Mortgage Insurance: Yes or No?

You have probably heard of this common question from other homebuyers. It is a question that may be confusing you if you are trying to get a mortgage. But, like most insurances, it will benefit you, depending on you and your situation. But, of course, it will also depend on what coverage you want for your mortgage.

What is Mortgage Insurance?

Put simply; mortgage insurance is coverage for you and your house heirs. Mortgage insurance is coverage for if you happen to pass away during the term of your mortgage. Without the insurance, whoever the house is passed on to will pick up and deal with the payments. Yet when you have mortgage insurance, the house will instead be paid off, and your heirs will not have to worry about continuing the payments for you. 

Mortgage Insurance: Should I get it?

Mortgage insurance definitely can offer great coverage for you and your family. Yet you cannot simply know whether to get it or not until you consider the facts of mortgage insurance. Then, you will better understand what is included and if it will be beneficial for you during your mortgage. 

Mortgage Insurance Coverage

Most insurances offer a few coverages in their mortgages. Yet, it is vital to remember that mortgage insurance will solely cover your mortgage, although you are paying quite a bit. Immediately, this may turn off people from wanting to get mortgage insurance. This is because you do not have the certainty of knowing if you are going ever to need it, yet you still are required to pay for it. But, of course, mortgage insurance can be a great coverage to have if your family cannot take on the mortgage themselves. Yet realistically, you might be considering other options for your mortgage.

Flexibility in Your Mortgage

If you are worried about your family taking on your mortgage, do not worry. Although it can be intimidating, you can always make adjustments to your mortgage. With this, you can modify it in a way that works for your family. By doing this, you can save a lot of money that you would have put towards mortgage insurance. 

Inexpensive Payments

If you are mainly concerned about the payments that your family may have to make, do not. If you happen to pass away during the term of your mortgage, it most likely will be a good way through your mortgage. This means a smaller amount to pay, and payments can easily be altered to a lower cost. If this does happen close to when you received the mortgage, then there are financial options available. 

Overall, it is not necessary to get mortgage insurance, yet it is good to want that extra bit of safety. You may be wondering what other options for insurance you have? A few popular alternatives are life insurance. Yet you may wonder what the difference between a mortgage and life insurance is. Stay tuned for our next blog, which will be diving deeper into what life insurance is.

If you have any questions about mortgage insurance, please reach out to us!


-Burnett-Nichols, Helen (2021). Mortgage Insurance vs. Life Insurance: What You Need to Know. Sun Life. Retrieved from

/-Lavin, Jordan (2021). Is Mortgage Life Insurance Mandatory in Canada. Rate Hub. Retrieved from