Mortgage life insurance is not mandatory in Ontario. However, it is a good idea to think about what might happen to your mortgage if you passed away. A life insurance policy can protect your family and your home. But mortgage life insurance is a particular type of life insurance – one that not everyone will benefit from.
In most cases, getting a term life insurance policy in Ontario is a better idea, because the payout can be used for anything your dependents need, like childcare, retirement, education, or of course, paying off the mortgage.