Resource Centre
Mortgage Insurance Protection
Your home is your most valuable asset. Mortgage protection insurance ensures that a life event — illness, injury, or death — doesn't put your family's home at risk.
Book a ConsultationProtecting What Matters Most
Most Canadians insure their car and their health — but many overlook protecting the roof over their head. Mortgage protection insurance is designed to ensure that if something unexpected happens to you, your family can stay in their home. My Home Benefits helps employees and members understand their options and connect with trusted insurance advisors.
Types of Coverage
Mortgage protection comes in several forms — each designed to address a different risk.
Mortgage Life Insurance
Most common coverageIf you pass away, your mortgage balance is paid off — protecting your family from losing their home.
Disability Insurance
Income protectionIf you become unable to work due to illness or injury, your mortgage payments are covered while you recover.
Critical Illness Insurance
Lump-sum payoutA lump-sum benefit paid upon diagnosis of a covered condition — giving you financial flexibility during recovery.
Job Loss Protection
Employment coverageSome policies include coverage for involuntary job loss, helping you maintain mortgage payments during a transition.
Creditor vs. Individual Insurance
Understanding the difference can save you money and ensure your family is truly protected.
| Feature | Creditor Insurance | Individual Policy |
|---|---|---|
| Benefit paid to | The lender (pays off mortgage) | You or your beneficiary |
| Coverage amount | Decreases as mortgage balance drops | Fixed — stays the same |
| Portability | Tied to the lender — lost if you switch | Portable — follows you |
| Medical underwriting | At time of claim (post-claim) | At time of application (pre-claim) |
| Premium | Often higher relative to benefit | Competitive — based on your health |
This comparison is for general educational purposes only. Individual circumstances vary. Speak with a licensed insurance advisor for advice specific to your situation.
How We Help
Your mortgage ambassador is your first point of contact — we guide you through the process.
Review Your Needs
Your mortgage ambassador helps you understand what coverage may be appropriate based on your mortgage, income, and family situation.
Explore Your Options
We walk you through the difference between creditor insurance and individually owned policies so you can make an informed choice.
Get Connected
We refer you to a licensed insurance advisor who can provide a no-obligation quote and application.
Protect Your Home
With the right coverage in place, you and your family can move forward with confidence.
What Members Receive
Important: My Home Benefits does not sell or underwrite insurance products. Information provided on this page is for general educational purposes only and does not constitute insurance advice. Insurance products are subject to individual underwriting, eligibility, and policy terms. Please consult a licensed insurance advisor for advice specific to your situation.
Frequently Asked Questions
Talk to a Mortgage Ambassador
Book a consultation and we'll help you understand your mortgage protection options and connect you with a licensed insurance advisor.