Mortgage insurance - The best premiums on the market
Mortgage insurance premium comparison
Mortgage insurance is a product that lurks in the shadow of your mortgage payments. A few dollars a month is added to your payments to protect you in the event of death or disability, as the case may be. It's smart protection, but have you taken the time to compare the insurance premiums of multiple companies? I bet not, and that's kinda normal.
Everything happens so quickly when negotiating a mortgage that mortgage insurance is often a bit overlooked. We sign one more form and voila, voila, we don't think about it anymore. Now is the time to rethink it and maybe even save thousands of dollars.
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Let’s take a look at the mortgage insurance costs for a 35-year-old non-smoking man and woman who want to purchase insurance on a $ 180,000 loan. Let's start by comparing the insurance premiums of banks [1] (most banking institutions have a calculator integrated into their website) with those of other insurers in Quebec.
Comparison of mortgage insurance premiums (life and disability)
Institutions Product types Monthly premium
Bank of Montreal Life and Disability $ 81.92
National Bank Life and Disability $ 97.06
Laurentian Bank Life and Disability $ 98.45
Royal Bank Life and Disability $ 71.26
Scotiabank Life & Critical Illness $ 94.18
Desjardins Life and Disability (1) $ 102.30 (1)
TD Canada Trust Life and Critical Illness (1) $ 90.06
Medium (1) $ 90.75
Insurers Product types Monthly premium
Excellence Life and Disability $ 40.35
Axa Life and Disability $ 79.50
Industrial Alliance Life and Disability $ 90.40
Analysis of the example
The bottom line is: Some mortgage insurance products are cheaper than those from banks. If you consider the average premiums offered by banks, that works out to a savings of $ 50.40 per month or a discount of 55.5%. Over the life of the mortgage (25 years), the savings reach a staggering $ 15,120.
Some people prefer to use the savings they have made to pay off their mortgage more quickly. In our example, if we choose to increase the mortgage payments by $ 50.40 per month, the mortgage will be paid 25.8 months earlier, which represents $ 26,991.40 in mortgage payments. Shopping around for the best mortgage insurance coverage can make a very substantial difference.
We have a mortgage insurance calculator at your disposal that establishes your lender's insurance premiums based on your personal situation, compared to other insurers on the market. The results can be very interesting!
Compare the mortgage insurance premiums for your situation by entering the relevant information into the calculator located to the right of this page.
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Can I change mortgage insurance at any time?
It is important to know that the mortgage contract and the insurance contract are two entirely separate products. In fact, the Financial Products Sale Act prohibits banks and financial institutions from forcing consumers to accept the insurance product in conjunction with the loan.
You are therefore free to take out mortgage insurance from the insurer that suits you without affecting your mortgage financing. The choice is yours. There are over 50 insurance products that can meet your needs.
Before changing mortgage insurance, however, you must be certain that you have been accepted by the new insurer. The main factor that can influence your eligibility is your health. Therefore, before canceling your current contract, make sure that everything is compliant and finalized.
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