It’s hard to believe that it’s been almost 15 years since the ink was wet on my very first mortgage. Buying your first home, or your third for that matter, is an exciting but stressful time. With the keys to any new home comes the start of a new life, and an asset that is likely to be the biggest one you will ever own. It’s easy to overlook things, or rush through them in all the excitement. It’s important to make sure that you are getting a great mortgage rate and a well-built home. You also need to think about all the little details like home insurance, mortgage insurance, and critical illness insurance.
I can still remember sitting in the office of our local TD mortgage specialist, my first baby fluttering away in my belly, as we listened to her outline our mortgage options. As I sat in the chair, and rubbed my belly I couldn’t help but think of all the life events, big and small that we were about to experience. What never crossed my mind was all the possible ways we would be affected should Luc or I become critically ill.
With such a big investment it was something that definitely should have been at the forefront of my mind. Now don’t get me wrong, even though Luc and I were first time home buyers, we weren’t completely unprepared. We knew it was crucial to have home insurance should something unexpected happen to our home, and mortgage insurance should one of us die unexpectedly. We figured a life insurance plan through Luc’s work would offer a little protection should something unexpected happen to him. Before our TD mortgage representative brought up critical illness insurance we never even had a thought to what would happen if one of us were to become critically ill.
At 25 and 30 chances were pretty good that we would be in the clear, but life is full of both good and bad surprises. Cancer, acute heart attack or strokes are the most common critical illnesses, occurring across all ages in Canada. They are also most likely to affect the average Canadian at a time when they have a mortgage.
With our most recent mortgage we didn’t even wait to be asked if we were interested in critical illness coverage. We asked for it. Luc and I both agree that critical insurance, as well as mortgage insurance, are not an option, they are a necessity. Should one of us become ill over a long period of time and be unable to work, we could lose our home.
TD Mortgage Critical Illness and Life Insurance offers us peace of mind. Should one, or heaven forbid, both of us be diagnosed with a covered critical illness, our TD mortgage balance may be paid off, up to $500 000 in one lump sum. Bundled in with our TD Mortgage Life Insurance, which insures our mortgage in the event of death, and included as part of my regular mortgage payment each month it’s easy to forget it’s there and just get on with enjoying the business of living.
No one wants to think about the what ifs in life, but when making such a huge investment it’s important to ensure it’s protected. To find out more about how TD Mortgage Critical Illness has you, and your family covered visit tdcanadtrust.com.
This post was sponsored by TD Insurance as part of the #InsuranceThatFits blogger program. The opinions on this blog, as always, are my own.