Compare the cost and payout of bank mortgage creditor insurance against a personal term life policy for your mortgage balance and age.
Bank creditor insurance
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Average per month · total
Benefit shrinks with your balance and is paid to the lender.
Personal term life
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Level per month · total
Level benefit paid to your family; portable between lenders.
Bank costs use an illustrative age-banded creditor rate applied to your declining balance; lenders’ actual rates and rules vary. Term costs use Instasure’s estimate model. Neither is a quote. Learn the differences.
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Life insurance
8 min read
Lender mortgage life insurance is priced as a monthly rate per $1,000 of the amount you borrow, set by your age band when you apply. Here is a worked example with CIBC's published rates next to Instasure term life estimates, and how to check your own numbers.
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Life insurance
5 min read
Bank mortgage insurance pays your lender a shrinking amount, while personal term life pays your family a level benefit and moves with you. Here is how to compare them at renewal.
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