Throughout life, you may have moments where you’ll make a large purchase or invest in a costly item, like your family home. But whether you’re in the market for your first new property or already have a mortgage, leaving this asset unprotected can be costly.
Insuring your housing financial debt, as well as debt for other big-ticket items like a new boat for your lakefront cottage or keepsake jewelry like an engagement ring, is a smart investment in your well-being.
To help protect your debt balances like a mortgage, your bank may have optional credit protection insurance products.
"Your home is one of your biggest assets, yet illness can happen at any stage of life. Worrying about your mortgage when the focus should be on health isn't a situation anyone would wish for,” explains Shirley Malloy, vice president at TD. “Fortunately, we offer mortgage protection to provide coverage for your outstanding balance should you face a covered critical health event."
Mortgage protection can be purchased whether you're in the process of applying for a mortgage or already have a home financing solution. But what about protection options for credit card debt?
"Given the unprecedented circumstances of this year, many Canadians are trying to plan for the unexpected to protect themselves and their finances," says Malloy. "TD balance protection plus is an optional product designed to help you deal with your credit card payment obligations in the event of a covered event, such as loss of employment."