Mortgage Insurance can come in a few forms. First there is term insurance where you obtain insurance for a monetary value instead of a mortgage value. This greatly increases with your age. Second you have lender insurance which is cheaper but deceases as your mortgage declines in balance. Last but not least, my personal favourite; standard (non-lender offered) mortgage insurance. Specifically through Mortgage Protection Plan, this is similar to lender insurance except it stays with the mortgage. Most clients will switch lender 2-3 times before finishing their mortgage. With lender offered mortgage insurance, each time you have to re-apply and your premium will be higher because your ages is growing. For more details, check out the video.