Mortgage Protection Insurance
Help protect your home and financial future. Mortgage protection is important in case of an unexpected event. It may cover your mortgage or mortgage payment and help you and your loved ones remain in the home.
Benefit from:
Convenience – Take a fast, simple, and straightforward path to coverage- Flexibility – Choose from our 50% or 100% coverage options and tailored products. Modify your choices as your situation evolves
- Financial Stability – Mortgage protection may help pay your full or partial mortgage balance or mortgage payment if a covered event should arise
Mortgage protection products
A home is a remarkable achievement. Depending on the type of mortgage protection you choose, such as Life, Disability, Critical Illness, and Job Loss, it may help take care of your mortgage payments, or your mortgage balance up to a maximum insurable limit . It can give you one less thing to worry about in the event of death, disability, critical illness or job loss.
Below is how the different coverages work and why it’s a wise way to help protect the investment in your home.
May help take care of your mortgage balance so your family can focus on what’s important if you were to pass away.
Your coverage:
- Choose between 50% or 100% coverage of your mortgage balance, up to a maximum of $750,000.
Who's eligible?
- Canadian residents
- Borrowers or co-borrowers on a mortgage
- Individuals at least 18 and under 65 years old
May help cover your mortgage balance so you can focus on your health if you were to be diagnosed with a covered critical illness as a result of cancer, or a heart attack, or coronary artery bypass surgery, or a stroke.
Your coverage:
- Choose between 50% and 100% coverage of your mortgage balance, up to a maximum of $450,000. (The Critical Illness coverage amount must be equal to or less than the percentage of your Life coverage.)
Who's eligible?
- Those who are applying for or already have life insurance
- Individuals at least 18 and under 55 years old
May help you cover your mortgage payments so you can focus on getting better if you face an injury or covered illness.
Your coverage:
- Choose between 50% or 100% coverage of your regular mortgage payment, up to a maximum monthly amount of $3,000.
- Benefits are paid for up to 24 months per disability.
- Benefits will start after a 30-day qualifying period.
Who's eligible?
- Those who regularly work at least 30 hours per week and can perform the regular duties of their job.
- Canadian residents.
- Borrowers or co-borrowers on a mortgage.
- Individuals at least 18 and under 65 years old.
May help cover your mortgage payments so you have one less thing to worry about if you involuntarily lose your job.
Your coverage:
- Choose between 50% and 100% coverage of your regular mortgage payment, up to a maximum monthly amount of $3,000. (The Job Loss coverage amount must be equal to or less than the percentage of your Disability coverage.)
- Job loss benefits are paid for up to 6 months per job loss.
- Benefits will start after a 60-day qualifying period.
Who's eligible?
- Those who are continuously employed for 6 months with the same employer.
- Those applying for or who already have disability insurance.
- Individuals at least 18 and under 55 years old.
- Those eligible to receive Government of Canada Employment Insurance benefits (EI). footnote dagger
Footnote dagger detailsThose who are self-employed, independent contractors or those in receipt of a notice of termination are ineligible for job loss insurance.
Learn more about protection plans
Protect your home and lifestyle by planning for the unexpected.
Mortgage Life Insurance
Disability Insurance and Critical Illness Insurance footnote star, star
BMO SmartProtector™ Guide Me Tool
This tool helps illustrate your ability to meet your BMO debt payments if you experience a covered event resulting in a loss or reduction of income. Discover the types of optional creditor insurance that may benefit you in a few simple steps by answering questions about your current situation and learn how you can help protect the investment in your home.
Need to submit a claim?
You can submit your claim for Critical Illness, Disability or Job Loss through Securian Canada’s Creditor Insurance Digital Claims Portal AND conveniently track your claim status in real time from anywhere with just a few clicks.
You will be redirected to the insurers website to begin your claim submission.
Please follow the instructions provided on their site to complete your claim.
If you have any questions or need assistance, feel free to contact them at 1-877-271-8713.
For Life claims, visit your local BMO branch.
Helpful tools and resources
For further information about the insurance product, product maximums, limitations, and exclusions, etc. please refer to the Certificate of Insurance.
Mortgage insurance FAQs
This is a great time to enrol in insurance, because you can lock in a low premium now for the entire life of the mortgage loan. Unfortunately, accidents, illnesses and unexpected life events can happen at any age, and they can impact your finances significantly.
Term life insurance is different than mortgage insurance, and it may not provide the protection you and your family require in the same situations. With mortgage insurance, you feel secure that your mortgage payments or balance are taken care of fully or partially of so that you or your loved ones can focus on things that matter.
Most workplace insurance plans may not cover 100% of your gross salary – and the coverage ends when you leave your employer. Our protection plan isn’t tied to your employment and can work alongside your other policies to ensure you have great, well-rounded coverage.
Most of the required information will come through your mortgage loan approval process. You’ll have to answer three health questions, depending on your coverage selection, if your mortgage balance is over $50,000.
If you answer “NO” to the relevant Health Status Question(s), your coverage is approved without any more steps. If you answer “YES” to the Health Status Question(s), we’ll need to send your application to Canadian Premier for medical underwriting.
If you sell your home to buy another one, your insurance will end on the date your mortgage is closed or refinanced. If you want your new mortgage to be insured under the same plan, you’ll need to complete a new insurance application.
Sometimes a new application could be declined because of a health condition or if you’re over the eligible age to apply (but under the termination age). In these cases, you may be eligible for recognition of prior coverage (ROPC), which provides you with the same amount of coverage you had under the previous mortgage.
Your Certificate of Insurance will have more information on how to proceed in this situation.
For a full list of exclusions and limitations, please see the “what are the important details of the coverage (including limitations and exclusions)?” and “what will Canadian Premier pay if my claim is approved, for each type of coverage?” sections of the Certificate of Insurance.
For complaints regarding underwriting decisions or insurance claims please call the Canadian Premier Creditor Team at 1‑877‑271‑8713 and reference the BMO Protection Plan for Mortgages and Lines of Credit.
Full details of BMO’s dispute resolution process are outlined in the brochure titled: We’re here to help – Resolving Customer Complaints.
Reach out
Talk to an expert
Speak with one of our mortgage experts to start a mortgage application.
Book an appointment
Ready to talk? Come in to learn more about how our insurance coverage options could meet your protection needs.
