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Most homeowners guess three or four times too high. Here is what it actually runs.
Illustrative only. Male non-smoker, standard health, as of August 2026, includes policy fee. Your cost depends on your age, health, coverage amount and term. Subject to underwriting approval.
A lot of homeowners signed up for coverage at the bank when they got the mortgage, and haven't looked at it since. Some have coverage through work on top of that.
That's worth knowing before you buy anything else. The check is about what you already have, how it's set up, who it pays, and whether it still matches what you owe.
Thomas Joly is a licensed financial security advisor representing iA Financial Group in Ontario. Insurance products are issued by Industrial Alliance Insurance and Financial Services Inc.