Rueben Murray

An insurance executive says lender mortgage life insurance can cost 2 to 3 times more than term life, with benefits paid to lenders.
Term life can keep payout amounts fixed as mortgage balances shrink, giving families more flexibility for bills, food, childcare, or other needs.
Lender-tied policies often follow the mortgage term, commonly five yr in Canada; personal term coverage can lock pricing and coverage longer for certainty.
Mortgage brokers can add value before closing by explaining payout control, portability, underwriting differences, and when lender coverage may still fit certain borrowers.
An insurance executive says healthier mortgage holders often find standalone term life cheaper, more flexible, and paid to families; lender coverage beats none.

Canada Mortgage Insurance Choices Matter

30-yr amortizations can help Canadian borrowers lower monthly payments, supporting first-time buyers and renewing homeowners navigating today's higher-rate environment and stretched budgets.
That payment relief comes with a trade-off: the extra 5 yr can add significant interest, creating a larger long-term cost for borrowers.
Current insured-mortgage rules make 30-yr amortizations available to all first-time buyers, plus any buyer purchasing a newly built home across Canada's market.
Brokers say the option now reaches beyond first-time buyers, including repeat buyers and older borrowers who may need extra planning around payoff timing.
One practical strategy: use monthly savings for principal prepayments when possible, shortening the debt path instead of carrying the mortgage for 30 yr.