Alliance Income logo
Free Quotes
Alliance Income logo
Free Quotes

Mortgage Life
Insurance Quotes in Minutes!

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.

Google Review logo white
  4.8 Stars
Get Started

What is Mortgage Life Insurance?

Get Free Quotes

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
Susan Carr
The agent was very pleasant and knowledgeable. Dornaz had my qoute ready quickly and was very easy to deal with.
CHERYL SMITH
Muhammad was very helpful
Isabell Phelps
The agent who provided me with the information I needed and walked me through the procedure for getting the travel insurance was Ofir. He was most helpful. Thanks.
Carol Shogilev
I was impressed with your representative. She was patient, informative and helpful. I was a novice at obtaining travel insurance and Sehar guided me through the whole process. Would recommend her to anyone asking me for a travel insurance recommendation.
miles clarke
Excellent service and Dornaz was extremely helpful for getting my son travel insurance to the US.
HB
I found Artmiz from Alliance Income Service, who assisted me and she is very helpful, friendly, knowledgeable. I have been purchasing several travel insurance from her. Never had I run into a problem and she actually helped me to connect with insurance while I was in outside the country. I highly recommend her. Thank you Artmiz for helping to find a lowest rate. It was a pleasure doing business with you.
Al MacNeil
After checking with 5 other travel/accident/ health insurance companies, I chose Alliance Income due to the extent of coverage as well as price which were best in class. In particular Karen Wright-Ebanks was excellent. She took the time to clearly explain all of the features and followed up. We will definitely be using this company and working with the same agent again.
Patti Brewin
Sehar provided a quick response to my request for a travel insurance quote and then proceeded to assist with booking and payment. Thank you Sehar!
Marge Rusnak
I can honestly see I was worried about getting travel insurance for myself and finding a reasonable price❣️😊 I didn’t have to ask her to look into other companies for pricing to compare. She just automatically did and I couldn’t be happier with going through this company. I would recommend it to friends and family.❣️😊
Don LeBlanc
I request quotes from the company re travel insurance and dealt with agent, Theresa Heuser, she was very informative and knowledgeable of the packages offered by Alliance Income Services. She made my inquiry very easy and straight forward to understand.
marilyn campbell
Your employee Dormaz was amazing. Very helpful explaining the coverage I purchased and the amount charged. She was very prompt in getting back to me.
Bets Roos
Outstanding service! Excellent, prompt, friendly and knowledgeable travel and medical insurance service given by Ofir throughout various interactions.

Thank you very much, Ofir, your assistance is highly appreciated!
Marilin MBrace
Dornaz was very professional, knowable and friendly.
Debbie Stevens
Polite, helpful and efficient with a sense of humor. Great person to help customers.
Z. H.
Karen was very helpful in this process.
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.

Put You & Your Family in Good Hands

Experts Ready to Help

5 Star Reviews

Happy Customers

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.

How to save money banner

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.

Get Mortgage Life Quotes Now

Universal Form (#24)
Google Review logo
  4.8 Stars
Insurance companies partners banner logo black