Mortgage life insurance
A practical life policy for mortgage protection.
Protect your loved ones and your home with mortgage life insurance
The loss of a primary income earner can place significant financial strain on a family, making it harder to keep up with mortgage payments and everyday expenses. It doesn’t have to be that way. Mortgage life insurance (also known as life policy for mortgage) is a simple, convenient and affordable way to protect your family’s future, with coverage that pays off the mortgage balance if the mortgage holder passes away.
Key benefits of Manulife mortgage life insurance
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Coverage can start immediately No waiting period
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Budget-friendly payment options Monthly, semi-monthly or weekly
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Top-up existing coverage Preserve your current coverage for other priorities
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You're covered wherever you work Coverage stays with you wherever your career takes you
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Partial coverage Flexibility to choose the amount of coverage that works for you and your budget1
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60-day money-back guarantee So you can consider your options while being covered
Mortgage life insurance
- Coverage up to $1 million per person
- Unique Life Bridge Benefit covers mortgage payments until a submitted life claim is settled, so you're not out of pocket while your claim is being reviewed
- Can be complemented with mortgage disability insurance
Eligibility for your mortgage life policy
- To apply, you must be a Canadian resident age 18 to 64 and a borrower, co-borrower or guarantor for a residential mortgage
- Everyone is eligible for some level of protection
Ready to buy?
Talk to your mortgage broker or mortgage provider.
1 Partial Coverage subject to eligibility criteria.
Frequently asked questions on mortgage life insurance
Your quote depends on the coverage you choose. Different protection options can change the cost, so the final amount will vary based on the level of coverage you want.
If you change your mortgage lender, your coverage may end, depending on your policy. Some mortgage insurance plans may be portable, while others are tied to your mortgage and lender. Review your coverage details to understand what options may be available to you if you switch lenders.
Yes. Mortgage life insurance is designed to help pay off the outstanding mortgage balance if you die, so your family is not left with that debt.
Canadian residents aged 18 to 64 who are borrowers, co-borrowers, or guarantors on a residential mortgage can apply. Everyone is eligible for some level of protection.
No. Mortgage protection insurance is optional. It gives you added financial protection if you choose to include it.
Explore mortgage insurance products
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Mortgage disability insurance Focus on getting better with coverage that makes your mortgage payments for you if you are disabled.
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