Canada Life Mortgage Insurance

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An Adequate Protection for your Mortgage

Canada Life’s mortgage insurance is a robust and flexible plan designed to protect your mortgage.
You can enroll in the plan with your participating lender at the same time you apply for your mortgage. It allows you to meet your financial obligation simply by providing you with a benefit in the event of a life-threatening or terminal illness, disability or death. Canada Life’s mortgage insurance provides comprehensive coverage for terminal illnesses, critical illnesses, as well as life and disability insurance. The product and lender in this coverage will determine the benefits included in the coverage and the benefits are paid directly to your lender. For instance, the outstanding balance, up to the predetermined maximum is paid to your lender in the event of your death.

Features and Benefits

The coverage can provide robust protection to you if you become disabled. In such a case, you will receive a minimum monthly payment up to a predetermined monthly amount. Furthermore, if you are diagnosed with a critical illness condition, the coverage will pay your outstanding balance up to a predetermined maximum. The same applies if you are diagnosed with a terminal illness.

  • You don’t need a medical exam to enroll in Canada Life’s mortgage insurance plan.
  • The insurance plan provides the robust coverage you need in the event of death, disability or when diagnosed with a critical or a terminal illness.
  • On enrolling for the insurance, you will receive a certificate of insurance that fully describes all benefits subject to restrictions, conditions, terms, and exclusions.
  • You can opt for the mortgage insurance directly through your participating lender. You can enroll as soon as you apply for a mortgage.



Additional resources

Learn more about mortgage insurance from these informative articles to help you decide in choosing the best plan for you.

Insurdinary provides a comprehensive quotes comparison sends straight to your inbox so you can start comparing health coverage in minutes. See plans from several major Canadian insurers to choose the right option for you. Our customer health specialists are also available to address your questions and concerns.

For more information, you may contact us at 1-877-574-7475, or complete the form below.

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