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What is mortgage insurance?

Simply put, mortgage protection insurance can help you or your family keep your home if you can’t pay your mortgage as a result of a critical illness, job loss, disability or death.


Depending on the type of mortgage protection insurance you choose, it can cover some of your mortgage payments, or your mortgage balance up to a certain amount. It can give you one less thing to worry about when times are tough.




Help cover the balance of your mortgage



Mortgage Balance Protection insurance can lower or pay off your mortgage entirely.
There are two types of insurance you can choose from — life insurance and critical illness insurance.


Life insurance

If you were to pass away, life insurance can help take care of your mortgage balance, so your family won’t have to worry about mortgage payments on top of everything else.


You’ll be covered for:

  • Either 50% or 100% of your mortgage balance up to a maximum of $600,000 — you choose.

You’re eligible to apply if you’re:

  • a Canadian resident
  • the borrower or co-borrower on a mortgage
  • between 18 and 65 years old

What to keep in mind:

  • If your mortgage balance is higher than the maximum ($600,000), you’ll likely get partial coverage.

Add extra coverage with critical illness insurance  

If you need surgery or are diagnosed with a critical health issue, critical illness insurance can cover your mortgage balance — so you can focus on getting better. You can add it to your existing BMO life insurance now, or at a later time. Covered illnesses include a stroke, heart attack, coronary bypass surgery and certain types of cancers.


You’ll be covered for:

  • Either 50% or 100%2 of your mortgage balance up to a maximum of $450,000 — you choose.

You’re eligible to apply if you’re:

  • applying for, or already have life insurance
  • between 18 to 55 years old

What to keep in mind:

  • If your mortgage balance is higher than the maximum ($450,000), you’ll likely get partial coverage.

51%

of Canadians are concerned about the financial well-being of their family if they were to suddenly pass away.1


Need more details? Download our PDF BMO Protection Plan Certificate of Insurance (PDF, 442Kb)



So how much will it cost?

Try our mortgage insurance rate calculator



Ready to get started?

Find out how to buy


Help cover your monthly payments



Mortgage Payment Protection insurance can lower or completely cover your regular mortgage payments. There are two types of insurance you can choose from — disability insurance and job loss insurance.


Disability insurance 

If you face an injury or serious illness, disability insurance can help you cover your monthly mortgage payments — so you can focus on your health. A disability (short or long-term) under this type of insurance is defined as a medical condition that prevents you from being able to do the essential duties of your job.


You’ll be covered for:

  • Either 50% or 100% of your regular mortgage payment up to a maximum monthly amount of $3,000 — you choose.

You’re eligible to apply if you’re:

  • a Canadian resident
  • the borrower or co-borrower on a mortgage
  • between 18 and 65 years old

What to keep in mind:

  • Disability benefits are paid for up to 24 months per disability.
  • Your benefits will kick in after a 30-day qualifying period.
  • You can apply even if you’re self-employed.4
  • If your regular mortgage payment is higher than the maximum ($3,000), you’ll likely get partial coverage.

Add extra coverage with job loss insurance 

If you involuntarily lose your job, it might become harder to make your monthly mortgage payments. That’s where job loss insurance can help. You can add it to your existing BMO disability insurance now, or at a later time.


You’ll be covered for:

  • Either 50% or 100%5 of your regular mortgage payment up to a maximum monthly amount of $3,000 – you choose.

You’re eligible to apply if you’re:

  • applying for, or already have disability insurance
  • between 18 and 55 years old
  • eligible to receive Employment Insurance (EI)

What to keep in mind:

  • Job loss benefits are paid for up to 6 months.
  • Your benefits will kick in after a 60-day qualifying period.
  • You won’t qualify if you’re self-employed, an independent contractor or you’ve been advised of your pending unemployment.
  • If your regular payment is higher than the maximum ($3,000), you’ll likely get partial coverage.

1/3

people, on average, will be disabled for 90 days or more at least once before they reach age 65.3


Need more details? Download our PDF BMO Protection Plan Certificate of Insurance (PDF, 442Kb)



So how much will it cost?

Try our mortgage insurance rate calculator



Ready to get started?

Find out how to buy 


Being approved

As a part of our ‘underwriting’ process, we may reach out to you to answer a few health questions—that’s us doing our due diligence. This will depend on the type of coverage you apply for, and will help us to move your application along.

Terms & Conditions

The complete terms and conditions, including exclusions and limitations of this coverage, are outlined in the Certificate of Insurance. You’ll receive this document when you apply.

Cancellation

The ball’s in your court! You can cancel at any time without penalty. Plus, if you cancel within 30 days of coverage, we’ll refund any premiums you’ve paid.


How to buy mortgage protection insurance

You can buy mortgage insurance by visiting a branch or getting in touch with one of our mortgage specialists.

Not sure which insurance works best for you and your family? No worries, we’re here to walk you through your options.

Tips for your appointment

Bring documents related to other coverage you have, such as workplace benefits and existing life insurance policies. This will help us do a full review of your current situation.

Applying for a new mortgage?

Find a mortgage specialist near you

Adding protection to your existing mortgage?

Book an appointment at a branch