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Mortgage Life
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Your home is your greatest investment. Make sure you’re covered with Mortgage Life Insurance.

Mortgage Life Insurance provides the benefit of ensuring your family will have a home in the unfortunate event of your passing.

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What is Mortgage Life Insurance?

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Mortgage Life Insurance will cover the cost of missed mortgage payments so that you can avoid the foreclosure of your property. Your insurance policy premium payments will only stop once your mortgage is fully paid off.

You can also rest assured that in the unfortunate event of your passing, your family will not have to worry about paying the mortgage or finding a new place to live. However, the policy payments will always go straight to the financial institution you hold your mortgage with, and not to your family.

Is Mortgage Life Insurance required?

Mortgage Life Insurance is only required depending on the amount of your down payment. If you put down below 20% of the property’s value, Mortgage Life Insurance will be required by the lender to protect your money in case you default on your loan payments.

Many new home buyers cannot afford a 20% down payment. The minimum down payment in Canada for a first time buyer is 5%, which is what most people choose to pay. If the value of the property you want is above $500,000 but below a million, you will have to pay 5% of the $500,000 plus additional 10% of the remaining amount. Properties valued at one million or above need a 20% down payment and do not qualify for Mortgage Life Insurance.

Buying Mortgage Life Insurance provides security to your lender, which allows them to offer sustainable interest rates on your loan.

How is Mortgage Life Insurance cost calculated?

Your Mortgage Life Insurance cost will depend on the value of the property you wish to buy and your down payment amount. The lower the value of the property and the bigger the down payment, the lower the Mortgage Life Insurance cost will be.

Our Reviews

Excellent
Cathleen Seamone
It was a pleasure talking to Karen Wright in ordering to purchase my travel insurance.
She was very pleasant and knowledgeable.
Thank you! Catherine (Cathleen Seamone)
Charles Boole
Sehar Bajwa gave me fantastic service for Medical Travel Insurance.

She was knowledgeable about the products she had and which ones's suited me. Even though I changed the dates of travel for a single trip a few times she was patient with me and gave me exactly what I wanted.

If you ever want Travel Insurance ask for Sehar Bajwa.

A More Than Satsified Client
Marian Avery
Very easy process to book insurance by Ofir.
Steve Shin
Ofir provided exceptional service in helping me secure emergency travel medical insurance. I had some very technical questions regarding top-up coverage and stability periods, and Ofir answered all of them clearly, promptly, and professionally. He made a potentially stressful and confusing process completely seamless and ensured I had the exact, safe coverage I needed. Thank you, Ofir, for the outstanding support and peace of mind!
Christiane Delon
It is the second time that I deal with Karen Wright to insure my trips and I am very happy with her service. She is competent, efficient, profesional and very courteous. I'll will call her again for my next trip.
Sara Raizel
Process was quick and easy, Ofir was pleasant and knowledgeable and helped me out start to finish in just a few minutes. For a future trip I will probably get other extended coverage as well, as for this trip we bought only medical and indeed unfortunately needed it
Rhonda Handlechner
Dornaz was knowledgeable and easy to deal with. She gave me a rundown on the policy and made me feel at ease.
Mimi Alam
Excellent customer service, professional and courteous. Thank you Karen Wright.
warren faleiro
Very helpful and easy to do business with. I needed travel insurance and got lots of quotes to compare. Purchase was painless and fast
Laura Courtney-Clarke
Thank you Karen Wright, for your very fast, efficient service to obtain my travel insurance. A quick medical questionnaire to complete, payment done, and I had it in my inbox ready to print. Effortless ! A good choice !
leslie mcculloch
Sehar was very knowlegable, understood my needs and was very helpfull setting me up with my coverage as well as explaining the contract. It made the whole process go very smoothly.
Les McCulloch
Valerie Roth
Dornaz is great to deal with. She made me feel that no question was a dumb question. Very helpful.
Larry Kellock
Karen Wright provided outstanding and timely service setting up the policy for our trip. Nice to have a piece of mind at a reasonable price for our trip
L.M.
Always a positive helpful experience with Dornaz. For all your travel insurance needs i would definitely recommend Dornaz with Alliance Insurance
Juliet Stephens
Karen was very efficient and friendly. She explained details in a very respectful way and we would be happy to deal with her in the future.
Bernie Lehmann
It's always a pleasure to deal with Karen Wright. She is always very helpful and courteous.
Bobbie Violante
Karen was very helpful and great to talk to. I would definitely recommend her to any of my friends wanting insurance.
mary Mulder
I just want to say that my experience with Muhammad sorting out my trip cancellation insurance was the best I could have hoped for - he is patient, knowledgeable and answered all my questions.
T Rum
Karen made this experience so easy and less stressful than I thought it was going to be. She was very professional and was able to answer all of my questions thoroughly and made me feel a little confident that I was getting a good product from her.
Selina Allen
I wanted to thank Dornaz on being very helpful for answering all my questions. She was very polite and patient. I had a a lot of questions.
haitham saadedin
I bought health insurance to my company emloyees, and luckily I dealt with Teressa, She was amazing, understanding so helpful.
did not bother her I made some changes and mistakes she kept working with me guide me spontaneously , its like we were sitting in same office ..kept going and get the job done as I like, Thank you Teressa, Thank you Alliance income Services
June Caine
Once I was able to get through on the phone, Karen was excellent. She was very friendly, patient and informative. She worked things out with me until she found the policy that I needed.
Magda Mahdy
Knowledgeable, curtis and efficient. I am very pleased with Karen expertise and professionality. Definitely I will use her service again.
Joe Wery
Sehar Bajwa was knowledgeable and provided explanations for all insurance coverage. Process was simple and easily done over the phone.
Angele Faucher
Muhammad was very patient with me while I decided.i recommend dealing with Muhammad .I think having insurance puts my mind at ease.
Sylvain
I always like to shop around to get the best deal, without compromising quality.
My research brought me to Allianz and I was contacted by Sehar Bajwa, who answered all my questions and sent me an email with all the details.
Not only was Allianz the best price, I also got good service from Sehar.
I hope that I will not need the insurance but if I do, I hope the good service I have received so far, will continue.
Thank you Sehar.
Heather Sutherland
Good assistance.
Dale Hildebrandt
Dornaz provided our travel insurance efficiently and promptly. Her communication was clear and professional. Very pleased to work with her!
Mary Bortignon
I recently had the pleasure of dealing with Muhammad regarding travel insurance. I can't say enough about him. I had a few issues created by my Costco m/c. He went above and beyond to make changes to my policy because of m/c. I certainly won't hesitate contacting him in future for future travels or recommending him to friends & family. Thank you Mary Rate 110/100
Mary B
I had the pleasure of meeting and working with DORNAZ for my personal health and dental insurance. She is an absolutely incredible. She listened to me and provided detailed information during our first call. She was very diligent in following up with me by email. She was very patient as I had changed my request after she did everything. I can honestly say that she might be one of best people I have spoken to in the customer service industry.
She is a valuable asset.
Thank you DORNAZ !!!!!!
Kathleen Magladry
Muhammad at Alliance was helpful and responsive.
Alexandria
Very responsive to my many questions and super efficient process
Miriam Hartman
It was a pleasure dealing with Muhammad . Would deal with him again.
Jackie Keir
Muhammad was excellent, it took a few days because of technical problems, not Alliance issue. Will definitely use again, got us the best price for travel insurance. Thanks Muhammad
T Nguyen
We have previously obtained travel insurance with Alliance through Costco Travel insurance. After Alliance email reminder, I have filled out request for multiple trip quote. Sehar Bajwa called back and helped me to complete the application. I received by email the Manulife Travel Policies right after. Thanks
valerie szilock
I worked with Artmiz to arrange travel insurance. She was very helpful ,answered my questions and clearly outlined my options. I will use Artmiz at Alliance for future travel.
Maria
My agent is Muhammad Suleiman
Mona Hadisi
Dornaz is always very helpful and provides all the details and suggests the best option
Joe Daigle
Dornaz was extremely helpful and efficient, a pleasure to deal with. Highly recommend her for travel or any insurance questions or policies.
C J
Dornaz was very helpful during my search for travel insurance!
Kim Keller- Rakochy
Very polite and courteous.. My agent, Dornaz, was very helpful and efficient booking my travel insurance. All needs were met in a professional way. Thank you.
Brenda Burton
Great customer service!! Very friendly
Vivian Guo
I am very grateful to Sehar Bajwa for her help. She is very patient and professional.

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How to Save Money on Mortgage Life Insurance?

We want to help you save your money. The best way to save money on Life Insurance is to compare rates from multiple providers. This can be extremely time consuming. Luckily, Alliance Income Services Corp. does all the hard work for you! By simply requesting a quote online through our website, we check what rates you can get from every major Canadian insurer.

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20% Down Payment

Avoid the need for Mortgage Life Insurance by saving up a 20% down payment on the property you want to purchase.

Down Payment Percentage

A 20% down payment may be out of reach. But you can try to contribute an extra amount to reach a new down payment percentage bracket. The more money you’re able to put down, the lower your Mortgage Life Insurance will be.

Shorter Amortization Period

Your mortgage amortization period is the total amount of time it takes to pay off your mortgage. If you get a shorter term, you will have higher monthly payments, but you will pay it off faster and stop making mortgage payments.

Pay Above Your Monthly Payments

Make extra payments on your mortgage loan to pay it off early whenever you can afford it. Your Mortgage Life Insurance payments end as soon as your mortgage is paid off.

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  4.8 Stars
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