Creditor
Insurance

Creditor insurance is a smart way to protect you and your family. It can help you keep up with your mortgage payments in the case of critical illness, death and disability.

Protect your home

Creditor Insurance brought to you by Canada Life

If something unexpected happens and you’re unable to make your mortgage payments, creditor insurance from Canada Life can help protect you and your loved ones. You’ll be able to apply for creditor insurance during your mortgage application. You can also add it to your existing mortgage if your mortgage is eligible.

Available benefits

When you buy a home, you want to be sure that you and your family will be able to stay in it, no matter what could happen.

Life

Life insurance provides coverage if you or the co-borrower (if you have one) unexpectedly pass away by ensuring your mortgage balance is paid off.

Critical Illness

Critical illness insurance covers if you or the co-borrower (if you have one) are diagnosed with a condition covered in your plan.

Disability

Disability insurance covers if you or the co-borrower (if you have one) can’t work because you’re suddenly dealing with a new disability.

Calculate your estimated payments

Enter a few details about yourself and your mortgage. Our calculator can help you determine your estimated coverage options and potential payments.

Chat with a Mortgage Advisor. Or contact our team of expert Mortgage Advisors at 1.888.909.5588 and we’ll be happy to assist you.

Life Insurance, Critical Illness Insurance, Disability Insurance for QuestMortgage are optional creditor's group insurance plans underwritten by The Canada Life Assurance Company (Canada Life) and administered by Canada Life. Community Trust Company (CTC) or its representatives may receive fees or other compensation directly or indirectly from Canada Life for promoting and providing services to Canada Life regarding these insurance products. These insurance products are subject to eligibility conditions, limitations and exclusions (which are circumstances when benefits are limited or not paid). The information presented here is general only. Products and their features, including pricing, may change at any time. Calculations shown are approximate and for information purposes only and are dependent on the accuracy and completeness of the information provided and may be subject to change through Canada Life's underwriting process. The calculator is made available to you as a tool for independent use and is only intended to be used as a guide.

Key features of this policy

Features built to keep you and your family safe.

Protection for your home

Rest assured knowing that if something unexpected were to happen, you and your family would be able to stay in your home.

Easily get the coverage you need

Once your mortgage is approved, we’ll ask a few quick questions about your health and lifestyle. Then, you’ll quickly and easily get the coverage you need.

payments made easy

Your creditor insurance payments are paid out alongside your mortgage payments, and can be automatically adjusted if you make changes to your mortgage payment frequency.

Frequently asked questions

What is the home buyers' plan?
The Canadian Government’s Home Buyers' Plan (HBP) allows first-time home buyers to borrow up to $35,000 from their RRSP for a down payment, tax-free.
What is the difference between an open and closed mortgage?
With a closed mortgage, you will receive a lower interest rate (compared to an open mortgage), but there is a maximum annual amount you can pay towards your mortgage balance without penalty.
What is the mortgage stress test?
The mortgage stress test requires financial institutions to make sure a borrower can still make mortgage payments if interest rates increase.
What is the difference between a mortgage amortization period and mortgage term?
Your mortgage amortization is the length of time until your mortgage is fully repaid, typically ranging from 25-30 years. Your mortgage will have a set term. The term is the length of time you are committing to your mortgage agreement.
What is mortgage refinance?
A mortgage refinance refers to ending your current mortgage and replacing it with a new one. When you refinance, you can gain access to the equity in your home by adding to the size of your mortgage or lengthening the amortization period of your mortgage.
What is creditor insurance?
Creditor insurance protects you and your family. It's used to pay out a mortgage balance or cover your mortgage payments on your behalf if something unexpected happens.

See All