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Asked Questions

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What does it mean to "insure my mortgage"?

There are two types of mortgage insurance - mortgage default insurance and payment protection.


Mortgage Default Insurance is required if your down payment is less than 20% of the home purchase price. Typically, the insurance premium is added to your mortgage balance. Mortgage Default Insurance is provided by Canada Mortgage and Housing Corporation (CMHC), Genworth Financial and Canada Guaranty. We will arrange this insurance for your mortgage if required.


Payment Protection covers your mortgage payments in the event you become sick or injured, or pays off your insured mortgage balance if you pass away. Payment Protection is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.