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Frequently Asked Questions

What's the difference between mortgage insurance & life insurance?

Mortgage insurance (often offered through a lender when you get a mortgage) is designed to pay only your mortgage balance if you pass away. The payout goes directly to your lender, not to your family.

Life insurance, on the other hand, pays a tax-free lump sum to your beneficiaries, who can use it however they choose — to pay your mortgage, daily living expenses, debt, education costs, or anything else. You choose the beneficiary and the coverage amount.

So, mortgage insurance protects the lender’s interest in your home, whereas personal life insurance protects your family’s financial picture broadly.

Do I need both life insurance and critical illness insurance?

They serve different purposes, and many Canadians choose one or both depending on their situation.

Life insurance helps your family financially if you die. It’s long-term protection.

Critical illness insurance helps you pay costs or protect income if you survive a serious illness but can’t work or have extra expenses.

If your goal is to make sure your mortgage and family are protected no matter what, whether you pass away or suffer a major health event, holding both can provide a broader safety net. But exactly what’s right for you depends on your health, family needs, and financial situation.

Can critical illness insurance help with my mortgage?

Yes, but it works differently than mortgage insurance.

Critical illness insurance pays you a tax-free lump sum if you’re diagnosed with a covered serious illness like heart attack, stroke, or life-threatening cancer. You can use that money however you choose, including to cover mortgage payments, medical bills, or everyday expenses during recovery.

Mortgage critical illness insurance (offered through some lenders) specifically pays down or pays off your mortgage balance if you become critically ill, which can remove one major financial burden while you recover.

Unlike mortgage life insurance, critical illness coverage isn’t just for death, it helps you live through a serious health event and still manage your financial obligations.

Is mortgage insurance required in Canada?

Not all mortgage insurance is mandatory, but mortgage default insurance is required by law if you put less than 20% down on a home purchase. That government-backed insurance (through CMHC, Sagen, or Canada Guaranty) protects the lender if you default on your mortgage.

Separate from that, mortgage protection products, including mortgage life and mortgage critical illness insurance, are optional add-ons that you choose to buy to protect yourself or your family. Your lender cannot require you to purchase them in order to get the mortgage.