Cred­i­tor insur­ance an option to consider

Toronto Star

For most Cana­di­ans, 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?

Infor­ma­tion on credit pro­tec­tion insur­ance and home insur­ance can be obtained by con­tact­ing your bank.

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Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

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