Cover the stay-at-home parent too
Childcare, transport, and household management have a replacement cost of tens of thousands a year. If one income buys the groceries and the other raises the kids, both need coverage.
Life insurance · Young families · British Columbia
Bank mortgage insurance may not be the best fit.
Optional mortgage creditor insurance and personally owned term life are different products. Ownership, beneficiaries, benefit design, underwriting, portability and premiums vary. Use the calculator to estimate the broader family need, then compare actual contracts.
The comparison the bank won't show you
Mortgage insurance vs. term life you own.
Both can address mortgage debt, but ownership, beneficiaries, benefit design and portability differ. Compare the issued certificate or policy rather than assuming the products are equivalent.
Term life you own
Bank mortgage insurance
Payout amount
Level — $650K stays $650K for the whole term
Often linked to the insured loan balance; premium design varies by certificate
Who gets paid
Your family — spend it on the mortgage, or don't
Commonly paid to the lender toward the insured debt; check the certificate
Underwriting
Commonly underwritten before issue; contestability and exclusions still apply
Eligibility and application answers may be reviewed at claim time; process varies by certificate
Portability
Generally independent of the lender while the policy remains in force
May end or require new coverage when the loan or lender changes
Rate guarantee
Premium commonly guaranteed for the selected term
Premium may depend on age and insured balance; review the schedule
Beyond the mortgage
What a complete family plan includes.
Children's coverage for dollars a month
A child rider may cover eligible current and future children under one contract and may include a future conversion option. Amounts, eligibility and conversion rights vary by insurer.
Critical illness & disability
A serious illness or disability can strain household cash flow even when life insurance never pays. Review death, illness and disability risks separately.
Straight answers
What BC parents ask us.
I already said yes to mortgage insurance at the bank. Am I stuck?
You can review alternatives and apply for replacement coverage. Do not cancel existing coverage until the replacement is issued, accepted, paid and confirmed in force. Check the creditor-insurance certificate for cancellation instructions and bundled benefits.
How long a term should we buy?
The suitable term depends on the period your income and obligations need protection, including mortgage amortization, dependants, budget and existing coverage. Compare more than one term length before deciding.
We have coverage through work — isn't that enough?
Workplace life insurance can be valuable, but amounts, portability and conversion rights vary. Review the plan booklet and count it in the needs analysis without assuming it will continue after employment ends.
What does $750K of term coverage actually cost?
Pricing varies by age, health, smoking status, amount, term and insurer. A useful comparison should look at actual quotes and contract wording rather than assuming the lender’s product or an individual policy is always cheaper.
Do we both need medical exams?
Not necessarily. Requirements depend on age, amount, health history, product and insurer. The insurer may decide from the application and available data or request additional medical information or testing.
Official references
Check the contract and current public guidance.
Product provisions, eligibility and tax treatment vary. The issued policy or certificate governs.
No chatbots. One advisor.
Review your mortgage coverage before making changes.
Bring your number from the calculator. We can compare available options, explain the ownership and beneficiary differences, and help you avoid cancelling existing coverage before replacement coverage is confirmed in force.