20/20 Mortgage Life Insurance is underwritten and issued by Assumption Mutual Life Insurance Company and sold exclusively by AIME Financial.


Please select the statement that best describes you:

I have a mortgage of $600k or under
I have a mortgage over $600k

You can apply online, by telephone, or connect with one of our licensed agents using the chat in the bottom right corner of your screen.

What is Mortgage Life Insurance?

Mortgage Life Insurance, or Mortgage Protection Insurance, is simply cost-effective insurance. This type of policy ensures that if something unexpected were to happen to you, the balance of your mortgage would be paid and your family's financial future would remain secure.

Typically, when a new homeowner signs their mortgage papers, the bank discreetly offers them Mortgage Life Insurance. Many people opt for this in addition to their existing insurance policies. For others, it may be the only protection they have. Unfortunately, there are many ways that banks' mortgage life insurance coverage can be improved. This is why 20/20 was designed to offer a customer-friendly alternative to your bank's protection. 

The Benefits of 20/20

  • You spend 25% less on average. Over time, that's THOUSANDS OF DOLLARS in savings!
  • It's portable! You don't have to requalify at an older age or pay a more expensive premium every time you switch lenders.
  • You choose your beneficiary. Paying off the balance of your home's mortgage is YOUR BENEFICIARY'S CHOICE. The policy payout can also be saved, invested or used how your beneficiary sees fit.

Already have bank coverage? No problem! It's easy to switch. Our experienced and licensed agents will be happy to take you through the process! Scroll down to read more or call us at 1-866-617-9620!

20/20 Mortgage Life Insurance vs. Your Bank

20/20 was designed with the customer in mind.  We want to ensure that we can protection almost anyone at a fair price and with as much flexibility as possible. Nobody wants to talk about the "what if's". We want to change the narrative and empower individuals to make the right decisions to secure their family's future and gain peace of mind in the present. We want insurance to be about PROTECTING THOSE WHO MATTER MOST.


Bank overhead and administrative costs are passed on to the customer through their premiums.


20/20 is up to 25% cheaper. We've streamlined the traditional insurance model and offer a fully digitized, paperless mortgage protection product.


Bank plans are cancelled when a customer’s mortgage is moved to another lender or if the home is sold. They will have to re-qualify for mortgage life insurance at an older age than before, which usually leads to higher premiums.


Coverage is not linked in any way to the lender. The customer can, therefore, switch mortgage providers without any impact on their policy. Customers continue to pay the premium that was originally quoted when they signed up.


Claims are paid to the bank.


The customer chooses the beneficiary. They are also able to change the beneficiary if they wish.


Banks can change premiums at any time with 30 days' notice.


A customer's 20/20 Mortgage Life Insurance premium will never increase.


Banks offer bank-owned group policies to customers. These plans can be terminated by the bank with 30 days' notice.


The policy is owned by the customer. Only the customer may cancel it.


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Thinking About Purchasing 20/20 Mortgage Life Insurance?

We want to make sure you have all the facts about mortgage life insurance. Below are some questions 20/20 customers have asked us in the past.  Simply the arrow to view the answers to these common queries. Don't see the information you're looking for? Don't hesitate to reach out to one our licensed agents at 1-866-617-9620 or chat with us online!

What is the difference between MORTGAGE INSURANCE and MORTGAGE LIFE INSURANCE?

Two common types of mortgage-related insurance products are mortgage loan and mortgage life insurance. Both types of policies offer protection when  a homeowner is not able to make mortgage payments, but differ in terms of who they protect.

Mortgage loan insurance, also called private mortgage insurance, offers protection for mortgage lenders in case the borrower defaults on their mortgage. Lenders usually require mortgage loan insurance when a homeowner purchases a house with a low down payment (5%-20%). The bank usually passes the cost of this premium on to the home buyer by adding it into their mortgage payments.

Mortgage life insurance protects home buyers and their families in case they pass away or fall ill before they pay their mortgage off. A mortgage life policy covers the outstanding balance of the mortgage if the policy holder dies, and may also cover payments in case of disability or serious illness.

In general, mortgage loan insurance is of interest to homeowners who want to purchase a home but can’t make a 20% down payment, while mortgage life insurance may be useful to any homeowner who wants to protect their legacy and their family’s financial stability.



Am I protected for JOB LOSS with my life insurance, disability or critical illness coverage?

20/20 does not offer coverage for job loss.  This means, your mortgage coverage will not be paid if you lose your job.

Who does mortgage life insurance cover?

20/20 Mortgage Life Insurance covers whomever you choose to be your beneficiary. For most people, this would be their children, their partners or close family members. With 20/20, the beneficiary of your policy can truly be anybody you'd like to protect.

What does mortgage protection cover?

20/20's Mortgage Protection covers the balance of your mortgage. Your beneficiary has complete control of how those funds are used and is not obligated to pay off the mortgage balance. This is how 20/20's Mortgage Protection differs from that offered by banks. 

What if I switch mortgage lenders?

Your protection is independent of your lender. With bank protection, if you switch lenders, you lose your protection and must re-qualify with your new lender at a higher premium (because now, you're older). With 20/20, your mortgage life insurance policy is completely portable.  

How much can I save with 20/20 Mortgage Life Insurance?

Most people buy mortgage life (also known as "creditor") insurance at the same time they get their mortgage, without ever getting a chance to compare prices or features. Additionally, many people don't really understand how much they are paying because their insurance premiums are hidden in their monthly mortgage costs. As a result, they end up paying much, much more than they have to.

That’s why most people will save 20% or more per year just by switching to 20/20. The exact amount you can save will depend on your age, the amount of your mortgage, where you live, and when you purchase your home. Here are 3 examples:

  1. A 42-year-old single applicant from Kingston with creditor life insurance on a $350,000 mortgage could save up to 28%, or $386 a year by switching to 20/20. That’s savings of $9,650 over the course of a 25-year mortgage!
  2. A 31-year-old couple from Winnipeg with creditor life and disability coverage on a $500,000 mortgage could save up to 23%, or $585 a year by switching to 20/20. Over the course of a 25-year mortgage, they will save $14,625! 
  3. A 37-year-old couple living in Toronto with creditor life and critical illness coverage on a $300,000 mortgage could save up to 29% or $846 a year by switching to 20/20. That’s savings of $21,150 over the course of a 25-year mortgage!
What’s the difference between creditor insurance and 20/20 Mortgage Life Insurance?

There are 3 basic forms of creditor insurance (also called Mortgage Insurance or Mortgage Protection Insurance) that your bank can sell you with your mortgage:

  1. Mortgage Life Insurance, which pays off the full amount of your outstanding mortgage in the event of a death.
  2. Critical Illness Insurance, which pays off the full amount of your outstanding mortgage in the event of a critical illness such as a stroke, cancer or heart attack.
  3. Mortgage Disability Insurance, which pays your monthly mortgage payments in the event you suffer a serious disability which impacts your ability to work.

20/20 Mortgage Life Insurance covers the same life, critical illness and disability risks as creditor insurance, but it is an individual life insurance policy owned and controlled by you, not your bank.   

How do I apply for mortgage life insurance?

You can apply for 20/20 online or speak to one of our licensed mortgage life insurance specialists by calling 1-866-617-9620.

Is 20/20 Mortgage Life Insurance offered throughout Canada?

20/20 Mortgage Life Insurance is currently offered everywhere in Canada except for Quebec, Nunavut, and Saskatchewan.

How do I know my mortgage life insurance coverage is secure?

20/20 policies are underwritten and backed by Assumption Mutual Life Insurance Company (“Assumption Life”), which has been providing a broad range of insurance and investment products to Canadians for over 100 years. As of December 31st, 2015, Assumption Life has assets under management of $1.6 billion and a solvency ratio of 242%, well above the 150% minimum requirement set by Canada's Office of the Superintendent of Financial Institutions.

A.M. Best, one of the oldest agencies specializing in the independent evaluation of the financial health and creditworthiness of insurance and reinsurance companies worldwide, recently awarded Assumption Life an A- (excellent) rating for the 17th consecutive year.

How do I cancel the mortgage life insurance policy I purchased from the bank?

Switching from your existing plan with the bank is free and straightforward. Simply let us know if you wish to cancel your bank-owned plan. When we send you the confirmation of coverage for your personal records, we will also provide you with a cancellation letter to sign and send to your bank

What if my mortgage is more than $600,000? Do I still qualify for 20/20 Mortgage Life Insurance?

Absolutely! We have many mortgage protection options available for you. For details, please call 1-866-617-9620​ to talk to one of our licensed insurance agents.

How can 20/20 Mortgage protection offer such large savings?

20/20 can offer these savings because we are NOT a big bank. We don’t have the costs of maintaining thousands of branches across Canada and our enrolment and administration platform is newly built on modern web-based technology.  Additionally, this is protection you can count on. 20/20 policies are underwritten and backed by the Assumption Mutual Life Insurance company, a strong, well-capitalized company that has been providing dependable and affordable insurance coverage to Canadians for more than 100 years.

What if I have not purchased mortgage protection from my bank?

If you have a mortgage with a balance of under $600,000 you are eligible to purchase 20/20 by answering 5-6 basic health questions.  No further medical underwriting or exams are required. For amounts over $600,000 we have many other insurance options available for you. Contact us for more details!

Can I change my beneficiary?

Yes. After your policy is issued, you can change your beneficiary at any time simply by contacting our call centre at 1-855-832-2020.

Types of Mortgage Protection Insurance

With 20/20, you always have options! Our goal is to LEAVE NO FAMILY UNPROTECTED. What if you have a Mortgage over $600,000? What if you want protection in place if you become seriously ill or get injured? We've got you covered!  

20/20 provides the option to add critical illness coverage to your mortgage life insurance policy, which will pay you a lump sum of up to $300,000 if you suffer a heart attack, an acute stroke, or develop life-threatening cancer.

As is the case with life coverage, critical illness coverage is intended to provide financial protection in the event that something were to happen to you before your mortgage is paid off. The amount of coverage is therefore reduced based on the same amortization formula as the life benefit and is clearly shown in your policy.

Ask our licensed agents about critical illness coverage or click here to learn more.

If you purchase Disability Insurance with your 20/20 Mortgage Life policy, you are paid a monthly benefit if you are unable to work for more than 60 days due to sickness, injury, complications due to pregnancy, and any related medical conditions. In these cases, you will receive a monthly benefit payment equal to your monthly mortgage payment at the time of your application, up to maximum of $3,000. You will receive your disability benefit each month, provided you remain totally disabled, for up to a maximum of 24 months. The monthly benefit will not be reduced if you pay off your mortgage. You can use the monthly payment for any purpose while you recover.

20/20 Mortgage Life + Disability includes a Disability Waiver of Premium benefit at no extra charge. This means that if you become disabled when the policy is in force no 20/20 Life or Disability Premiums will be payable while you are receiving disability benefits, following a 60-day waiting period.

Ask our licensed agents about disability coverage or click here to learn more.

Is your mortgage over $600,000? Do you turn 70 during your amortization period? Do you have less than 10 years left on your mortgage? 20/20's Flex-Term Life Insurance offers reliable, secure protection at an affordable price! We make term life insurance easy by offering flexible coverage and affordable premiums. Protect your family through life’s changes for the term you need.

  • FlexTerm has insurance options for individuals ranging from 18 to 75 years old, allowing you to obtain protection and total peace of mind at any age.
  • No medical exam required for life insurance coverage of $249,999 or less.
  • Disability insurance providing a monthly disability income up of to $3,000 available in the event of loss of work due to illness or injury.
  • Life insurance coverage between $50,000 and $4,000,000.
  • Life and disability insurance premiums guaranteed to never increase.
  • Critical illness coverage up to $25,000.

Ask our licensed agents about FlexTerm or click here to learn more.


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Here's why we think you should choose 20/20


Maybe the protection you purchased when you signed your mortgage wasn't the best available option for you. Did you have the chance to consider other plans or compare prices? Do you even know how much you are paying each year or are the…Show More


We've made it EASY to find out how much you can save and easy to switch. Nobody has an easier application process. There are no medical exams and we can have you approved in minutes!  Click here for an INSTANT comparison between your…Show More


With your existing Mortgage Life Insurance coverage, although you pay the premiums, THE BANK OWNS THE COVERAGE, which means they are the beneficiary of any claims that are paid.  That didn't make any sense to us, so we developed a…Show More


Did you know that if you decide to move to another lender, your Mortgage Life Insurance plan doesn't move with you?  The reason that's a problem is because you will have to requalify, you'll be older and your premium will be…Show More

Get Mortgage Protection Insurance

If you've made it this far down the page, we're pretty sure you see how important this is for your family. Here's are the next steps:

  1. Call us at 1-866-617-9620 We have trained, nationally-licensed agents available to answer any questions. Our team is ready to patiently take you through the application process, ensuring that all of your information is treated with the utmost confidentiality. We understand this is a big step and are well-equipped to make this both a positive and educational experience for you.
  2. Apply online. We are the first organization in Canada offering a comprehensive, end-to-end online application process for Mortgage Life Insurance. Our streamlined online platform lets you get the protection you deserve from the comfort of your own home.

Click here if:

  • you have a mortgage of $600,000 or under.
  • you have more than 10 years left on your mortgage.
  • you purchased a home in the past 3 years.
  • you are under 45 years of age.  

Click here if:

  • you have a mortgage over $600,000
  • you have less than 10 years left on your mortgage.
  • you purchased a home more than 3 years ago.
  • you will turn 70 during your amortization period. 
  • you are over 45 years of age.

We look forward to hearing from you.

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