Mortgage Insurance for Seniors

Luciano Meirelles  Vov e Vov copy
It is harder for seniors
to get mortgage life insurance.
Photo by Luciano Meirelles

Most Canadian seniors have at least 75% of their net-worth locked up in their home. Those older ladies and gentlemen looking for mortgage insurance face many additional challenges that other individuals seeking life insurance coverage may not.

1. The cost is much more prohibitive for people in their 60s than it is for people in their 30s and 40s. This is especially true for non-smokers applying for mortgage life insurance under a lending institution plan. Smokers and non-smokers pay the same rate under a mortgage life policy at a bank and thus, non-smokers are subsidizing the premiums of smokers.

2. Most mortgage insurance plans sold through a lending institution end at age 69.

3. The coverage on a mortgage life insurance plan sold through a bank is not portable. This means that if the insured were to sell the property or move to a smaller home, they would have to re-apply. If their health changed, obtaining new coverage may be quite difficult.

For more details, please visit our Mortgage Life Insurance Page or our Mortgage Life Insurance Calculator.


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  • Teddy H
    August 1, 2013 at 2:35 pm

    Can I still get insurance I’m 69 and my bank will be cancelling my plan

    • LSM Insurance
      August 1, 2013 at 4:18 pm

      Thanks Tedddy. Yes you can still get coverage. The type of plan and the amount of coverage will determine your premium. But several companies can insure a 69 year old. We will be in touch by email.

  • LSM Insurance
    November 4, 2012 at 7:30 pm

    Thanks for the note. The rates premiums will depend your date of birth, smoking status and the amount of coverage and type of plan. We will send you a separate email now.

  • James
    November 4, 2012 at 1:00 pm

    I would like to get a quote for mortgage Insurance on my home