Sagen—formerly Genworth Canada—is one of Canada’s mortgage default insurers. Its coverage helps an approved lender manage the risk of a high-ratio mortgage; it does not pay off your home loan if you die, become disabled, or lose your job.
Sagen mortgage insurance may be used when an eligible buyer purchases an owner-occupied home with less than 20% down. Your lender or mortgage professional normally handles the insurance submission, and the one-time premium is usually added to the mortgage. Approval still depends on the borrower, property, lender, and insurer requirements.
Canadian borrowers often hear “mortgage insurance” at the lender’s desk and assume every product protects their household. The beneficiary, claim trigger, and purpose are different.
This insurance protects the approved lender if the borrower defaults and the lender suffers a covered loss. It can make eligible financing possible with a down payment below 20%.
This coverage is intended to address death-related financial risk. Depending on the policy, a benefit may reduce the mortgage or be paid to the beneficiary you name.
The standard premium is calculated from the insured mortgage amount and loan-to-value ratio. A smaller down payment usually means a higher premium rate.
These rates apply to standard mortgages with amortization of 25 years or less.
| Loan-to-value ratio | Standard premium rate |
|---|---|
| Up to 65% | 0.60% |
| 65.01%–75% | 1.70% |
| 75.01%–80% | 2.40% |
| 80.01%–85% | 2.80% |
| 85.01%–90% | 3.10% |
| 90.01%–95% | 4.00% |
Enter the purchase price and down payment. This estimator uses the standard rate table and does not confirm mortgage or insurance eligibility.
Sagen’s mortgage insurance process is designed around lenders. A bank, credit union, mortgage lender, or broker gathers the borrower and property information, structures the mortgage, and submits the insured application through the appropriate lender channel.
The practical borrower question is not only “Can I choose Sagen?” It is also “Which insurer is attached to this mortgage, why does the lender consider the file eligible, what premium applies, and what conditions must be completed before closing?”
Income, credit, down-payment source, debts, occupancy, and mortgage terms are documented.
Purchase price, property type, location, marketability, appraisal, warranty, and use may affect eligibility.
The lender or mortgage professional submits the application and responds to insurer conditions.
Review the insurance premium, applicable tax, legal costs, and any optional life or disability coverage separately.
Sagen operates nationally, but purchase prices, property types, closing taxes, construction patterns, and household budgets change the questions buyers should ask locally.
In Toronto, Mississauga, Brampton, Vancouver, Burnaby, Richmond, and nearby markets, the $1.5 million insured-purchase ceiling can become a hard planning threshold. A property priced at or above it generally requires at least 20% down, even if a slightly lower-priced home could qualify for high-ratio insurance.
In Toronto, Vancouver, Victoria, Ottawa, Montreal, and other condo-heavy markets, budget for condo or strata fees, property tax, utilities, parking, and possible special assessments. Default insurance does not cover these monthly household costs.
Buyers considering new homes in Calgary, Edmonton, Ottawa, Halifax, Winnipeg, and growing suburban communities may qualify for an insured 30-year amortization. Eligibility and the extra 0.20% premium still need lender confirmation.
Ontario, Quebec, and Saskatchewan apply provincial sales tax to mortgage default insurance premiums. Unlike the base premium, this tax cannot be added to the mortgage, so buyers should include it in closing-cash planning.
Sagen has a New to Canada program for qualified buyers. This may be relevant in newcomer destinations such as the GTA, Metro Vancouver, Calgary, Edmonton, Winnipeg, and Montreal, but the lender must still document income, credit, debts, down payment, and property eligibility.
Acreages, remote homes, self-builds, unusual construction, private services, and thin resale markets can require more property review than a standard urban resale. Ask early about appraisal, marketability, warranty, access, zoning, and construction documentation.
Product availability and final underwriting depend on the lender and current Sagen requirements. These programs show why a provider comparison is about more than a logo or headline premium.
Supports eligible owner-occupied purchases with up to 95% loan-to-value for qualifying one- and two-unit homes.
Designed for qualified people who recently immigrated or relocated to Canada and are building a Canadian borrowing profile.
May allow qualifying renovation costs to be included in the mortgage using the improved property value and documented work.
Existing Sagen-insured borrowers may be able to transfer coverage and receive a premium credit when purchasing another home, subject to requalification.
Eligible newly constructed energy-efficient homes may qualify for a refund equal to 25% of the Sagen mortgage insurance premium.
Qualified Sagen-insured homeowners facing temporary financial hardship may be reviewed for assistance through their lender and Sagen’s HOAP process.
Standard premium schedules can look similar, but program guidelines, lender access, underwriting interpretation, property fit, portability, and assistance features may affect where a file is placed.
Formerly Genworth Canada. Offers standard insured-mortgage coverage plus programs for newcomers, improvements, family-supported purchases, construction, portability, and homeowner assistance.
Canada Mortgage and Housing Corporation provides mortgage loan insurance through approved lenders and publishes broad consumer and housing-market resources.
Another private mortgage default insurer used by participating Canadian lenders. Product fit and lender access should be reviewed on the actual borrower file.
Premium tables are useful for planning, but they do not replace underwriting. Purchase structure, occupancy, property type, down-payment source, amortization, borrower profile, provincial tax, and lender requirements can change the final result.
Review pricing and cost factorsUse Sagen’s official rate chart and product pages for current program details.
Open Sagen tools and resourcesUse the Financial Consumer Agency of Canada for current minimum down-payment and mortgage-insurance explanations.
Read federal guidanceThe commitment, insurer certificate, approval conditions, and closing statement control your specific transaction.
Default-insurance approval, total mortgage cost, and family protection are related parts of homeownership planning, but they should be reviewed separately.
Review the roles of CMHC, Sagen, and Canada Guaranty in one comparison.
Open comparisonUnderstand the national high-ratio mortgage framework before applying.
Read the guideReview the costs that can affect mortgage and protection planning.
Review pricingCompare optional coverage intended to address death-related mortgage risk.
Compare quotesDirect answers about Genworth’s name change, premiums, applications, local closing costs, portability, and personal mortgage protection.
Yes. Genworth Canada changed its brand name to Sagen. Borrowers may still see older documents, search results, or conversations that use “Genworth mortgage insurance.”
No. Sagen mortgage default insurance protects the lender against a covered loss after borrower default. Mortgage life insurance or personal life insurance is separate coverage designed to respond to an insured death.
A borrower normally applies for the mortgage through a lender or mortgage broker. The lender manages the insured-mortgage submission, supporting documents, conditions, and insurer communication.
A standard mortgage between 90.01% and 95% loan-to-value generally uses a 4.00% premium rate for an amortization of 25 years or less. The premium is calculated on the insured mortgage amount, not directly on the purchase price.
The one-time mortgage insurance premium may generally be added to the mortgage. Provincial sales tax on the premium, where applicable, cannot be added and must be accounted for in closing funds.
If the mortgage qualifies for an amortization longer than 25 years and up to 30 years, Sagen’s published schedule adds 0.20% to the applicable premium rate. Eligibility generally depends on first-time-buyer or new-construction criteria and the rest of the file.
You can ask your lender or broker which insurer is being used and why. The practical placement process is handled through the lender, and not every lender uses every insurer or program in the same way.
Sagen offers a portability feature. An eligible existing Sagen-insured borrower may receive a premium credit on a new insured purchase, but borrower requalification, lender participation, timing, loan changes, and other conditions apply.
Sagen’s Homeowner Assistance Program is intended to help qualified Sagen-insured homeowners facing temporary financial difficulty. Contact the mortgage lender early because the lender and Sagen review the circumstances and available options.
Compare the mortgage rate, lender terms, prepayment privileges, portability, penalties, property and borrower conditions, closing costs, ongoing housing expenses, and separate life or disability protection. The default-insurance premium is only one part of the decision.
Sagen may support the lender’s mortgage approval, but it does not replace life insurance for the borrower. Use your mortgage amount, household income, dependants, debts, and existing benefits to compare optional protection in context.
Quote links on this page relate to optional personal mortgage-protection coverage. They are not a direct application for Sagen mortgage default insurance.
