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Mortgage Life Insurance

Have your mortgage paid in full and protect your family home in the event of an unexpected death.

Coverage

Mortgage Life Insurance is available for any Bank of Montreal homeowner mortgage, and covers your outstanding mortgage balance at the date of death, up to a maximum of $600,000 1. A maximum of two people can be covered. Mortgage Life Insurance is provided by Sun Life Assurance Company of Canada.

Cost

Premiums are based on your age when you apply, and the approved amount of coverage.

  • Premiums will not increase for the duration of your mortgage because of increased age or changes in health.
  • The cost of insuring two people (joint coverage) is 50% more than the cost of insuring the older of the two.
  • For your convenience, premiums are included with your regular mortgage payments.
  • Calculate the cost: Mortgage Insurance Calculator
Premium Rate Table
  Monthly rate per $1,000
mortgage balance*
Age Single Joint
under 30 $0.09 $0.13
30 – 35 0.13 0.19
36 – 40 0.20 0.30
41 – 45 0.29 0.43
46 – 50 0.43 0.64
51 – 55 0.64 0.96
56 – 60 0.82 1.23
61 – 64 1.00 1.50

* Any provincial sales tax on insurance coverage premiums will be added.

Eligibility

A borrower, spouse or guarantor can be insured.

  • You must be 18 years or over, but under 65, and provide a satisfactory answer to a simple health question.
  • If you are re-financing an existing Bank of Montreal homeowner mortgage, your existing coverage cannot be declined based on health conditions (known as Prior Coverage Recognition).

To apply for Mortgage Life Insurance or for more information, visit your nearest BMO Bank of Montreal Branch.

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1When a mortgage is only partially insured (such as when the original mortgage balance exceeds $600,000), the pro-rated benefits will apply. For example: if, when coverage begins, the mortgage balance is $800,000 and the balance owing at the time of death is $280,000, the benefit payable is $600,000 / $800,000 x $280,000 = $210,000. For more information ask for a copy of the Insurance Certificate. Mortgage Life Insurance is provided and governed by SunLife Assurance Company of Canada, Group Policy No. 51007.