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WELCOME TO Canadian L.I.C. INC
What Is Mortgage Protection Insurance?
Your mortgage helps you own a home. But what protects your home if something happens to you? We’ve seen too many families struggle to keep their homes after losing the primary earner—one illness, one accident, and a secure household turns into a financial crisis.
Mortgage Protection Insurance is a type of Life Insurance that pays off your mortgage if you pass away. Unlike lender-offered insurance, which benefits the bank, the Mortgage Protection Insurance Plan protects your family. The payout goes directly to your chosen beneficiary—not the lender.
With over 14 years of experience, we help families across Canada choose Mortgage Protection Insurance Policies that:
- Let you name your beneficiary
- Keep coverage even after the mortgage is paid
- Use the death benefit for any purpose
We’ve guided thousands in selecting smarter Mortgage Protection Insurance—ones that secure not just a loan, but a legacy.
Lender Policies shrink as your mortgage decreases, yet premiums remain high.
Homeownership Comes With Responsibility And Protection.
Make Sure Your Family Keeps The Home, No Matter What.
Compare the Various Types of Mortgage Insurance Plans
Term Life Insurance for Mortgage Protection
This is the most popular option for homeowners. You choose the term (e.g., 20 or 30 years), and if you pass away during that time, your family gets the full death benefit.
Whole Life Insurance
Permanent coverage that never expires. While more expensive, it builds cash value over time and may be ideal for those wanting long-term asset protection.
Critical Illness and Disability Riders
Want to protect your mortgage even if you fall ill or become disabled? Add a rider to your policy that provides a payout in case of a serious medical diagnosis or temporary loss of income.
Joint Mortgage Insurance Policies
Protect both partners under one policy. If either partner passes away, the surviving partner receives the payout to manage the mortgage or living expenses.
Don’t Wait Until It’s Too Late
Protect Your Mortgage with the Right Plan.How Does Mortgage Protection Insurance Work?
Here’s what you get with Mortgage Protection Insurance from Canadian LIC:
- You select an amount of coverage, typically equal to the amount of your mortgage plus a little extra for other monetary needs.
- You choose your term of coverage — typically 10, 20, or 30 years, depending on the length of your mortgage.
- Your beneficiary is yourself, not your lender. That is, your family can spend the benefit as it sees fit, whether to pay off the mortgage, for childcare, or for continuing education.
- You retain the coverage even if you pay off your mortgage, refinance it, or transfer it to a new lender.
Our Mortgage Insurance Coverage doesn’t shrink over the course of time like those lender policies do, keeping you locked into a single bank.
Why Should You Choose Canadian LIC for Mortgage Insurance Plans?
Because we build around your reality.
Whether you’re a first-time homebuyer, upgrading your home, or nearing retirement, our licensed Mortgage Insurance advisors create tailored solutions to match your income, property value, and long-term goals.
Whether you’re a first-time homebuyer, upgrading your home, or nearing retirement, our licensed Mortgage Insurance advisors create tailored solutions to match your income, property value, and long-term goals.
Here’s what sets us apart:
- Access to the best Mortgage Insurance Plans in Canada
- Mortgage Insurance Quotes Online within minutes
- Licensed Mortgage Insurance Policy Brokers working with you, not the bank
- Transparent advice from experienced Mortgage Insurance advisors
- Custom options for families, singles, or seniors
- Multiple carriers, one personalized recommendation
Our goal isn’t to “sell” you a policy. It’s to secure your family’s future, no matter what comes your way.
Mortgage Protection Insurance vs. Bank Mortgage Insurance – What’s the Difference?
All Mortgage Insurance is not the same. That’s a distinction that many Canadians don’t understand until it’s too late. That’s why we always compare and contrast the significant differences between a Mortgage Protection Insurance Plan bought by you through Canadian LIC and a Bank Mortgage Insurance Policy sold to you by lenders.
Here’s a side-by-side comparison to help you decide which is best for your home and your family:
| Feature | Mortgage Protection Insurance (Canadian LIC) | Bank Mortgage Insurance (Lender-Provided) |
|---|---|---|
| Who Owns the Policy? | You (the policyholder) | The bank or mortgage lender |
| Who Receives the Benefit? | Your chosen beneficiary | The bank or lender directly |
| Can the payout be used for other expenses? | Yes, your family decides how to use it | No, it only repays the mortgage |
| Does coverage decrease as your mortgage reduces? | No, the coverage amount stays the same | Yes, coverage decreases with your mortgage balance |
| Is the policy portable if you change lenders? | Yes, it stays with you | No, you may lose coverage and must reapply |
| Do you choose the term and amount? | Yes, full flexibility | No, tied to your mortgage terms |
| Medical underwriting? | Done at the time of application | Often done at claim time, which may delay or deny payouts |
| Can you customize with riders (e.g., critical illness)? | Yes, flexible options | No customization available |
| Is pricing competitive? | Yes, we compare multiple Canadian Mortgage Insurance providers | Often more expensive, with fewer options |
| Can I get quotes online? | Yes, get accurate Mortgage Insurance quotes online | No, quotes are usually only provided in-branch |
| Can I speak to an advisor? | Yes, with Canadian LIC's licensed Mortgage Insurance advisors | Usually, no personal advisor—just the lender’s rep |
We want you to understand what you’re buying. Mortgage Insurance from one’s bank is assumed to be sufficient by most homeowners. But when we sit with them, they suddenly see what they’ve left behind — control, flexibility, and real protection for their family.
With our Mortgage Insurance, you don’t simply safeguard a loan; you secure your family’s future.
Mortgage Insurance Cost – What Should You Expect?
We get this question every day.
“Is Mortgage Insurance expensive?”
“Will the premiums go up?”
“Do I need it if I already have group life insurance from work?”
Let’s clear things up.
When you get a Mortgage Insurance Quote from us, we break it down for you:
- Your age
- Health status
- Mortgage balance
- Policy term
- Type of insurance (term, permanent, etc.)
These are all factors that impact your Mortgage Insurance premium. You’re likely to pay less if you’re younger and healthier. But the best part? When you deal with us, we will shop across a number of Mortgage Insurance companies in Canada to secure for you the best Mortgage Insurance rate available in the market.
Want an exact estimate? Give our Mortgage Insurance cost calculator a try and get personalized Mortgage Insurance Rates — no up-front charges and no obligations.
What Happens if You Rely Only on Your Bank’s Mortgage Insurance?
Here’s what most people don’t realize:
- You don't choose your beneficiary
- The payout goes straight to the bank
- You can't use it for anything else
- coverage decreases over time
- You lose the policy if you refinance or switch lenders
We recently assisted a Mississauga client, Rajiv. Ten years ago, he had purchased a Mortgage Insurance Policy from his lender. After moving to a new bank to secure a better mortgage rate, he discovered that his coverage didn’t transfer, and his new bank demanded that he requalify based on his current age and health.
Unfortunately, Rajiv had developed a medical condition during those years. Now, he couldn’t qualify for the same policy anymore.
Don’t let that happen to you. When you buy Mortgage Insurance online through us, you own the policy, not your lender. You’re in charge of the terms, and it goes with you no matter where you end up in life.
The Benefits of Mortgage Insurance Through Canadian LIC
- True Flexibility:-You are not stuck with one lender or product. Our advisers are Mortgage Insurance specialists who work for you.
- Family First:-We protect the family, not just your mortgage. We concentrate on protecting more than just your mortgage. With our arrangements, the benefits go directly to your loved ones.
- Tailored Solutions:-We know that each circumstance is different. To this end, we also have a variety of Canadian Mortgage Insurance Plans designed for income, age, and state of health.
- Simple, Fast, Online:-Obtain Mortgage Insurance quotes online, compare options or consult with our skilled Mortgage Insurance Policy brokers one-on-one.
- Trusted by Canadians Nationwide:-With thousands of satisfied families, 2,300+ 5-star Google reviews, and 14+ years of industry expertise, Canadian LIC is your trusted partner for Mortgage Protection Insurance.
Mortgage Insurance Monthly Cost – What Should You Budget?
Here’s a general idea of what Canadians may pay monthly for mortgage protection:
| Age | Coverage Amount | Term | Estimated Monthly Cost |
|---|---|---|---|
| 30 | $500,000 | 20 years | $25 – $35 |
| 40 | $500,000 | 20 years | $35 – $50 |
| 50 | $500,000 | 20 years | $60 – $85 |
Of course, these numbers vary depending on your health and insurer, but you can always check your options using our Mortgage Insurance Cost Calculator.
These are all factors that impact your Mortgage Insurance premium. You’re likely to pay less if you’re younger and healthier. But the best part? When you deal with us, we will shop across a number of Mortgage Insurance companies in Canada to secure for you the best Mortgage Insurance rate available in the market.
Ready to Protect What Matters Most?
Check Your Personalized Rate in SecondsWho Needs Mortgage Insurance the Most?
If you:
- Just bought a new home
- Are you the primary earner in your household
- Have young children or dependents
- Co-own a property with a spouse
- Are you refinancing or switching lenders
…then Mortgage Insurance isn’t optional. It’s essential.
We often say, “You’re not buying insurance because you’re going to die. You’re buying it because someone you love is going to live.”
How to Buy Mortgage Insurance Online
- Request Your Free Quote: Use our easy online form to get accurate Mortgage Insurance Quotes within minutes.
- Talk to a Licensed Advisor: Our expert Mortgage Insurance advisors walk you through the options, riders, term lengths, and benefits.
- Customize Your Plan: Choose from the best Mortgage Insurance Plans in Canada based on your home, budget, and future needs.
- Get Covered—Fast: Once approved, your policy can start right away. No delays. Just solid protection.
Let’s Secure Your Home—The Right Way
We know how personal your home is. It’s where your children grow up, where memories are made, where you feel safest. That’s why your protection shouldn’t be generic. It should be personal.
Don’t leave your home’s future in the hands of a bank.
Partner with Canadian LIC to enjoy the freedom, flexibility, and family-first coverage you deserve.
FAQs
Yes, you can. You can even purchase a Mortgage Protection Insurance Plan individually via Canadian LIC, even if you already have a lender-tied Mortgage Insurance Policy. Our Mortgage Insurance Advisors can assist you with layering or replacing coverage to meet your current needs.
Switching is simple. Our Mortgage Insurance Brokers work with you every step of the way, from evaluating your existing lender’s policy to creating new Canadian Mortgage Insurance Plans. You can cancel the lender policy once you’re approved.
With our Mortgage Insurance, the policy doesn’t end if you have to sell your home. You keep the policy, and your beneficiary continues to get the full death benefit if something were to happen during the term. And it’s not tied to the property itself.
A few of our Mortgage Insurance Plans would include optional riders or coverage enhancements. Mortgage Insurance is designed to take that risk off your lender. However, suppose your mortgage rises or your liabilities change. In that case, it’s crucial that your policy is adjusted accordingly to avoid being caught off guard in the event you need to make a claim. If changes are needed to your policy, our Mortgage Life Insurance Advisors can help you find the right add-ons or new coverage options.
If you’re trying to get coverage and savings for a long period, consider your Whole Life Insurance options. A few of our best Mortgage Insurance Plans Canada has to offer come as hybrid propositions with a death benefit and accumulation of cash value.
In most personal situations, Mortgage Insurance Premiums are not tax-deductible. However, if the mortgage is tied to a business or investment property, consult your accountant. Our Mortgage Insurance Advisors can connect you with professionals for accurate guidance.
Yes, although the underwriting guidelines may be different. Since we partner with many Canadian Mortgage Insurance companies, our brokers often find options for people with health issues. You’ll still be able to compare Mortgage Insurance Quotes online before signing on the dotted line.
For Joint Life Insurance on a mortgage, the cost will depend on the age, health, and amount of coverage that both applicants need. Our Mortgage Insurance cost calculator provides a combined estimate, helping you plan accordingly with your partner.
No. Whether you have a $100,000 mortgage or a $1 million mortgage, we customize the policy to fit your financial circumstances. Even smaller Mortgage Insurance Policies can provide important financial protection for your family if something happens to you.
Your beneficiary can be one person’s name — your spouse, a child who is now considered to be an adult, another family member, or a trust. With Mortgage Insurance from us, you get to choose who you want as your beneficiary, unlike lender-issued insurance.