(NC)—For most Canadian, buying a home is the largest investment they will ever make and for first-time homebuyers in particular, there is a lot to learn from the process. Once the deal is signed and financing is secured, it's important to ask one more question: “What if I can't repay my loan?”
The answer may come in the form of credit protection insurance. Depending on the type of coverage in place, this will help manage a person's debt in case of unexpected circumstances, including critical or terminal illness, accident or death.
“There's a tendency for new homeowners to put insurance on the back burner,” says Dave Minor, vice president at TD Insurance. “In reality, the best time to look at your options is when you're securing your financing. With creditor insurance you can rest assured that your family will not have to manage your financial obligations should something unexpected happen.”
“Credit protection insurance goes hand in hand with home insurance,” adds Minor. “Protecting your financial investment, plus your home and its contents, provides a solid foundation for security as a homeowner.”
When deciding what insurance is right for them, homebuyers should consider:
• Who will pay my mortgage if I can't work?
• Are my co-borrowers and guarantors protected?
• Do I have insurance protection in place before the purchase of my new home closes?
• Do I have sufficient savings to manage emergencies?
More information on credit protection insurance and home insurance can be found online at www.tdinsurance.com or toll-free at 1-866-753-6953.
- News Canada