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
Bernie Lehmann
It's always a pleasure to deal with Karen Wright. She is always very helpful and courteous.
Pauline
Karen Wright is excellent to deal with. She is very clear, concise, professional and friendly.
Maggie Misfeldt
Karen returned my call promptly. She was knowledgeable, efficient and courteous. My travel insurance was seiiled I five minutes. I have recorded her to friends.
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.
Laura Magrum
Karen Wright was who assisted me in getting a plan and was amazing and so helpful!
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.
Herb Arsenault
Dornaz was very helpful, knowledgeable and thorough. We are very happy with our experience in buying emergency medical insurance today.
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.
beth oberholtzer
Dornaz is an excellent agent! She is personable and very willing to provide lots of options. Highly recommend. Beth
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
Gloria Millar
So friendly and easy to talk to.
Michael Gabas
Dornaz was very helpful. Patiently listened to my concerns and questions as well as provided timely and what seemed to me as appropriate responses. Felt comfortable dealing with her on the phone.
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.
myles bunting
Friendly and efficient service provided in a prompt manner. All questions fully answered.
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.
Sharon
Just booked my travel insurance! Doran’s is the best! Thank you so much
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
Gerard Thompson
Muhammed Suleiman was professional in his dealings.
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.
Loraine Anderson
Dornaz was very helpful and I appreciated all her efforts to sign me up for my travel insurance.
She will be my “go to” girl for any future travel needs!
Loraine
Maria
My agent is Muhammad Suleiman
Jessica Martinelli
I had an exceptional experience with Ofir Mizrahi. Even though I didn’t end up purchasing a policy at the moment, his level of customer service truly stood out. He was incredibly professional, knowledgeable, and patient, taking the time to explain every detail clearly without any pressure.

You can tell he genuinely cares about helping people make the right decision, not just making a sale. That kind of integrity and dedication is rare to find.

I highly recommend Ofir to anyone looking for honest, reliable, and top-quality service. I will definitely reach out to him again in the future!
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.
Franz Hasenhundl
Dornaz made it very easy getting a quote and then completing the deal.
Natalie Haak
Sehar promptly replied to my emails and answered any & all questions I had. Great rates on medical/travel insurance.
Irene Holloway
Dornaz was great to work with. I will be using her for all our trips

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