{"id":11447,"date":"2017-04-18T02:00:09","date_gmt":"2017-04-18T06:00:09","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=11447"},"modified":"2018-06-27T11:45:20","modified_gmt":"2018-06-27T15:45:20","slug":"what-is-the-difference-between-mortgage-default-insurance-and-life-insurance","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/","title":{"rendered":"What Is the Difference Between Mortgage Default Insurance and Life Insurance?"},"content":{"rendered":"<p>Purchasing a home comes with plenty of ongoing financial commitments, from property taxes to seasonal upkeep. Home insurance is an expense most homeowners are familiar with \u2013 and when you\u2019ve made the biggest financial investment of your lifetime, it\u2019s vital to protect it, your belongings, and your liability. However, a cost often overlooked by buyers \u2013 and especially first-timers \u2013 is the need to insure your mortgage in addition to your physical <a href=\"http:\/\/www.zoocasa.com\/\">real estate<\/a>.<\/p>\n<p>Mortgage insurance tends to be a confusing topic for Canadian home buyers as there are three main types they should be aware of: mortgage default insurance, mortgage life insurance, and traditional life insurance.<\/p>\n<p>Here\u2019s how these mortgage insurance types differ, and whether they may be the best fit for your home purchase.<\/p>\n<h2>Mortgage Default Insurance (a.k.a. CMHC Insurance)<\/h2>\n<p>Mortgage default insurance is mandatory coverage for buyers who pay less than 20% down on their home purchase. The beneficiary is your mortgage provider \u2013 should you become unable to cover your payments and default on your mortgage loan, the lender won\u2019t be on the hook for the financial loss.<\/p>\n<h3>Why do I need mortgage default insurance?<\/h3>\n<p>If you\u2019re paid less than 20% down on your home, you are classified as a higher-risk mortgage borrower (also referred to as a high-ratio or non-conventional borrower). Because you have less equity in your home, and are likely taking on a larger loan to afford your purchase, you pose a greater financial risk to your mortgage lender. As a result, the government requires you to take out this additional coverage and essentially pay for your own risk.<\/p>\n<p>There are also limitations on what type of properties can be insured against mortgage default in Canada, meaning they cannot be purchased with less than a 20% down payment. They include:<\/p>\n<ul>\n<li>Homes priced over $1 million<\/li>\n<li>Rental properties<\/li>\n<li>Mortgages with an amortization over 25 years<\/li>\n<\/ul>\n<p>Canadians may also have only one high-ratio mortgage at a time; if you currently have one, you cannot purchase a second property and pay less than 20% down.<\/p>\n<h3>Where do I get mortgage default insurance?<\/h3>\n<p>Mortgage default insurance will be applied for on your behalf by your lender from one of three providers. The most common is the Canada Mortgage and Housing Corporation (CMHC). This is a taxpayer-backed Crown Corporation that also acts as the national regulator for mortgage insurance and premium pricing. In fact, the CMHC is so synonymous with mortgage default coverage that it\u2019s often unilaterally referred to as \u201cCMHC insurance\u201d.<\/p>\n<p>However, the CMHC only covers roughly 50% of high-ratio mortgages in Canada &#8211; the other half are covered by two private insurers, Genworth Financial and Canada Guaranty. While these insurers operate autonomously, they almost always follow the same pricing and criteria set by the CMHC.<\/p>\n<p><strong>Related Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/cmhc-mortgage-insurance-hikes-to-come-in-march\/\">CMHC Mortgage Insurance Hikes to Come<\/a><\/strong><\/p>\n<h3>How much does mortgage default insurance cost?<\/h3>\n<p>The premiums for this coverage are calculated based on the size of your down payment, as per below:<\/p>\n<table width=\"373\">\n<tbody>\n<tr>\n<td width=\"149\"><strong>Loan-to-Value<\/strong><\/td>\n<td width=\"224\"><strong>Premium on Total Loan<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 65%<\/strong><\/td>\n<td width=\"224\">0.60%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 75%<\/strong><\/td>\n<td width=\"224\">1.70%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 80%<\/strong><\/td>\n<td width=\"224\">2.40%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 85%<\/strong><\/td>\n<td width=\"224\">2.80%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 90%<\/strong><\/td>\n<td width=\"224\">3.10%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>Up to and including 95%<\/strong><\/td>\n<td width=\"224\">4.00%<\/td>\n<\/tr>\n<tr>\n<td width=\"149\"><strong>90.01% to 95% \u2014<\/strong><\/p>\n<p><strong>Non-Traditional Down\u00a0Payment**<\/strong><\/td>\n<td width=\"224\">4.50%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: <a href=\"https:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/moloin_005.cfm\" target=\"_blank\">Canada Mortgage and Housing Corporation<\/a><\/em><\/p>\n<p>For example, if you are making the minimum 5% down payment on a $500,000 home ($25,000), you will be charged 4% on the remaining mortgage balance of $475,000 in mortgage default premiums. That\u2019s an extra $19,000 you\u2019ll need to pay over the course of your mortgage.<\/p>\n<p>However, this premium will be rolled automatically into your mortgage payments, and paid according to your selected payment schedule (whether monthly, bi-weekly, or accelerated). In the above example, your mortgage default coverage will cost $63.33 per month.<\/p>\n<p>It\u2019s important to factor this additional cost into your monthly affordability when determining how much of a mortgage you can carry. It will also be considered by your lender during the mortgage qualifying process, along with your income and other existing debt obligations.<\/p>\n<p><strong>Related Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/5-must-know-tips-to-pay-less-on-your-mortgage\/\">5 Must-Know Tips to Pay Less On Your Mortgage<\/a><\/strong><\/p>\n<h2>Mortgage Life Insurance<\/h2>\n<p>Unlike mortgage default insurance, mortgage life insurance is an optional product \u2013 though it\u2019s highly likely your lender will urge you to consider it. This is coverage that will pay the remaining balance of your mortgage in the case of untimely death for your or your partner (critical illness and accident coverage can sometimes also be added to this coverage). It sounds like a great idea, but there are some key factors to be aware of.<\/p>\n<ul>\n<li>With mortgage life insurance, the benefactor is the bank. This means that the death benefit will only be used to cover the outstanding mortgage payments, and your loved ones won\u2019t be entitled to receive any of it directly;<\/li>\n<li>The death benefit cannot be used to supplement your loved one\u2019s incomes, or cover any of your end of life costs;<\/li>\n<li>The amount of coverage you\u2019re entitled to will also decrease over time, as the amount left on your mortgage shrinks.<\/li>\n<\/ul>\n<h2>Traditional Life Insurance<\/h2>\n<p>Many homeowners instead opt for a traditional life insurance policy to cover their mortgage, as it offers greater financial flexibility. First, there are a <a href=\"https:\/\/www.zoocasa.com\/blog\/why-home-and-life-insurance-are-needed-when-buying-a-home\/\">number of life insurance products<\/a> to choose from, based on your age, health and financial situation \u2013 for example, you could choose to take out a 25-year-term policy for the length of your mortgage, and opt to convert it to a permanent life policy with a cash value after.<\/p>\n<p>With a traditional policy, the death benefit also goes directly to the beneficiary of your choice, meaning your loved ones can use it to pay off the mortgage, supplement their standard of living, and even save for retirement. It\u2019s an option that offers greater control and peace of mind.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Purchasing a home comes with plenty of ongoing financial commitments, from property taxes to seasonal upkeep. Home insurance is an expense most homeowners are familiar with \u2013 and when you\u2019ve made the biggest financial investment of your lifetime, it\u2019s vital to protect it, your belongings, and your liability. However, a cost often overlooked by buyers [&hellip;]<\/p>\n","protected":false},"author":39,"featured_media":11449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[468],"tags":[],"class_list":["post-11447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Mortgage Default Insurance | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"What is the difference between mortgage default insurance and mortgage life insurance? 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Here&#039;s what home buyers need to know.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-18T06:00:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-06-27T15:45:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/04\/mortgage-default-insurance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"401\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Penelope Graham\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Penelope Graham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/\"},\"author\":{\"name\":\"Penelope Graham\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/9a2554dc39c550f5ef3339b25aa1f09c\"},\"headline\":\"What Is the Difference Between Mortgage Default Insurance and Life Insurance?\",\"datePublished\":\"2017-04-18T06:00:09+00:00\",\"dateModified\":\"2018-06-27T15:45:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/\"},\"wordCount\":957,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Mortgages\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/what-is-the-difference-between-mortgage-default-insurance-and-life-insurance\/\",\"name\":\"What Is Mortgage Default Insurance | Zoocasa Life\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2017-04-18T06:00:09+00:00\",\"dateModified\":\"2018-06-27T15:45:20+00:00\",\"description\":\"What is the difference between mortgage default insurance and mortgage life insurance? 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