Compare actual monthly premiums
Desjardins Mortgage Insurance Calculator Canada
Enter your actual Desjardins monthly premium and a term life quote to see whether the term premium is lower, equal or higher. This tool does not generate a Desjardins or term life quote and does not project long-term savings.
Independent SMI comparison, not Desjardins. Not an insurance application or approval.
Your quotes, current monthly difference
Compare Desjardins Loan Insurance with term life
First, enter your actual Desjardins premium for life-only coverage and a term life monthly quote for the same insured person, coverage amount and tax basis. A monthly difference is not proof of equivalent benefits or future savings.
Without either quote, you can still use the tool to request a broker callback. No price or saving is generated from missing premiums.
Separate life and disability coverage
Desjardins Loan Insurance offers life and disability coverage. Life coverage can repay the selected percentage of the loan balance after death; disability coverage can cover the selected share of regular payments, subject to the contract. Desjardins disability coverage requires life coverage, and its insured percentage cannot exceed the life percentage. Life insurance does not replace disability coverage. Ask Desjardins to separate a bundled premium before comparing life-only costs. [1] Desjardins coverage details
Desjardins calculates the Loan Insurance premium as an additional interest rate applied to the loan and says the premium goes down as the loan is repaid. Coverage choices, insured percentages and borrower details affect the cost. Use the current monthly life-only amount confirmed by Desjardins, not a guessed flat rate or the whole mortgage payment. [2] Desjardins premium explanation
The Financial Consumer Agency of Canada explains that mortgage life insurance is optional and may pay the mortgage balance to the lender. A personal life policy can pay your chosen beneficiaries, who decide how to use the money, subject to its terms. Review benefits, exclusions and coverage duration separately from the monthly price. [3] FCAC comparison guidance
Before replacing existing coverage
Keep existing Desjardins coverage active until any replacement term life policy is approved, accepted, and in force. Check which benefits you would lose, exclusions, effective dates, cancellation and refund rules in your own contract. A life-only comparison does not establish replacement for disability coverage.
Sources checked October 27, 2026: [1] Desjardins Loan Insurance, [2] Desjardins Loan Insurance questions, and [3] Financial Consumer Agency of Canada optional mortgage insurance guidance. Use your actual Desjardins quote, certificate, or mortgage statement if it differs. This page is educational, not personalized insurance advice.
Desjardins mortgage insurance calculator: common questions
Desjardins loan insurance questions, answered from Desjardins' product description and Financial Consumer Agency of Canada guidance on optional mortgage insurance.
Does this Desjardins calculator use my actual loan insurance premium?
The calculator uses the actual Desjardins monthly premium you enter. Enter an actual term life quote for the same insured person and coverage amount to compare costs; the tool does not generate one. Check the coverage mix, payment basis and tax treatment before relying on the difference.
Is Desjardins loan insurance the same as life insurance?
Desjardins Loan Insurance offers life and disability coverage tied to the loan. Disability coverage requires life coverage, and its insured percentage cannot exceed the life percentage. A personally owned term life policy is a separate contract with your chosen beneficiary. Term life does not replace disability protection; compare each benefit and its conditions separately.
Why does the payout destination matter so much?
When the benefit is applied to the loan, the household gets the debt reduced rather than cash it can direct. Families often need both, which is why the beneficiary and payout structure are worth checking before the premium is compared.
Can I cancel Desjardins loan insurance?
Yes, optional creditor insurance can be cancelled. Confirm your replacement policy is approved and in force first, then cancel, so there is no coverage gap while you switch.
What else should I compare beyond the monthly premium?
Compare current monthly premiums on a matching coverage and tax basis. Confirm the insured amount, how benefits change, beneficiaries, policy term, renewal conditions and what happens after a mortgage refinance or transfer. The calculator does not project premiums or benefits over the mortgage's years remaining.