Mortgage Insurance — Pay Less Than at the Bank
5.0 · 268 Google reviewsAdvisors certified by the AMFAn independent firm in Mascouche
Also called mortgage loan insurance or mortgage life insurance. Don’t overpay to protect your mortgage: compare and save with private insurance.
- Often 30 to 50% cheaper than the bank
- You are the beneficiary, not the bank
- Coverage follows you if you switch banks
- No obligation — compare with no pressure
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How much does mortgage insurance cost in 2026?
Real monthly premiums for 25-year term life insurance, the product most often used to cover a mortgage, surveyed from the insurers we compare. The coverage amount stays level for 25 years and is paid to your loved ones, not to the bank.
Sample rates: 25-year term life insurance (mortgage)
For a non-smoking woman
| Amount / Age | Age 30 | Age 35 | Age 40 | Age 45 | Age 50 |
|---|---|---|---|---|---|
| $200,000 | $14.76 | $17.73 | $23.67 | $36.00 | $60.12 |
| $300,000 | $19.17 | $22.95 | $31.86 | $50.94 | $81.18 |
| $400,000 | $23.31 | $28.35 | $40.23 | $65.79 | $106.74 |
| $500,000 | $27.00 | $31.50 | $46.80 | $73.80 | $121.50 |
| $750,000 | $37.12 | $44.55 | $67.95 | $108.45 | $180.00 |
For a non-smoking man
| Amount / Age | Age 30 | Age 35 | Age 40 | Age 45 | Age 50 |
|---|---|---|---|---|---|
| $200,000 | $18.90 | $22.32 | $31.05 | $49.77 | $82.26 |
| $300,000 | $25.29 | $30.24 | $42.93 | $67.50 | $111.15 |
| $400,000 | $31.59 | $38.07 | $54.99 | $87.75 | $146.43 |
| $500,000 | $36.90 | $42.30 | $62.55 | $103.50 | $166.95 |
| $750,000 | $52.65 | $60.08 | $91.12 | $152.55 | $248.18 |
* Lowest monthly premium among the 10 insurers surveyed through WinQuote on October 30, 2026, for a non-smoker in good health (standard class) living in Quebec. For guidance only: your rate depends on your health, your habits and the insurer chosen. Get your actual rate.
How much can you save?
Real example for a $350,000 mortgage (couple, age 35, non-smokers)
Bank Insurance
- ✕ The bank is the beneficiary
- ✕ Premium never goes down
- ✕ Lost if you switch banks
- ✕ Coverage shrinks with the balance
- ✕ Eligibility checked only after death
Private Insurance
- ✓ You are the beneficiary
- ✓ Often lower premiums
- ✓ Guaranteed portability
- ✓ Level coverage
- ✓ Approval guaranteed at issue
* Illustrative example based on market averages. Actual rates vary with your profile.
Savings vs. the bank
Companies compared
Guaranteed portability
Cost of the service
5 reasons to choose private insurance
You are the beneficiary
Your loved ones receive the money and decide how to use it.
Lower premiums
Save 30 to 50% compared with the bank’s insurance.
Portability
Your insurance follows you even if you switch banks.
Immediate approval
Your coverage is confirmed at issue, not at claim time.
Flexibility
Add protection (disability, critical illness) to your policy.
How does it work?
Getting an insurance quote has never been easier
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Answer a few questions about your insurance needs in under 2 minutes.
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We compare products from more than 16 insurance companies to bring you the best options at the best price
All our advisors are certified by the Autorité des marchés financiers (AMF)
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Thousands of Quebecers trust us to compare their insurance
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The team behind the service
A small team that serves clients everywhere in Quebec. The person who calls you back works here.
Services financiers Finox inc.: an independent firm
A Quebec financial services firm registered with the Autorité des marchés financiers, based in Mascouche, independent from the insurers. 268 Google reviews, rated 5.0. Your information is used only to prepare your quotes; one person from our team calls you back.
Dany MichaudPartnerAMF no. 243405
Evan Juteau LapierrePartner and senior brokerAMF no. 260856
Étienne LejeuneSenior brokerAMF no. 250008
Alexandre ClémentAssociate advisorAMF no. 250201
Mathis Aubin SavardAdvisorAMF no. 277477
Cédric SénéchalDirector of strategic development and marketing
Kim CôtéProperty and casualty insurance
Zavier BinetteIntern
Émie BélangerAdvisor assistant
Jessica Archambault-LeonaSocial media manager
Questions about Mortgage Insurance
No! You are never required to take your financial institution’s mortgage insurance. You have the right to shop around and choose private insurance, which is often cheaper and offers better coverage.
The bank’s mortgage insurance uses level premiums that never go down, even as your debt shrinks. With private insurance, the coverage amount matches your needs exactly, and you are the beneficiary of the policy, not the bank.
On average, our clients save between 30% and 50% compared with the bank’s insurance. On a $350,000 mortgage, that can mean savings of $50 to $100 a month, or more than $1,000 a year.
With private mortgage insurance, your coverage follows you whatever your financial institution. You don’t have to start the process over if you switch banks, unlike with the bank’s insurance.
With the bank’s insurance, the bank receives the amount to pay off the mortgage. With private insurance, your beneficiaries receive the money and decide freely how to use it — they can choose to pay off the mortgage or use it another way.
As a rule, the coverage should match your mortgage balance. An advisor may also recommend adding complementary protection (disability, critical illness) for complete coverage.
No. The bank cannot make approval of your mortgage conditional on buying its insurance. That is prohibited by law in Quebec. You have the right to choose the insurance that suits you.
Everything you need to know about mortgage insurance in Quebec
In Quebec, financial institutions systematically offer their mortgage insurance when you sign your loan. But you are never required to accept that offer. Quebec law gives you the right to shop for your mortgage insurance from a private insurer, which often offers better rates and more flexible coverage.
Private mortgage insurance vs. the bank: the key differences
The bank’s insurance is group insurance whose beneficiary is the bank itself. Your coverage shrinks at the same pace as your mortgage balance, but your premiums stay the same. With private insurance, you are the beneficiary of the policy: your loved ones receive the amount and decide freely how to use it. What’s more, your coverage is portable — it follows you even if you change financial institutions.
Mortgage loan insurance: don’t confuse it with CMHC insurance
CMHC mortgage loan insurance (or Sagen and Canada Guaranty) protects the lender if you stop paying: it is mandatory when your down payment is under 20% and it pays nothing to your family. The mortgage insurance discussed here is life insurance, often paired with disability protection: if you die, the benefit is paid to your loved ones, who can pay off the mortgage or use it as they see fit. You can have both; only the second one can be shopped around, and it is the one we compare.
How much can you save with private mortgage insurance?
On average, Quebecers save between 30% and 50% by switching from the bank’s mortgage insurance to private insurance. On a $350,000 mortgage over 25 years, that can add up to more than $15,000 in total savings. An advisor certified by the AMF can compare offers from more than 20 companies to find you the best rate.
Service available everywhere in Quebec
Whether you are buying your first home in Montreal, refinancing in Quebec City or moving to Gatineau, our mortgage insurance comparison service is available everywhere in Quebec: Laval, Longueuil, Sherbrooke, Trois-Rivières, Saguenay, Lévis, Terrebonne, Brossard, Saint-Jean-sur-Richelieu, Drummondville and every region of the province. Our advisors, certified by the Autorité des marchés financiers (AMF), help you free of charge.
Bank vs. private: sample rates in Quebec (2026)
| Mortgage | Bank | Private | Savings/year |
|---|---|---|---|
| $250,000 (couple, age 30) | ~$85/month | ~$45/month | $480/year |
| $350,000 (couple, age 35) | ~$120/month | ~$65/month | $660/year |
| $500,000 (couple, age 40) | ~$175/month | ~$95/month | $960/year |
* Indicative rates based on 2026 Quebec market averages, non-smokers. Actual rates vary with your profile.
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