Compare actual monthly premiums
National Bank Mortgage Insurance Calculator Canada
Enter your actual National Bank monthly premium and a term life quote to see whether the term premium is lower, equal or higher. This tool does not generate a National Bank or term life quote and does not project long-term savings.
Independent SMI comparison, not National Bank. Not an insurance application or approval.
Your quotes, current monthly difference
Compare National Bank mortgage life insurance with term life
First, enter your actual National Bank 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.
Compare life coverage, not the whole bundle
National Bank mortgage insurance offers life, disability and critical illness protection. Life coverage can help repay the insured mortgage balance after death; disability can cover insured payments, and critical illness can reduce or cover the insured balance, subject to the certificate. National Bank requires life coverage to obtain disability or critical illness coverage. Life insurance does not replace disability or critical illness coverage. Ask National Bank to separate a bundled premium before comparing life-only costs. [1] National Bank coverage details
The Financial Consumer Agency of Canada explains that optional mortgage insurance is not required for mortgage approval, and mortgage life insurance 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. [2] FCAC comparison guidance
Before replacing existing coverage
Keep existing National Bank 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 certificate. A life-only comparison does not establish replacement for other coverages.
Sources checked October 26, 2026: [1] National Bank mortgage insurance and [2] Financial Consumer Agency of Canada optional mortgage insurance guidance. This page is educational, not personalized insurance advice.
National Bank mortgage insurance calculator: common questions
National Bank mortgage insurance questions, answered from National Bank's product description and Financial Consumer Agency of Canada guidance on optional mortgage insurance.
Why does this National Bank calculator ask for my own premium?
Use your actual National Bank monthly premium rather than a guessed rate. Enter an actual term life quote for the same insured person and coverage amount to compare costs; the tool does not generate one. Check that the coverage mix, payment basis and tax treatment match before relying on the difference.
Is National Bank mortgage insurance the same as life insurance?
What is offered with a National Bank mortgage is creditor insurance tied to the loan. A personally owned term life policy is a separate contract that pays the beneficiary you name and keeps level coverage for the term, so the two are not interchangeable.
What should I confirm on the National Bank certificate?
Confirm the insured amount, how it tracks the mortgage balance, the maximum benefit, the review period, and whether the coverage continues if the mortgage is refinanced or transferred. Those terms decide the real value more than the monthly premium does.
Can I cancel National Bank mortgage insurance?
Yes. Optional creditor insurance can be cancelled. Have replacement coverage approved and in force before cancelling so your household is never unprotected during the switch.
Does the calculator include taxes, fees, or insurer differences?
It compares current monthly premiums only, using the amounts you enter unchanged; it does not add taxes or fees or project a payout. Match the coverage mix and tax basis, then check benefit limits, exclusions, underwriting and policy duration in your own certificate and term life quote.