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Mortgage & Loan Insurance

Protect yourself from the unexpected.

Protect yourself from the unexpected.

  • Your monthly loan repayments continue even when you can't
  • Feel confident that years of wealth-building and savings won't be lost
  • Disability and job loss options provide additional peace of mind
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In today's world, most of us carry debt, and sometimes quite a substantial amount when you factor in mortgages, lines of credit and credit card balances. The last thing you want is for your family to be saddled with paying for it all in the event you are not able to contribute to the payments. This is where loan insurance can play an important role.

Mortgage insurance offers low cost convenience.

Mortgage insurance is relatively low-cost, and can offer life, disability, critical illness and job loss coverage, depending on the plan and policy options. You purchase it when you take out your mortgage. For convenience, the premiums can be added to your regular mortgage payment, so you’ll never miss one. Here’s how it works:

  • Mortgage life insurance allows your family to live mortgage-free should anything happen to you or your spouse ($500,000 maximum).
  • Disability or illness option pays your monthly mortgage payment ($2,500 maximum) for up to two years.
  • Job loss option pays your monthly mortgage payment ($2,500 maximum) for up to nine months tax-free.

Note: This type of insurance is different from the Canada Mortgage and Housing Corporation's (CMHC) mortgage loan insurance, mandatory for homebuyers without the minimum 20% downpayment required to qualify for a conventional mortgage.

Loan and line of credit insurance.

Loan and line of credit insurance is very similar to mortgage insurance in that it provides coverage for life, disability, critical illness and job loss coverage, depending on the plan. It is purchased at the time you take out your loan and the premiums can be added to your regular loan payment.

The right advice makes all the difference.

Protecting yourself and your family in the event of misfortune is critical. Whether these types of policies are right for you depends on your personal situation. If you already have life insurance, it may be sufficient to cover these types of debts. If you don't have life insurance or would have a difficult time obtaining it due to your age or health, mortgage or loan insurance may be a viable and economical option.

The best approach is to discuss your needs with your financial advisor, as an integral part of your overall financial plan.