. Ummi was able to get us an annual package for me and my wife that focused on our need for Trip Cancellation/Inturruption and also a single trip comprehensive package for our 3 grandchildren that will be traveling with us on our next trip. It was a pleasent experience. Ummi detailed the options and made recommendation that ensured we had the coverage we needed at the best possible price. This was all done over the phone and email and we received the comple package immediately after the purchase in our email. Thanks UmmiJeff LangJeff Lang ★★★★★ We were helped by Ummi Hanny she is very professional and helpful.Thanks for your understanding,Heinz KriegerHeinz Krieger ★★★★★ Ummi was our Insurance agent helping with getting medical and cancelation policy -she was very professional and knowledgeable and was able to get us a very reasonable insurance rates.Milos RudolfMilos Rudolf ★★★★★ Eric provided policy information, confirmed my personal details to ensure the policy would be correct, processed my payment quickly.Tracy HastingsTracy Hastings ★★★★★ I dealt with Ummi Hanny, oh my she was wonderful! She even laughed at my jokes. What a great first experience.Lise BeaulneLise Beaulne ★★★★★ Ummi. was very helpful and pleasant. Billwilliam rockwilliam rock ★★★★★ Our purchase of Allianz Emergency Medical Insurance through Alliance Income Services Corp was a breeze. Ummi and Mariam was a pleasure to work with. They were both very patient, knowledgeable, and efficient in presenting the various options available to us. Mariam did a lot of leg work comparing several insurance companies just to find a plan that suit our needs. Ummi then completed the processing of the policy effortlessly and made the process seamless. I would highly recommend anyone who needs an insurance coverage to speak to especially this two ladies.Danny ChinDanny Chin ★★★★★ My agent Artmiz was very helpful and provided me with a quote quickly. When I was ready to accept the quote she responded quickly and sent me all the necessary documents just as efficiently. Happy with my interactions.Stephanie RumbleStephanie Rumble ★★★★★ Eric and Bob were both extremely helpful and attentive to my needs.Paul CodyPaul Cody ★★★★★ Teresa was great. Addressed all my concerns.Robert CarterRobert Carter ★★★★★ The service given by Ummi Hanny was excellent- very pleasant, courteous and professional.Simin MeshginnafasSimin Meshginnafas ★★★★★ I had a top notch experience with this insurance broker. Eric Clementi was the person that helped me from the day that I asked for a quote online. He was very thorough with explaining every minor details that might be misunderstood between the client and the provider. Eric is very professional with his tone of voice which makes a potential client feel at ease. Nonetheless, I’ve tried different insurance broker, their monthly fees are way above the average, Alliance income Services Corp has the most decent fee for a family of five… it’s a bang for the buck kind of thing. Truly recommend this company. 👍Mark EngelMark Engel ★★★★★ Eric Clemente and Ryan were excellent to deal with. Both were very helpful , to the point , and curious .Michael BoudreauMichael Boudreau ★★★★★ Excellent service by Eric Clementi and Ryanmargaret burnsmargaret burns ★★★★★ Eric and Adam were very helpful with my travel medical insurance. Now I realize if I have to use this coverage that I will be in great hands.Bonnie SmithBonnie Smith ★★★★★ Hello...Eric was very easy to work with ....very polite....and set up my insurrance policy very quickly....thank you again Eric....Marsha Risser.Marsha RisserMarsha Risser ★★★★★ I ordered insurance for my husband and myself. It was a very easy process and was helped greatly by Eric and Dylan. Both were very diligent with helping me through it all. Very easy and quick.Marilee Van BuskirkMarilee Van Buskirk ★★★★★ It was a pleasure speaking with Eric Clementi. He was polite, understanding and considerate.Mohinder BangaMohinder Banga ★★★★★ I was quite happy to get excellent & friendly customer services from Artmiz - very helpful & knowledgeable!Bruce YeeBruce Yee ★★★★★ Great service from knowledgeable and very helpful people. Thank you Eric Clementi and Ezarie!Beverley HowickBeverley Howick ★★★★★ Eric Clementi is the manYunus PatelYunus Patel ★★★★★ I had to sign up for my own health and dental insurance. The staff at this company were quick to get back to me and provide suggestions on insurance plans. The sign up process was very easy to do over the phone. I communicated with Eric Clementi who was very professional and efficient.Muhammad KoyaMuhammad Koyajs_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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