I’m young – do I really need insurance?

This is a great time to enrol in insurance, because you can lock in a low premium now for the entire life of the mortgage loan. Unfortunately, accidents, illnesses and unexpected life events can happen at any age and they can impact your finances significantly.

I already have term insurance, why do I need mortgage protection insurance?

Term life insurance is different than mortgage protection insurance, and it may not provide the protection you and your family require in the same situations. With mortgage protection insurance, you have the peace of mind that your mortgage payments are taken care fully or partially of so that you or your loved ones can focus on things that matter.

Why do I need mortgage protection insurance when I already have insurance from my employer?

Most workplace insurance plans may not cover 100% of your gross salary – and the coverage ends when you leave your employer. Our protection plan isn’t tied to your employment and can work alongside your other policies to ensure you have great, well-rounded coverage.

What if I have enough savings to manage in an emergency?

Even if you have an emergency fund, you may not want to use it up to maintain your lifestyle. Your family may not be able to maintain their lifestyle on a reduced income with additional treatment costs. In many cases, it makes good sense to apply for mortgage protection insurance now, before anything unexpected happens.

How do I get approved?

Most of the required information will come through your mortgage loan approval process. You’ll have to answer three health questions, depending on your coverage selection, if your mortgage balance is over $50,000. If you answer “NO” to the relevant Health Status Question(s), your coverage is approved without any more steps. If you answer “YES” to the Health Status Question(s), we’ll need to send your application to Canadian Premier for medical underwriting.

How is my insurance premium calculated?

Your monthly premium rate is based on your age when you apply for your insurance, and it won’t change as you age. There are single and multi-rates per coverage type. Your premium, plus provincial sales tax (if applicable) is added to your loan on the payment due date. The premium rate calculation for Balance Protection is calculated for every $1,000 of coverage. The premium rate calculation for Payment Protection is calculated for every $100 of coverage. There are separate premium rate tables for Balance Protection and Payment Protection. You can find more details in the Certificate of Insurance or use our get a quote tool.

What happens if I refinance or sell my home?

If you sell your home to buy another one, your insurance will end on the date your mortgage is refinanced. If you want your new mortgage to be insured under the same plan, you’ll need to complete a new insurance application. Sometimes a new application could be declined because of a health condition or if you’re over the eligible age to apply (but under the termination age). In these cases, you may be eligible for recognition of prior coverage (ROPC), which provides you with the same amount of coverage you had under the previous mortgage. Your Certificate of Insurance will have more information on how to proceed in this situation.

What are the limitations and exclusions?

For a full list of exclusions and limitations, please see the “what are the important details of the coverage (including limitations and exclusions)?” and “what will Canadian Premier pay if my claim is approved, for each type of coverage?” sections of the Certificate of Insurance.

Can I cancel my coverage if it isn’t right for me?

Absolutely! Coverage is optional and you can cancel or modify your insurance at any time. If you cancel within 30 days of the coverage start date, you’ll get a full refund of any premium you’ve paid – it’s as if the coverage never took effect. Quebec residents can use the Notice of Rescission, which you would have received when you enrolled. Would you like to cancel your insurance coverage? Contact 1-877-225-5266 or talk to your branch representative.

Who do I contact about a concern with my current coverage?

For complaints regarding underwriting decisions or insurance claims please call the Canadian Premier Creditor Team at 1-877-271-8713 and reference the BMO Protection Plan for Mortgages and Lines of Credit. Full details of BMO’s dispute resolution process are outlined in the brochure titled: We’re here to help – Resolving Customer Complaints.

Mortgage Protection Insurance

Help protect your home and financial future. Mortgage protection is important in case of an unexpected event. It may cover your mortgage or mortgage payment and help you and your loved ones remain in the home.

Benefit from:

Convenience – Take a fast, simple, and straightforward path to coverage
Flexibility – Choose from our 50% or 100% coverage options and tailored products. Modify your choices as your situation evolves
Financial Stability – Mortgage protection may help pay your full or partial mortgage balance or mortgage payment if a covered event should arise

Get a quote Log in to enrol

Mortgage protection products

A home is a remarkable achievement. Depending on the type of mortgage protection you choose, such as Life, Disability, Critical Illness, and Job Loss, it may help take care of your mortgage payments, or your mortgage balance up to a maximum insurable limit . It can give you one less thing to worry about in the event of death, disability, critical illness or job loss.

Below is how the different coverages work and why it’s a wise way to help protect the investment in your home.

May help take care of your mortgage balance so your family can focus on what’s important if you were to pass away.
Your coverage:
- Choose between 50% or 100% coverage of your mortgage balance, up to a maximum of $750,000.
Who's eligible?
- Canadian residents
- Borrowers or co-borrowers on a mortgage
- Individuals at least 18 and under 65 years old
Book an appointment
May help cover your mortgage balance so you can focus on your health if you were to be diagnosed with a covered critical illness as a result of cancer, or a heart attack, or coronary artery bypass surgery, or a stroke.
Your coverage:
- Choose between 50% and 100% coverage of your mortgage balance, up to a maximum of $450,000. (The Critical Illness coverage amount must be equal to or less than the percentage of your Life coverage.)
Who's eligible?
- Those who are applying for or already have life insurance
- Individuals at least 18 and under 55 years old
Book an appointment
May help you cover your mortgage payments so you can focus on getting better if you face an injury or covered illness.
Your coverage:
- Choose between 50% or 100% coverage of your regular mortgage payment, up to a maximum monthly amount of $3,000.
- Benefits are paid for up to 24 months per disability.
- Benefits will start after a 30-day qualifying period.
Who's eligible?
- Those who regularly work at least 30 hours per week and can perform the regular duties of their job.
- Canadian residents.
- Borrowers or co-borrowers on a mortgage.
- Individuals at least 18 and under 65 years old.
Book an appointment
May help cover your mortgage payments so you have one less thing to worry about if you involuntarily lose your job.
Your coverage:
- Choose between 50% and 100% coverage of your regular mortgage payment, up to a maximum monthly amount of $3,000. (The Job Loss coverage amount must be equal to or less than the percentage of your Disability coverage.)
- Job loss benefits are paid for up to 6 months per job loss.
- Benefits will start after a 60-day qualifying period.
Who's eligible?
- Those who are continuously employed for 6 months with the same employer.
- Those applying for or who already have disability insurance.
- Individuals at least 18 and under 55 years old.
- Those eligible to receive Government of Canada Employment Insurance benefits (EI).Footnote star
Book an appointment
Footnote star detailsThose who are self-employed, independent contractors or those in receipt of a notice of termination are ineligible for job loss insurance.

Learn more about protection plans.

Protect your home and lifestyle by planning for the unexpected.

Mortgage Life Insurance

Disability Insurance and Critical Illness InsuranceFootnote star star

BMO SmartProtector^{, footnote trademark ™} Guide Me Tool

This tool helps illustrate your ability to meet your BMO debt payments if you experience a covered event resulting in a loss or reduction of income. Discover the types of optional creditor insurance that may benefit you in a few simple steps by answering questions about your current situation and learn how you can help protect the investment in your home.

Get Started

Need to submit a claim?

No problem – choose your claim category below. More questions? Visit your local BMO branch.

What type of claim are you submitting?
Mortgage life claim form
Mortgage disability claim form
Mortgage job loss claim form
Mortgage critical illness claim form
use the enter key to make your selection

Please note these forms are applicable to mortgages only; if you are looking to submit a claim for Homeowner ReadiLine^®, Lines of Credit, or Personal Loans please click here.

Helpful tools and resources

For further information about the insurance product, product maximums, limitations, and exclusions, etc. please refer to the Certificate of Insurance.

BMO Protection Plans Certificate of Insurance Mortgage Insurance Rate Calculator

For Quebec Residents:

BMO Protection Plan for Mortgage and Instalment Lines of Credit insurance fact sheet, product summary and notice of rescission

BMO Protection Plan Brochures:

English 简体中文繁體中文

Mortgage insurance frequently asked questions

Most of the required information will come through your mortgage loan approval process. You’ll have to answer three health questions, depending on your coverage selection, if your mortgage balance is over $50,000.
If you answer “NO” to the relevant Health Status Question(s), your coverage is approved without any more steps. If you answer “YES” to the Health Status Question(s), we’ll need to send your application to Canadian Premier for medical underwriting.
If you sell your home to buy another one, your insurance will end on the date your mortgage is closed or refinanced. If you want your new mortgage to be insured under the same plan, you’ll need to complete a new insurance application.
Sometimes a new application could be declined because of a health condition or if you’re over the eligible age to apply (but under the termination age). In these cases, you may be eligible for recognition of prior coverage (ROPC), which provides you with the same amount of coverage you had under the previous mortgage.
Your Certificate of Insurance will have more information on how to proceed in this situation.

Reach out

Talk to an expert

Speak with one of our mortgage experts to start a mortgage application.

Find a mortgage specialist

Book an appointment

Ready to talk? Come in to learn more about how our insurance coverage options could meet your protection needs.

Book an appointment

Canadian Premier Life Insurance Company, which operates under the brand name Securian Canada, is the insurer of this product and can be reached at 1‑877‑271‑8713 or www.canadianpremier.ca

Disclaimer - This overview video is produced and owned by Canadian Association of Financial Institutions in Insurance (CAFII), an independent insurance industry association. The information shown in the videos is generic and not intended to describe specific coverages provided by BMO or any of its creditor group insurers. In particular, the videos refers to Critical Illness coverage for credit cards; BMO’s Credit Card Balance Protection Enhanced product does not offer this coverage. For further information regarding BMO Credit Card Balance Protection Enhanced, please refer to Enhanced Balance Protection Insurance for Credit Cards – BMO.

Mortgage Protection Insurance

Mortgage protection products