(NC) Your home is a major investment that comes with plenty of added costs, like maintenance and renovations. The biggest cost is your mortgage, a major expense that might be difficult to pay in tough times.
If you have a mortgage and you’re worried about leaving your loved ones with a mortgage payment in the case that you were to pass away or experience a covered critical illness, optional TD Mortgage Protection might be the solution.
Evaluating whether mortgage protection insurance is right for you is important. Having a mortgage is a long-term financial obligation. You’ve worked hard for your home, and there are ways to help protect it.
If you aren’t sure if you need mortgage protection insurance, ask yourself these three questions:
What would the impact be to my finances if my income was lost or reduced due to a covered critical illness?
A recent TD Insurance survey reveals that one in three Canadians without asset protection coverage think it’s too expensive, and 28 per cent say they do not believe they get the right value for the amount spent. While we all value our homes, we may undervalue mortgage protection insurance, which could pay or reduce the outstanding balance of the insured mortgage in the event of a covered critical illness.
Would my partner or co-borrower be able to afford the mortgage on their own if I were to pass away or suffer a covered critical illness?
As household partners, you’re in this together. If a mortgage was set with two incomes in place, it could be difficult to get by on just one. Consider having a plan in place, like mortgage critical illness and life insurance, before an unexpected covered critical event occurs. There are options available to help you find the right coverage that best suits your budget and needs.
Do I have loved ones who rely on me financially?
Owning a home and having a family comes with the responsibility of ensuring your dependents are safe and protected. Mortgage protection insurance can help you protect your mortgage and home, which could also benefit loved ones who may financially depend on you.
Learn more at td.com.