Is mortgage protection worth considering?

(NC) Moving into a new home or renovating your current one can be an exciting time with many decisions – from renovations and upgrades to landscaping and furniture selection. But in tough economic times, it can feel risky.

And while these decisions are important, a key consideration is how to help ensure you can keep your home for the long run.

As a homebuyer, you probably already know about home insurance, but you may not know that there are optional coverage choices which may help protect your ability to remain in your home in case of a covered health event.

Optional mortgage critical illness and life insurance can pay down or pay off the remainder of your mortgage balance in case of certain health events, so it may be worth considering.

According to a 2022 TD survey, almost half of the Canadian respondents reported their homes as the most important asset they have. And just over 30 percent of respondents said they would be willing to cash out their investment assets to save their home in the event something unexpected happens, including a covered critical illness.

But what if they didn’t have to worry about that?

To find more information on mortgage protection, contact your local bank.