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Keep Your Home Secure
No Matter What Happens

Mortgage insurance ensures that your mortgage will be paid in full if you pass away, become critically ill, or are unable to work due to a disability. This protection helps your loved ones keep their home during challenging times without the financial burden of monthly mortgage payments.

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Why Do You Need Mortgage Insurance in Canada?

Protect loved ones from mortgage debt burden

Pay Off Mortgages

Clears outstanding mortgage in case of death.

Housing Security

Keeps family in the home without debt.

Stress-Free Borrowing

Peace of mind during mortgage commitments.

Who Needs Mortgage Insurance?

Homeowners

Protect families from mortgage debt.

First-Time Buyers

Extra security while managing new loans.

Families with Dependents

Ensure long-term housing stability.

Why Choose MB Insurance for Mortgage Insurance?

Affordable Mortgage Protection Tailored for Every Borrower

Our mortgage insurance policies are customized to match homeowners’ unique needs, ensuring protection without overburdening budgets.

Experienced Advisors Simplify Mortgage Coverage Decisions

We provide straightforward, expert advice, helping borrowers understand policies clearly and confidently choose mortgage protection.

Transparent Pricing Ensuring True Value for Families

Our mortgage insurance is affordable and transparent, ensuring families always know exactly what coverage they’re paying for.

Responsive Support for Families Managing Housing Security

Our support team provides quick assistance during claims, ensuring families maintain housing stability even in difficult circumstances.

What our beloved client says

Check out what our client have to say about our services

I can sleep at night knowing my family is protected.

Nadia Hussain

Accountant

They made sure my coverage would follow me if I moved.

Steven White

Entrepreneur

Clear advice and no pressure — just honest service.

Maya Rodriguez

Nurse
Mortgage Insurance FAQs | MB Insurance

Mortgage Insurance — MB Insurance

Mortgage Insurance Frequently Asked Questions

Keep your home secure no matter what happens.

Mortgage insurance ensures that your mortgage will be paid in full if you pass away, become critically ill, or are unable to work due to a disability. This protection helps your loved ones keep their home during challenging times.
Mortgage insurance pays off your mortgage directly to the lender if you pass away or become disabled, with the benefit tied specifically to your loan balance. Life insurance, by contrast, provides a payout directly to your chosen beneficiaries, who can use the funds for any purpose.
No. Mortgage insurance is tied to your specific loan with a specific lender. If you switch lenders — for example, when renewing your mortgage — you must apply for a new mortgage insurance policy, which may involve new underwriting.
Typically, critical illness coverage is not included in standard mortgage insurance but can often be added as an optional rider, or purchased as a separate standalone policy. This addition protects your mortgage payments if you're diagnosed with a serious illness.
Your mortgage insurance coverage should match your outstanding mortgage amount. As you pay down your mortgage over time, the coverage amount typically decreases correspondingly — though your premium often remains the same throughout the policy term.
Mortgage insurance (distinct from CMHC mortgage default insurance) is not legally mandatory in Canada. However, some lenders may require it as a condition of approving your mortgage, particularly when your down payment is under 20% of the home's purchase price.
Mortgage insurance is particularly valuable for homeowners wanting to protect their families from mortgage debt, first-time buyers seeking extra security while managing a new and significant financial loan, and families with dependents who want to ensure long-term housing stability.
Independent term life insurance often offers more flexibility, since the death benefit goes to your chosen beneficiary (not directly to the bank), the coverage amount doesn't automatically decrease as you pay down your mortgage, and premiums are often more competitively priced.
Many mortgage insurance products in Canada bundle both life and disability protection, ensuring mortgage payments continue to be covered if you become unable to work due to disability, not just in the event of death.
You can get started by visiting mbeinsurance.ca/mortgage-insurance and completing the get-started form, or by calling an advisor at +1 (647) 496-6498. MB Insurance's team provides straightforward, expert advice for homeowners.

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