If you wish to decrease the coverage amount or term length, this will depend on the company, as guidelines vary. (quickquote.com)
Mortgage insurance plans from lenders offer decreasing coverage as you pay down a mortgage but premiums remain the same. (compareinsurancesonline.ca)
However, some experts say the lower premiums resulting from today's changes will come at the price of substantially decreased coverage for policies. (moneysense.ca)