Mortgage Protection Calculator

How much coverage would protect your mortgage?

Enter your mortgage and income. You will see how much life, critical illness and disability coverage would keep the payments going if you die, get seriously ill or cannot work.

Educational estimate
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No obligation

Start your estimate

Your estimate$0 life insurance

The figures below are examples. Replace them with your own.

How we calculate your estimate

These are planning assumptions used by this calculator. An insurer or your broker may use different figures.

Life insurance: your mortgage balance, minus the life insurance you already have, rounded up to the nearest $25,000. That is enough to pay off the mortgage.
Suggested term: the shortest of 10, 15, 20, 25 or 30 years that covers the years left on your mortgage. If you have more than 30 years left, we show 30.
Critical illness: 12, 24 or 36 months of mortgage payments, depending on the level you pick, minus the critical illness coverage you already have, rounded up to the nearest $5,000. It is paid as a lump sum.
Disability: a monthly benefit equal to your mortgage payment, up to two thirds of your monthly income before tax, because disability insurers limit benefits relative to income. We subtract the monthly disability coverage you already have and round up to the nearest $100.
Payments still ahead of you: the years left on your mortgage, times 12, times your monthly payment. It assumes your payment stays the same.
Two people on the mortgage: the amounts are per person and use the one income you entered. Run it again with the other income for the second person.
Not included: property taxes, strata fees, utilities, other debts, family income needs, interest rate changes and inflation. Your broker covers those with you.

Lender mortgage insurance or your own policy?

Many lenders offer life or disability coverage with a mortgage. It is sometimes called creditor insurance, and it is not the same as mortgage default insurance. Here is how it usually compares with a policy you own yourself.

Lender mortgage insurance

Who receives the money: The lender
Coverage amount: Usually declines with your balance
If you switch lenders: Usually tied to that lender
What it covers: The mortgage only

Your own policy

Who receives the money: The beneficiary you choose
Coverage amount: Stays level for the term
If you switch lenders: Stays with you
What it covers: Any need you choose

Details vary by lender and product. A broker can compare both for you.

Keep planning your home

Lender Insurance vs. Your Own PolicySee what each would pay, year by year, as your mortgage balance falls.See the comparison Mortgage Payment CalculatorYour payment for a given price, rate and amortization.Check your payment Life Insurance CalculatorSee how much your whole family would need, not just the mortgage.Check life insurance

This calculator gives an estimate for education only. It is not advice and it is not an offer of insurance. Coverage, benefit amounts and cost depend on underwriting by the insurer, including your health, occupation and income. A licensed Vansure broker reviews your needs with you before you apply.

Ready to explore your options?

Start a mortgage protection quote online, then review it with a licensed BC broker.

Explore Mortgage Protection Quotes Talk to a Broker

Common questions

It is life, critical illness or disability coverage sized to your mortgage. It pays off the mortgage, or keeps the payments going, if you die, become seriously ill or cannot work.

No. Mortgage default insurance, such as CMHC, protects the lender if you stop paying, and it is required when your down payment is under 20%. It does not pay you or your family anything.

No. You can buy your own policy from an insurer instead. See how lender insurance compares with your own policy.