Who needs mortgage protection insurance?
If you're committing to a mortgage, consider mortgage protection, like term life insurance and critical illness insurance. Whether you're single, married, common law, with or without children, it's important to protect yourself and the ones you love.
Are you:
Family - Are you buying a bigger home for your growing family?
| How term life insurance helps: | Term life insurance can help you protect your family's finances. Your beneficiary can use the coverage to pay the balance of your mortgage, or put it towards your child's education. Some term life insurance plans give you the option to cover your children too, protecting their future insurability. |
| How critical illness insurance helps: | If you protect your family with critical illness insurance - it's available for you, your spouse and your children. And, if one of you becomes seriously ill, the insurance benefit would help replace any lost wages when you take time off work to recover or help your spouse or child get better. This means you'll be able to cover your expenses, like your mortgage payments. |
| How together, both types of insurance help: | Choosing both term life insurance and critical illness insurance gives you and your family the right protection when you need it most. |
Couple - Are you buying a home with someone else?
| How term life insurance helps: | If you're buying a house with someone else, you'll need to think about how you'd carry the expense of a mortgage without a partner's income. Term life insurance can provide affordable protection for both of you, and help you maintain your home and lifestyle in case of an unexpected loss. |
| How critical illness insurance helps: | If you and your partner both buy critical illness insurance, you'll have money available to take time off work to care for one another if one of you becomes seriously ill. It can help you focus on getting better - instead of your mortgage payments. |
| How together, both types of insurance help: | Choosing both term life insurance and critical illness insurance gives you and your partner the right protection when you need it most. |
Single - Are you buying a home on your own?
| How term life insurance helps: | You might be thinking - "I'm single, what do I need life insurance for?" Even without a spouse or dependents, you'll leave behind debts and final expenses when you die. Term life insurance means you can make sure your affairs will not be a burden to others by ensuring your executor has the money needed to settle any final expenses. And, by getting term insurance now, you also help ensure that you'll be protected in the future. |
| How critical illness insurance helps: | If you're single and you became seriously ill, would you be able to continue paying your bills or your mortgage if your income was disrupted? Not likely. Critical illness insurance can help you pay for expenses like providing for care, or your mortgage payments, so you can focus on getting better. |
| How together, both types of insurance help: | Choosing both term life insurance and critical illness insurance gives you the right protection to remain independent when you need it most. |
Talk to your advisor today and ask how you can protect your mortgage with coverage you can carry with you. If you aren't already working with an advisor, visit Find an advisor to find the right match for you.
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