Why mortgage protection may be the missing link in your financial plan
Like any large investment, your home is worth protecting
For homeowners, mortgage protection insurance can be an opportunity to plan ahead. However, recent TD Insurance survey results indicate that just one-third of Canadians currently have mortgage protection insurance in place and 39% aren’t interested in purchasing it.
For Shirley Malloy, Vice President of TD Insurance, it’s a shortcoming worth considering. “Our homes have become our safe havens over the last year. But with 45% of Canadians agreeing that their homes are their most important asset, not all may be considering mortgage protection insurance,” she says.
And one reason for this might be that some Canadians don’t know the options that are available to them. It can be a difficult conversation to have but understanding the way mortgage protection works is a good step in comprehending just how important it could be.
“By protecting their mortgage, Canadians are also helping to protect their families financially,” says Shirley. TD Mortgage Protection could address the most significant financial obligation by reducing or paying off mortgage balances in the case of a covered unexpected event. TD Mortgage Protection can offer homeowners relief when they need it the most by paying up to $1,000,000 toward their TD mortgage balance, discharge or penalty fees, or even an overdrawn balance on their property tax account.
For the single parent out of work due to a life-threatening diagnosis, coverage could be the difference between keeping a home or losing it. In an ideal world, you won’t have to make a claim, but in case you do, TD Mortgage Protection could be an essential part of your financial plan.
When asked how they would save their home if they pass away, suffer a covered terminal illness or accidental dismemberment, 40% of Canadians surveyed by TD Insurance said they would cash out major investment assets, including a retirement fund or TFSA. Additionally, 11% said they would sell other high-cost assets such as technology, art and jewelry. In such cases, the pressure to make mortgage payments while covering other expenses can have undesirable consequences on your financial future.
Home ownership is an incredibly rewarding milestone worth protecting and we all want to feel confident in our financial futures. TD Mortgage Protection Plans can help Canadians feel secure.
Knowledge is key to any financial plan. Click here to learn more about how TD Mortgage Protection could help you feel confident that you have coverage.