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.

Google Review logo
4.8 Stars
js_loader
Mortgage Life Insurance hero banner

Our Reviews

Excellent4.8 Based on 380 reviews from ★★★★★ 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 Shatner ★★★★★ Ummi was most helpful and informativewhen I purchased Trip Cancellation andInterruption coverage on September 19!Stephen J. RushfordStephen J. Rushford ★★★★★ Amazing service! Nice to talk with a real person and not just online. Great at changing my insurance with no issues.Joanne HuntJoanne Hunt ★★★★★ Artmiz was capable, responsive and punctual. A good experience!Geoff StilesGeoff Stiles ★★★★★ Once again Ummi has provided an economical rate and stress free service for my snowbird health insurance. Strongly recommend for price and revive many thanksElizabeth BastableElizabeth Bastable ★★★★★ Theresa helped me get medical insurance for my upcoming trips. She explained everything in detail making it an easy for me to make the decision!christine Foxchristine Fox ★★★★★ Theresa Hauser provided excellent service - clear information and great support regarding travel insurance- both cancellation and interruption.Don WagnerDon Wagner ★★★★★ Theresa was very helpful & answered all my questions. Very efficient & I received all the documents & information within minutes. Thank you TheresaIrene HartlIrene Hartl ★★★★★ Quick and efficient process and very good, pleasant exchange with agent Theresa HeuserRandy KlattRandy Klatt ★★★★★ Theresa is very helpful and efficient. I get all my insurance needs done seamlessly by this company.Maria Cecilia Danganan-LandichoMaria Cecilia Danganan-Landicho ★★★★★ Artmiz Namazi was a very nice person to deal with. She went far and beyond to help me to have the best deal. She understood my problem and made sure I knew it was solved. I will greatly recommend her to anyone searching for emergency travel insurance.Catherine PoplawskiCatherine Poplawski ★★★★★ Theresa Heuser helped me with buying travel insurance today. She was amazing!! The process was fast and painless. I always find buying our travel insurance to be one of the most stressful things in getting ready to travel. Thank you Theresa for making it so easy for me.Pat and Art ThorrougoodPat and Art Thorrougood ★★★★★ Theresa was prompt at replying, answering all my questions and very friendly and pleasant to deal with. She is an asset to your company.Yvonne FjaagesundYvonne Fjaagesund ★★★★★ Great experience. Theresa Heuser And Sabrina Izdiher helped me with everything. Very helpful and awesome customer serviceGurasisGurasis ★★★★★ Great professional quick service!Colleen Van HornColleen Van Horn ★★★★★ It was good, customer service and the client dealing is best and also they get you good deals.Ahtsham SaifAhtsham Saif ★★★★★ Theresa was very clear and helpful with our travel insurance questions.Gabriella KleinGabriella Klein ★★★★★ Theresa was very helpful and professional in all our dealings! Would recommend her highly.Joyce SchaafJoyce Schaaf ★★★★☆ Theresa was very efficient, friendly and patient.Sandra PerrinSandra Perrin ★★★★★ Artmiz Namazi was an excellent person to deal with. She was very knowledgable and gave me excellent advice. Her quick response to my inquiries on line and over the phone were great. She was extremely helpful and friendly and gave 5 star service.The price for the insurance I needed was also excellent. Thanks ArtmizFran SmythFran Smyth ★★★★★ Excellent product at a cheaper price than other providers.Dale CrawfordDale Crawford ★★★★★ Brilliant and professional support given by Artmiz. Very happy with our Travel Insurance Policy. Thank youSabir ParvaizSabir Parvaiz ★★★★★ I am So glad and happy to have the agent name Ummi to assisted me purchase our travel insurance, very pleasant and helpful. Introduced her to my friends, they were happy with the service too. Thanks Ummi. For sure will looking for you at next travel time.Van TranVan Tran ★★★★★ Great people & service.Dave GobellDave Gobell ★★★★★ Great job, knowledgeable, very patient and tried her best to help me. Thanks Ummi for excellent customer serviceRazijaRazija ★★★★★ 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 Steinbergjs_loader
Insurance Shopping CTA banner

Shopping for Mortgage Life Insurance? We Can Help!

We make finding the right insurance coverage fast and simple by connecting you with the best insurance providers in Canada.

Browse options, compare rates, and save more on HealthRates.ca.

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.

Let's Get Started

All Products Form (#7)
Google Review logo
4.8 Stars
js_loader