CMHC’s Mortgage Loan Insurance is an insurance that covers your lender’s risks associated with financial loss that can occur whena condo owner or home owner defaults on their mortgage loan. You will be required to purchase mortgage insurance through your lender. and is required if you have a "high-ratio" mortgage. As with any insurance, there are Insurance Premiums to be paid. The amount varies and can range between 0.65% and 2.75% depending upon how much of the purchase price is financed. Mortgage loan insurance is not to be confused with mortgage life insurancewhich guarantees that your remaining mortgage at the time of your death will not be a burden to your estate.