Life & Wealth
Personal Mortgage Protection in Ontario
Bank-sold mortgage insurance shrinks as your mortgage shrinks, the bank is the beneficiary, and underwriting often happens at claim time. Personal mortgage protection is a life policy you own: you pick the beneficiary, the coverage doesn't shrink, and underwriting happens up front, not when your family needs the money.
- You own the policy, not the bank
- Coverage doesn't shrink with the mortgage
- You choose the beneficiary
- Portable between lenders & properties
Speak to an advisor
Life and living benefits advice.
Our LLQP-licensed, FSRA-regulated life advisors review your situation and explain the options that match your goals and budget.
Speak to a Broker Book an AppointmentWho this is for
- First-time homebuyers
- Homeowners renewing or refinancing
- Anyone declining bank mortgage insurance
- Co-borrowers protecting each other
How BrokerUnion helps
- Compare structures: term, decreasing or permanent
- Coordinate with existing life and disability coverage
- Walk you through underwriting up front
- Re-shop the policy if you refinance
FAQ
Common questions
Why not just take the bank's mortgage insurance?
It is creditor insurance: the bank is the beneficiary, the benefit shrinks with your balance, and many policies underwrite at claim time. A personal life policy fixes all three.
Life insurance is sold by licensed life agents and is regulated separately from property and casualty insurance in Ontario.
Ready to talk personal mortgage protection?
A licensed broker will review your situation and walk you through your options. No pressure, no jargon.
More life & wealth coverage
Term Life Insurance
Affordable coverage for a defined period.
Whole Life & Permanent Insurance
Lifetime coverage with a cash-value component.
Critical Illness Insurance
A lump sum when you need it most.
Disability Insurance
Replace your income when you can't work.
Travel Insurance
Out-of-province medical and trip protection.