TD Mortgage Protection
TD Bank
- Estimated monthly
- $67.66
- Estimated 20-year total
- $16,238
- Estimated term life savings
- $7,838–$10,238
Independent Canadian comparison
Bank Mortgage Insurance Reviews Canada
Compare TD, RBC, Scotiabank, BMO, and CIBC mortgage life insurance before you sign, renew, or refinance. See who receives the payout, how coverage can change, and what the same protection may cost through independent term life.
Start with structure
Bank mortgage insurance and term life work differently
Bank coverage is usually creditor insurance designed to reduce or clear the loan. A personally owned term life policy is designed to pay your chosen beneficiary directly.
| Feature | Bank mortgage insurance | Independent term life |
|---|---|---|
| Main beneficiary | Usually the bank or lender | Your chosen beneficiary |
| Coverage amount | Often tied to the mortgage balance | Usually level for the policy term |
| Portability | Often tied to one lender or mortgage | Can stay with you if you switch lenders |
| Application review | Varies by product and application | Usually completed before approval |
| Family flexibility | Low | High |
Product terms vary. Always check the current certificate, exclusions, coverage limits, beneficiary rules, and application questions for the specific offer you received.
Choose your lender
Compare mortgage insurance by bank
Review the product attached to your mortgage, then compare its estimated long-term cost with level term life coverage.
RBC HomeProtector Insurance
RBC
- Estimated monthly
- $75.60
- Estimated 20-year total
- $18,144
- Estimated term life savings
- $9,744–$12,144
Scotia Mortgage Protection
Scotiabank
- Estimated monthly
- $82.00
- Estimated 20-year total
- $19,680
- Estimated term life savings
- $11,280–$13,680
BMO Mortgage Protection Insurance
BMO
- Estimated monthly
- $72.00
- Estimated 20-year total
- $17,280
- Estimated term life savings
- $8,880–$11,280
Creditor Insurance for CIBC Mortgages
CIBC
- Estimated monthly
- $70.00
- Estimated 20-year total
- $16,800
- Estimated term life savings
- $8,400–$10,800
Independent benchmark
Term life estimate
$25–$35/month
Roughly $6,000–$8,400 over 20 years for level $500,000 coverage in this example.
Run your own comparison →Estimates only. Examples use a $500,000 mortgage and a healthy 35-year-old non-smoking woman. Actual premiums vary by age, health, province, smoking status, mortgage balance, coverage selected, and current product terms.
Before you buy
Five questions to ask at the bank
The monthly premium is only one part of the decision. Get these answers in writing before relying on the coverage.
- 1Who receives the payout, the bank or my family?
- 2Does the coverage stay level or decline with my mortgage balance?
- 3What happens if I refinance, sell, port, or switch lenders?
- 4When and how are my health answers reviewed?
- 5What is the total premium over 10 or 20 years compared with term life?
Avoid a coverage gap
Compare first, apply second, cancel last
If bank mortgage insurance is your only coverage today, do not cancel it before replacement life insurance is approved, issued, accepted, and in force. Confirm the new policy details, then review whether the bank coverage is still needed.
Run the numbers before you sign
Compare your bank offer with independent term life, then use the lender review to check the product details that matter most.
Calculate My Savings