Mortgage Protection Insurance

Mortgage Protection Insurance is just one of many forms of insurance that you can purchase for the security of your home. Whether you're a first-time home buyer or you already own your home, it's never too late to consider insurance to protect your mortgage. Depending on your home ownership situation, some forms of home insurance include: - Tenant's insurance (if using your home as a rental property) - Condominium insurance (to cover your unit, locker, damage to the building's structure, etc.) - Mortgage default insurance - General homeowner's insurance - Mortgage protection insurance

What Does Mortgage Protection Insurance Do?

Life is an exciting ride, although sometimes it can throw a curveball your way. Mortgage Protection Insurance 'has your back' and can protect you when life gets tough.

Depending on the insurance you choose, Mortgage Protection Insurance can protect your home or your beneficiaries if you experience:

Unexpected death or life-altering illness/disability — Depending on your policy, it can assist with life insurance or critical illness insurance

Job loss — Depending on your policy, it can help cover your mortgage payments until you're back on your feet

What Will Mortgage Protection Insurance Cost?

Way less than it would if something bad happened and you didn't have it!

The amount you pay will depend on:

Your insurance provider

What 'level' of insurance you've signed up for

The size of your mortgage

The percentage of coverage you choose (often 50% or 100%)

Overall, the cost is relatively affordable. It's often a small enough cost that many borrowers don't notice in their mortgage payments. The only thing you may notice is the peace of mind.

Manulife as a Mortgage Protection Insurance Provider

Manulife is a reputable name that many already recognize. They're a popular option for mortgage insurance for good reason:

Automatic Approval — If your mortgage is under $300,000 and you answered 'No' to all the health questions, you most likely qualify to be automatically approved

Reputation & Reliability — Manulife has good standing and rating within the industry. They're straight forward — what you sign up for is what you get

Money Back Guarantee — Change your mind? Manulife allows 60 days for you to decide whether to keep the policy

Competitive Rates — They even compete with major banks to be more affordable

Significant Disability Benefits — One of the least expensive disability options in the industry, provided independently without requiring life insurance first. Disability claims are not subject to income tax

Portability — If you decide to change lenders, your plan moves with you to your new contract

When it's time to renew or refinance, a licensed mortgage broker can offer reliable expert recommendations for mortgage protection insurance at no cost to you.

The information provided on this page is for educational purposes and should not be implicitly relied upon. Conditions may apply and information may not be 100% up to date. Contact a licensed mortgage professional for the most current conditions and program offerings.

Kyle Benzies, Licensed Mortgage Broker

I'm a licensed mortgage broker serving clients across British Columbia, Alberta, and Ontario. I work with a network of over 100 lenders — banks, credit unions, monoline, and alternative lenders — to find financing that fits each client's situation rather than a single institution's product shelf. Everything I publish here is written to explain how Canadian mortgage lending actually works, in plain language.

Published December 2, 2025

Mortgage Protection Insurance: What It Covers & Why You Need It

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