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Mortgage insurances (also called life and/or disability insurance) can cover the totality of your mortgage and/or the monthly payments (including taxes) for the entire duration of the loan (usually 25 years). The capital is paid in the event of a premature or unforeseen death, total disability or a dreaded critical illness of one or both of the co-owners of the debt (depending on the type of contract you own). This is a very important insurance and it’s totally different when compared to home insurance that protects your house in case of fire and water damage.


Although home insurance is a legal requirement when you buy a home, according to the statistics, you only have one chance in a thousand two hundred (1/1200) to need it in case of fire before age reaching age 65. On the other hand, before reaching 65 years, the likelihood of needing a:

*Statistics Canada, Canadian Disability Survey, 2012.

** Publication Canadian Cancer Statistics, 2017.

There are several types




The capital of the cover is paid in case of premature death, which affects one in fourteen (1/14) for different reasons before the age of 65. Here are the features you need to understand to make an informed choice:


1. The insurance capital declines over time alongside of your mortgage

2. The contract is generally expensive compared to the protective capital;

3. The contract is considered as low-end;

4. The premium changes over time;

5. You do not choose who will be the beneficiary of the protective capital ($), if you die, you only keep the house and you are freed from the mortgage debt;

6. The lending institution owns your insurance contract, so you lose it if you change the lender to get a better rate;

7. When a claim for the insurance money is requested, your health condition will need to qualify you for the insurance at that specific time, even after paying the contract for years you risk a denial;


8. The contract covers only the remaining mortgage of the house;

9. You are not protected by the professional insurance of an agent authorized to practice his profession and recognized by the AMF (Autorité des Marchés Financiers);

10. Mortgage insurance was created by lending institutions to protect themselves in case you could no longer pay because of a premature death or disability.


1. The insurance capital will not change until the end of the contract;

2. The contract is generally inexpensive in relation to the protective capital;

3. The contract is considered high-end;

4. The premium will not change;

5. You choose who will be the beneficiary of the protection capital ($), so the money stays in the family instead of going to the lending institution and the house also stays in the family, even if a part of the debt remains, you could continue the payments with the interests generated by the amount you received without losing anything;


6. You are the owner of your contract, so no matter the lending institution, the contract will follow you;

7. When a claim for the insurance money is made, you will already be prequalified because your health was already known to your insurance company when it agreed to insure you;

8. The contract can cover your home and several other financial vulnerabilities, such as a student debt, a car loan, unpaid taxes, an amount for your spouse and children, etc.;

9. You are protected by the professional insurance of an agent authorized to practice his profession and recognized by the AMF (Autorité des Marchés Financiers);

10. Individual life insurance was created by insurance companies to protect you and your loved ones.



Beyond the age of 80, if you plan on having some unpaid debts, you could consider a Permanent Life Insurance to cover the remaining debts beyond that age (examples: mortgage loan, estate taxes and investments taxes).


We also recommend you to own some form of disability insurance to cover a generous part of your salary or your debts or both. According to statistics, you have about a one in three chance (1/3) to be disabled for more than 3 months before reaching the age of 65 years. Here are some descriptions to help you make the right choice:




Covers only the monthly payment of your mortgage in case of a disability. This protection ensures the bank that you will be able to afford your monthly payments.


The majority of households need money to buy food, pay the electrical bill, car payments, credit card loans, etc. so this protection is generally insufficient to cover all the budgetary expenses. ​


Can cover everything that you would normally pay with your income, it is the most versatile protection and contrary to popular belief, it does not cost more than bank disability insurance or debt insurance. 


Covers your mortgage payments as well as any other debts you have with one or more recognized financial institutions (like a car loan, line of credit, credit card debts and even a lease between you and your landlord) all in the same contract.


We also recommend critical illness insurance in case of a serious illness or a very hard blow to your health. This type of contract covers its owner from the financial impacts of several dreaded diseases and health problems like cancer, paralysis, a coma, heart failure, sclerosis, loss of eyesight, severe burns, etc.


The different types of disability insurance only apply when a doctor tells you that you are totally disabled, meaning it’s totally impossible to go back to work. If your health problem enables you to go back to work a few hours or days per week, it is possible that you will not get any disability insurance benefits. If the health problem is an illness covered by your critical illness insurance contract, you will receive a fixed amount that, generally speaking, is about as much as you earn during an entire year or two, regardless of your ability to work.  


This kind of protection shouldn’t be overlooked, as statistics show that everyone has approximately a one in two chance (1/2) of you or a loved one will need it before the age of 65. Most of these contracts come with a refund option, at a higher premium, which reduces your risk of owning this insurance to almost zero.


This protection pays a lump sum that can cover your medical expenses, mortgage payments, medical care offered in the private sector, medical tourism fees, etc., so can focus on a full recovery.

    Si vous avez des doutes, ne vous inquiétez pas, notre conseiller en assurances de personnes vous accompagnera dans ce choix pour valider sa pertinence, le type, la durée de la protection et un prix très compétitif ; Toutes les nuances, parmi tous les types de contrats pertinents, seront expliquées par notre conseiller en ligne ; La durée de vos protections sera harmonisée avec vos objectifs par notre conseiller ; Par exemple, si votre objectif est de protéger la valeur de votre maison, alors une assurance temporaire d’une durée de 25 ans qui couvre le montant de l’hypothèque sera un choix approprié Par exemple, si votre objectif est de laisser un héritage à vos enfants et que vous avez des liquidités qui dépassent les besoins de votre budget et de votre CELI, une assurance vie universelle (permanente) sera un choix approprié Par exemple, si votre objectif est de protéger la valeur de votre maison et que vous souscrivez un contrat d’assurance vie universelle (permanente), à moins que vous soyez très âgé et fortuné, il y a une dissonance entre votre objectif et le type d’assurance vie proposé 3. Le conseiller dirigera votre demande vers la compagnie d’assurance qui est le plus susceptible d’accepter votre profil de santé et le capital de protection que vous demandez. / (English) If you have doubts, do not worry, our insurance advisor will accompany you in this choice to validate its relevance, type, duration of protection and a very competitive price; All nuances, among all types of relevant contracts, will be explained by our online advisor; The duration of your protections will be harmonized with your objectives by our advisor; For example, if your goal is to protect the value of your home, then a 25-year term insurance that covers the mortgage amount will be an appropriate choice For example, if your goal is to leave an inheritance to your children and you have cash that exceeds the needs of your budget and your TFSA, universal (permanent) life insurance will be an appropriate choice. For example, if your goal is to protect the value of your home and you purchase a universal (permanent) life insurance policy, unless you are very old and wealthy, there is a dissonance between your goal and the type proposed life insurance 3. The advisor will direct your application to the insurance company that is most likely to accept your health profile and the protective capital you request.
    Dans tous les cas, peu importe la compagnie ou l’institution qui l’offre, la résiliation d’une assurance est gratuite. Annuler un contrat comporte des risques : Dans le cas d’une assurance bancaire, il suffit d’aller à votre institution financière prêteuse pour signer une décharge de responsabilité qui confirme votre demande de résiliation. Prenez garde de résilier votre contrat uniquement si vous en avez un autre qui le remplace et qui est en vigueur ou si votre besoin de protection financière n’existe plus. Si votre contrat est une assurance individuelle, comme une assurance vie, une assurance salaire ou maladie grave, etc., votre conseiller doit remplir et vous présenter un préavis de remplacement qui identifie tous les avantages et désavantages de votre contrat actuel et celui qu’il vous propose. Seulement une fois que le nouvel assureur aura accepté votre demande ou votre proposition d’assurance, que vous pourrez faire parvenir une lettre qui demande la résiliation de votre ancien contrat sans qu’un risque financier vous surprenne ! / (English) In any case, no matter which company or institution offers it, the termination of an insurance is free. To cancel a contract entails risks: In the case of a bank insurance, simply go to your lending financial institution to sign a waiver of liability that confirms your request for termination. Be careful to terminate your contract only if you have one that replaces it and is in effect or if your need for financial protection no longer exists. If your policy is an individual insurance, such as life insurance, salary or critical illness insurance, etc., your advisor must complete and provide you with a replacement notice that identifies all the advantages and disadvantages of your current contract and the one offer you. Only once the new insurer has accepted your application or your insurance proposal, you can send a letter asking for the cancellation of your old contract without a financial risk surprises you!
    Il faut savoir que les compagnies d’assurances ont créé une institution qui s’appelle : Medical Information Bureau (MIB). Le MIB recueille toutes les informations qui ont été soumises lorsque vous avez rempli des propositions ou des demandes d’assurances au cours de votre vie. Cette base de données est consultée par tous les assureurs au Canada, afin de valider votre bonne foi et vos omissions, qu’elles soient involontaires ou volontaires. Normalement, les compagnies d’assurances vont étudier les réponses aux questions qu’elles vous auront demandées, le MIB et possiblement les résultats de tests paramédicaux pour soit émettre une : Acceptation au taux non-fumeurs ou privilégié, Acceptation au taux fumeurs ou régulier, Acceptation avec exclusion, Acceptation avec surprime, Refus. Le degré de risque, que votre profil de santé représente pour eux, varie d’un assureur à l’autre et c’est ce risque qui détermine largement la prime de votre police d’assurance. Selon son expérience et les ententes de courtages qu’il détient avec différents assureurs, votre conseiller devrait diriger votre demande vers un assureur qui est peu ou pas susceptible de vous refuser, du moins selon les réponses aux questions qui font partie de votre demande d’assurance. Gardez en tête que c’est difficile de prédire les résultats des tests paramédicaux, mais ils sont parfaitement évitables, tout comme l’investigation au MIB, en optant pour les assurances sans examens médicaux. Si vous avez déjà un refus qui a été enregistré au MIB, ne vous inquiétez pas, contacter Assurance En Ligne et nous vous trouverons des solutions, c’est promis. / (English) You have to know that the insurance companies have created an institution called: Medical Information Bureau (MIB). The MIB collects all the information that was submitted when you completed insurance applications or requests during your lifetime. This database is consulted by all insurers in Canada to validate your good faith and your omissions, whether involuntary or voluntary. Normally, insurance companies will study the answers to the questions they have asked you, the MIB and possibly the results of paramedical tests to either issue a: Acceptance at the non-smoking or privileged rate, Acceptance at the smoking or regular rate, Acceptance with exclusion, Acceptance with premium, Refusal. The degree of risk that your health profile represents for them varies from one insurer to another and it is this risk that largely determines the premium of your insurance policy. Based on his experience and the brokerage arrangements he has with different insurers, your advisor should direct your claim to an insurer that is unlikely or unlikely to refuse you, at least according to the answers to the questions that form part of your claim. insurance. Keep in mind that it is difficult to predict the results of paramedical tests, but they are perfectly avoidable, as the investigation at the MIB, opting for insurance without medical examinations. If you already have a refusal that has been registered at the MIB, do not worry, contact Online Insurance and we will find solutions, it is promised.


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