Free Canadian mortgage insurance comparison
Compare bank mortgage insurance with term life before you switch.
Estimate the cost difference, then keep your existing coverage until replacement insurance is approved.
Mortgage life insurance sold with a mortgage is optional. The Financial Consumer Agency of Canada says it may pay the mortgage balance to the lender, the lender is usually the beneficiary, and the death benefit can decrease as you pay down the loan. Use this calculator to compare that structure with personally owned term life, then decide what fits your family.
🔒 See your number first. Decide later.
⏳ Premiums commonly depend on age. Checking now gives you a cleaner comparison before you change coverage.
Common Questions
Is this really free?+
Yes. You can run the calculator free, and we ask for an email only if you want to unlock and save the full report.
Why compare before switching?+
FCAC tells borrowers to make sure optional mortgage insurance meets their needs and to check whether other coverage already works. Keep any current coverage active until replacement insurance is approved.
Are these real quotes?+
When live quote data is available, the calculator can show Canadian insurer rate estimates. Final premiums depend on your full application, health profile, and underwriting.
What happens if I request a callback?+
A licensed independent broker can walk through your options. No pressure, no obligation. They work with you, not the bank.
Compare Before You Switch
Quote estimates. 30 seconds. Free.