A Virtual Fireside Chat with Will McAleer, Joan Weir, Katia Umutoniwase, and David Moorcroft. The Future Of Travel and Travel Insurance As The World Emerges From COVID-19

By Keith Martin, Executive Director, Canadian Association of Financial Institutions in Insurance (CAFII)

Canadians are increasingly turning to artificial intelligence (AI) tools such as ChatGPT, Copilot, Gemini, and others to help them navigate financial decisions. It’s easy to understand why. These tools are available around the clock, they’re free to use, and they can explain complex topics in plain language. 

But when it comes to insurance decisions, especially credit protection insurance (CPI), AI has real limits. Not because the technology is unreliable, but because it’s designed to answer general questions. And insurance decisions are rarely general. 

Here are five questions where AI can point you in the right direction, but where a chatbot is only part of the answer. 

1. “Do I actually need credit protection insurance?” 

An AI tool can explain what credit protection insurance is and describe the types of events it covers: job loss, disability, critical illness, death. What it cannot do is assess your specific situation or needs. 

Your answer to this question depends on factors AI doesn’t know: how much outstanding debt you’re carrying, whether you have other coverage in place, your employment type, your household income, and how long your family could manage financially if your income suddenly stopped. These aren’t abstract considerations they’re the difference between a meaningful recommendation and a generic one. 

Before deciding whether CPI is right for you, talk to your lender or financial institution. They can walk through your current obligations and help you understand where gaps might exist so that you can make an informed decision. 

2. “What does my credit protection insurance actually cover?” 

This is one of the most important questions a borrower can ask and it’s one AI simply cannot answer for you. 

Credit protection insurance policies vary. Coverage terms, benefit periods, waiting periods, and exclusions differ depending on the lender and the specific product. An AI tool can describe how CPI generally works. But it has no access to your certificate of insurance, the policy terms, or the specific conditions that apply to your coverage. 

If you’re unsure what the policy covers or doesn’t cover, the only reliable sources are the documentation you received when you enrolled or a direct conversation with your financial institution. 

3. “Will a pre-existing condition affect my claim?” 

AI-generated answers about pre-existing conditions and insurance eligibility tend to be broad and heavily caveated and for good reason. The details can vary significantly from product to product. 

Some credit protection insurance coverage is issued without requiring answers to medical questions, which can make coverage more accessible, and may or may not have pre-existing condition exclusion(s) in for the coverage in that product. But all policies include terms and conditions and understanding how those apply to your health history is not something a general-purpose AI tool can reliably determine. 

If you have concerns about how a pre-existing condition might affect your coverage or a future claim, speak directly with the insurer that issued the policy. Reading your certificate of insurance carefully is also an important first step. 

4. “Is my coverage keeping pace with what I owe?” 

As financial circumstances change, whether it’s a mortgage renewal, a new line of credit, or refinancing, the coverage you originally put in place may no longer reflect your current obligations. 

This is a nuanced question that requires someone who understands your full financial picture. AI tools don’t have visibility into whether your coverage amount still aligns with your outstanding balance, whether your renewal triggered any changes to your coverage, or whether you might need to revisit your protection decisions altogether. 

This is precisely the kind of conversation that’s worth having at the time of a mortgage renewal or any major change to your borrowing. Asking your lender whether your existing coverage still makes sense for your current situation is a straightforward step that can prevent surprises later and help you be better prepared for the unexpected. 

5. “What are my rights if my claim is denied?” 

Canadians have real consumer protections when it comes to insurance claims, but navigating a denial may not be straightforward, and the process can vary depending on the insurer and the specific policy involved. 

AI can offer general information about how insurance complaints and appeals typically work. It cannot review the specific policy language, assess whether a denial was appropriate, or guide you through the steps that apply to your situation. If you believe a claim decision was wrong, start with your insurer’s internal complaints process. If you remain unsatisfied, there are independent dispute resolution services available to Canadians, including the OmbudService for Life & Health Insurance (OLHI). 

The Bottom Line 

AI tools can be a useful starting point for learning about credit protection insurance, understanding the basics, familiarizing yourself with terminology, or knowing which questions to ask. That’s genuinely valuable. 

But making a decision about whether to enroll, what your coverage includes, or what to do if something goes wrong requires information that is specific to you and your coverage. For that, there is no substitute for reading your certificate of insurance carefully and speaking directly with your lender or financial institution to ensure you are properly informed. 

At CAFII, we believe that informed decisions are better decisions. Clear, accurate information about credit protection insurance, including its benefits, its limitations, and how it fits within a broader financial plan, helps Canadians protect what matters most. 

[CAFII is the Canadian Association of Financial Institutions in Insurance. For more information about credit protection insurance, visit cafii.com.] 

By Keith Martin, Executive Director, Canadian Association of Financial Institutions in Insurance (CAFII)

For millions of Canadian homeowners, 2025 and 2026 represent one of the most significant financial moments in recent memory. About 60 per cent of all outstanding mortgages in Canada are expected to renew during this period, many of them originally locked in when interest rates were near historic lows. For borrowers who secured a five-year fixed-rate mortgage during the pandemic, monthly payments could climb by 15 to 20 per cent at renewal. Bank of CanadaCMP 

That’s a meaningful shift in household budgets. And it’s prompting many Canadians to take a closer look at their finances — sometimes for the first time in years. 

But while most of the conversation around renewal focuses on rates and terms, there’s an important topic that is often not considered: In the event of an injury or illness or if you pass away, do you have adequate protections preventing you from working or could your family maintain the mortgage payments should you pass away? While not pleasant issues to consider, being prepared for these what if situations is critical to being prepared and making sure your family is protected 

Renewal is a financial checkpoint, not just a rate negotiation 

When a mortgage comes up for renewal, it’s tempting to focus narrowly on locking in the best rate. That’s understandable. For many households, the payment difference matters. 

What’s easy to overlook is that renewal is also one of the few moments when Canadians sit down with their financial institution and review their full mortgage picture. It’s a natural opening to ask whether the protection behind that mortgage still reflects life as it stands today. 

Families change. Incomes change. Health circumstances change. A coverage decision made five years ago may not be the right fit today. 

Four types of mortgage protection worth understanding 

There are four main forms of mortgage protection insurance available to Canadian homeowners, each designed to address a different kind of financial disruption: 

Mortgage life insurance helps pays out the outstanding balance of your mortgage in the event of your death, helping ensure your family can remain in their home without carrying that financial burden. 

Mortgage disability insurance helps cover your mortgage payments if you become disabled and are unable to work — providing stability during a period when income can drop significantly and unexpectedly. 

Mortgage critical illness insurance provides a benefit if you are diagnosed with a covered serious illness such as cancer, heart attack, or stroke, giving you the financial flexibility to focus on recovery rather than payments. 

Mortgage job loss insurance makes your mortgage payments on your behalf for a limited period if you involuntarily lose your employment – a bridge that keeps your home protected while you get back on your feet. 

Together, these products are designed to cover the kinds of life events that can make it difficult to keep up with a mortgage: Passing away, becoming disabled, a serious illness or losing a job. Not every household needs every type of coverage. But understanding what each one does is the starting point for making an informed decision. 

The risk Canadians are most worried about and least covered for 

Of the four types of protection, job loss coverage deserves particular attention right now. 

More than half of Canadian mortgage holders have expressed concern about job loss in the coming year, a reflection of broader economic uncertainty that many households are navigating alongside their renewal. And yet job loss is one of the least represented risks in existing mortgage protection policies. According to a 2025 Pollara Strategic Insights study commissioned by CAFII, only 66 per cent of mortgage-related Credit Protection Insurance policies include job loss coverage, compared to 94 per cent for life coverage. 

That gap matters. If a household’s primary earner loses their job, the mortgage doesn’t pause. Payments continue to come due, even as income disappears. Job loss insurance exists precisely to bridge that window, making payments while a homeowner finds their footing again. 

For anyone renewing a mortgage in the current environment, it’s worth asking directly: does my coverage include job loss protection? 

Confidence isn’t the same as coverage 

One pattern that shows up consistently in research on Canadian homeowners is a gap between how protected people feel and what their coverage actually provides. Many Canadians carry insurance they don’t fully understand, not because they’re careless, but because these products are rarely top of mind until they’re needed. 

That tends to change at renewal. When Canadians are already reviewing their mortgage, they’re more likely to look at the full picture, including the protections attached to it. 

CAFII research has found that nearly four in ten mortgage holders aren’t confident they could cover their mortgage payments if the household’s primary income disappeared. That’s a meaningful number of families carrying more financial exposure than they may realize. 

Renewal is the moment to close that gap, to look at what you have, understand what it actually covers, and make sure it reflects the life you’re living now, not the one you had five years ago. 

A few questions worth raising at renewal 

You don’t need to overhaul your finances to make this renewal more productive. A few straightforward questions can make a significant difference: 

• Does my current coverage include protection for job loss, disability, or critical illness — not just life coverage? 

• If my income changed suddenly, how long would my existing protection support my mortgage payments? 

• Has anything changed in my household over the last five years that should change how I think about coverage? 

These aren’t complicated conversations. But they’re ones that many Canadians haven’t had reason to have, until now. 

The bottom line 

Mortgage renewal season draws attention to rates, terms, and lender options. All of that matters. But it’s also an opportunity to look beyond the payment and ask a more fundamental question: if something unexpected happened, is your home protected? 

For the millions of Canadians renewing in 2026, this is the moment to find out. 

CAFII is the Canadian Association of Financial Institutions in Insurance. We work to support an open, competitive marketplace that gives consumers expanded choice and access to insurance products and services. Learn more about mortgage protection options at cafii.com. 

By Keith Martin, Executive Director, Canadian Association of Financial Institutions in Insurance (CAFII)

As Canadians begin planning spring and summer travel outside of their home province or territory, many travellers assume that the travel insurance coverages that are included in their credit card will provide all the protection they need.

Credit cards can offer valuable travel benefits, and many include insurance coverage benefits such as emergency travel medical, trip cancellation and lost or delayed baggage coverage. Standalone travel insurance may also be offered through a variety of channels, including financial institutions, insurance advisors, travel providers and online trip booking platforms. The details of coverage can vary depending on the policy and provider.

Travelling without insurance is risky, but so is assuming travel insurance coverage exits on a credit card without fully understanding what coverages are included, what exclusions may apply, what the duration of coverage is, etc. Not understanding the durations of the coverage provided by your credit card could result in you not having coverage during what would normally have been a covered event.

Many travellers rely on credit card coverage

Credit card travel insurance is convenient. For many cardholders, the coverage is automatically included as part of their credit card benefits, which means travellers may not need to purchase a separate policy if their trip is booked using the credit card that has those embedded travel coverages.

Depending on the credit card, coverage may include insurance that provides coverage for:

• Emergency medical insurance while travelling
• Trip cancellation and interruption coverage
• Flight delay coverage
• Lost and delayed baggage protection

Because these coverages are included in the credit card, travellers may assume they provide comprehensive protection for any and all trips.

In reality, coverage may be more limited than many people expect.

Common limitations travellers may not realize

Credit card travel insurance policies, as with any insurance product, typically include conditions and limitations that affect when and how coverage applies.

For example, some policies require that the entirety of the trip be purchased with the credit card in order for certain benefits to apply. Others may limit coverage to trips of a specific length, such as 15 or 21 days. Also, a pre-existing exclusion may apply to medical conditions and/or symptoms that existed prior to your trip booking or departure.

Age limits may also apply. Some credit card travel insurance policies reduce or eliminate emergency medical coverage once travellers reach a certain age.

Coverage limits can also differ significantly from standalone travel insurance policies. While credit card coverage can provide meaningful protection.

This doesn’t mean credit card travel insurance benefits aren’t valuable. In many cases it provides meaningful protection and can help travellers manage unexpected financial risks during a trip. Understanding how the coverage works simply helps travellers determine whether it is adequate coverage for their travel specific plans.

Why reviewing coverage before travelling matters

Most trips proceed without major issues. But when unexpected events occur, such as illness, travel delays or trip cancellations, the financial consequences can quickly become significant.

Understanding what protection is in place before leaving home helps travellers avoid surprises later.

Here are some steps you could take:

• Review the certificate of insurance for benefits attached to your credit card
• Confirm whether travel purchases must be made using the card for coverage to apply
• Check the maximum trip length covered by the policy
• Review coverage limits, any age restrictions, limitations and exclusions
• Determine whether additional travel insurance may be needed.

As with any insurance product, reviewing the policy terms and coverage limits can help travellers understand whether the embedded travel insurance coverage provided with their credit card is adequate for their particular trip.

Protection starts with understanding your coverage

Credit card included travel insurance benefits can provide valuable protection and may be sufficient for many trips. But coverage varies from card to card, and assumptions about protection can sometimes lead to unexpected gaps.

Before travelling, understanding exactly what your included credit card travel insurance covers and where additional protection may be needed, is an important step in responsible travel planning.

For Canadians preparing for upcoming travel, the key question is simple: not just where you’re going, but what insurance coverage is in place to help financially protect  you if something unexpected happens either before or during your trip.

By Keith Martin, Executive Director, Canadian Association of Financial Institutions in Insurance (CAFII)

Financial vulnerability isn’t just about payments — it’s about preparedness, clarity and understanding the insurance protection you actually have.

Mortgage stress isn’t just about rates — It’s about financial resilience

Interest rates dominate headlines for a reason. They affect monthly payments, budgets, and financial planning. But if you’re worried about mortgage stress, there’s a bigger question worth asking: What would happen if your income suddenly changed?

Rates matter. But resilience, your ability to manage an unexpected financial disruption — is often the factor that determines if a household weathers a challenge or faces serious strain.

The real test isn’t your payment. It’s your buffer.

Most conversations about mortgage pressure focus on numbers: interest rates, payment increases, renewal terms.

What often gets overlooked is the cushion behind those numbers.

Many Canadians are managing their finances carefully, but CAFII research shows that unexpected income loss would create difficulty for a large share of households. For some, it would take only a few months for a temporary setback to become a major financial issue.

That doesn’t mean people are irresponsible or unprepared. It reflects a reality many households share: rising costs, complex financial commitments, and limited room for surprises.

Why financial resilience matters more than ever

Financial resilience isn’t about predicting the future. It’s about understanding how prepared you are for it.

Life rarely changes on schedule. Illness, job transitions, caregiving responsibilities, or unexpected expenses can affect income at any time. When that happens, households don’t just rely on their income, they rely on:

• savings
• flexibility
• financial plans
• and protection they understand

The key word is understand.

What do we mean by “protection”?

In this context, “protection” refers to creditor insurance, which insures credit products, such as mortgage, loans, lines of credit or credit cards and is designed to pay down the outstanding balance if a covered event such as death, disability or critical illness occurs.

Understanding how this type of coverage works, including what events are covered and how benefits are applied, is an important part of financial preparedness. 

The gap most people don’t realize they have

One of the most important findings in CAFII’s research is that many Canadians feel confident in their financial protection but are less certain about the details.

Some people aren’t sure:

• how much their coverage is for
• what situations it applies to
• or how it would support them, or those that depend on them, if something changed

That gap doesn’t necessarily mean people lack protection. It means many haven’t had reason to look closely at it yet.

But when uncertainty rises, as it often does during periods of economic change, clarity becomes essential.

Financial resilience isn’t about income level

It’s easy to assume that financial vulnerability mainly affects households with limited earnings. In reality, financial pressure can affect a wide range of Canadians.

Even higher-income households may face strain if income changes suddenly, especially when they’re managing mortgages, credit obligations, family expenses, and long-term savings goals.

Financial resilience is less about how much you earn and more about how prepared you are for disruption.

What helps people stay financially stable

When researchers look at what makes households more financially resilient, the answer is rarely a single product or decision. It’s usually a combination of factors, including:

• knowing what financial protections you already have
• understanding how long they would apply
• having a plan for unexpected income changes
• knowing where to find reliable information

In other words, financial resilience often comes from clarity rather than complexity.

A practical way to check your own financial resilience

If mortgage headlines have you thinking about your financial situation, you don’t need to overhaul your finances overnight. A few simple questions can provide valuable perspective:

• What protections do I already have?
• How long would they support me or my dependents if my income changed?
• Would they cover my current financial obligations?
• Do I know where to get accurate information if I have questions?

These aren’t questions people ask every day. Understanding the answers can make a meaningful difference in how prepared you feel.

Why this conversation matters now

Interest rates rise and fall. Economic conditions shift. Headlines change.

Financial resilience is what helps households navigate those changes.

That’s why conversations about mortgage stress shouldn’t focus only on rates and income. They should also focus on preparedness, on understanding what protections exist, how they work, and how they fit into a broader financial picture.

CAFII is the Canadian Association of Financial Institutions in Insurance. We represent and promote financial institutions in insurance and work to support an open, competitive marketplace that gives consumers expanded choice and access to insurance products and services. 

As Canada’s economic environment continues to evolve, CAFII believes clear consumer education and confidence-building must be central to the conversation.

Because mortgage stress isn’t just about interest rates.
It’s about financial resilience.