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 have been working with Cindy at Valko Financial for several years and just purchased our forever home using her guidance and advice. We are so happy with our services we have sent our son to her too. She is kind, patient and gets the best rates for what we need. I highly recommend Valko Financial and will continue to be a customer for my mortgage needs!
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Melissa L
2 days ago
Tracy's team really made the process of finding the right mortgage for me smooth and easy. I highly recommend them!
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ray whit
5 days ago
Tracy and her team were so helpful, kind and supportive! As the proud owners of a small Canadian manufacturing business, we honestly didn’t think we would qualify for a mortgage and had just expected to rent. But when we were introduced to Tracy, a whole new world of possibilities opened up. Tracy and her team helped us purchase both a new home, and space for our business! It’s game changing. Work with them. You won’t be disappointed.
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Rob Bourbeau
7 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.