Mortgage protection insurance and mortgage life insurance are not the same thing. Mortgage protection insurance is required by law to protect lenders against loan-to-value ratios greater than 80%. It is provided by the Crown Corporation of Canada, CG-Canada Guaranty, or Genworth (both approved private corporations). The premiums range from 0.60% to 6.0% and can be added to the amount of your mortgage. Some provinces impose a sales tax.