Mortgage Insurance
Let’s Protect What You’ve Worked So Hard to Build
Your home is more than just a place to live—it’s one of the biggest financial commitments you’ll ever make, and a cornerstone of your family’s future. Mortgage insurance helps protect that investment by ensuring your mortgage can be covered if life takes an unexpected turn.
Whether it's illness, disability, or the unthinkable, mortgage insurance provides peace of mind that your loved ones can stay in the home you’ve built—without added financial stress. It’s a simple way to secure everything you’ve worked for and protect those who matter most.
Mortgage insurance is especially valuable for first-time buyers, dual-income families, homeowners without existing coverage, or anyone who wants a financial safety net “just in case.”
Is mortgage insurance required in Canada?
Yes—but it depends on the size of your down payment.
In Canada, mortgage default insurance (also known as CMHC insurance) is required by law if your down payment is less than 20% of the home’s purchase price. This insurance protects the lender in case you’re unable to make your mortgage payments—but it also allows you to qualify for a mortgage with a lower down payment.
If you’re putting down 20% or more, default insurance isn’t required. However, optional mortgage protection insurance—like life, disability, or critical illness coverage—is still worth considering to protect your home and family if something unexpected happens.
Should I get mortgage insurance through my bank?
While banks do offer mortgage insurance, it’s important to know that you have options—and your bank’s plan might not always be the best fit.
Bank-issued mortgage insurance is typically tied to your mortgage, meaning it only covers the balance with that specific lender and decreases as your mortgage is paid down. In many cases, the bank—not you—owns the policy, and you're not in control of the coverage.
An alternative is to explore independent mortgage protection insurance, which can offer more flexible coverage, consistent benefits over time, and may even be transferable if you switch lenders. It also gives you more control over who receives the payout and how it’s used.
Can I get mortgage insurance if I have health conditions?
Yes—in many cases, you can still qualify for mortgage insurance even with existing health conditions.
Every insurer has different underwriting guidelines. Some may require a medical questionnaire or health screening, while others offer simplified or guaranteed coverage options with fewer questions and no medical exams. Even if you’ve been declined for traditional life or disability insurance in the past, there may still be options available.
At Valko Financial, we work with a variety of providers to help find a solution that fits your unique health situation and offers the protection you deserve. Our goal is to make sure your home—and your peace of mind—are protected, no matter your medical history.
We just renewed our mortgage with Samantha. She was excellent and made the process very easy. She responded to my questions often within an hour of me emailing and got us a great deal. We felt very taken care of.
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Stacey L
11 days ago
I had the pleasure of using Valko Fianancial for three homes now. I cannot reiterate how smooth and easy the whole process was from start to finish. I worked with Matt S this time around. And he was very calm, easy to chat with and got all the stuff in place making it a super stress free closing. I highly recommend them as they tend to find the best rates at the time of purchase and really talk to you about it. Answer all your questions respectively. 5 ⭐️!
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Natalie Nagy
13 days ago
We absolutely love our new home and we couldn’t have done it without Cindy White! She went over and beyond to make sure we felt comfortable with our purchase. Cindy was transparent and awesome to work with. This is our second time working with Cindy, highly recommended.
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Eston Simon
21 days ago
Honest advice that puts your future first.
We’ll help you understand your options and find the right coverage — no pressure, no sales pitch.