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Home sweet home: how to keep it safe and sound

(NC)—Buying a home is the single largest investment many Canadians will make in their lifetime.

But homes are more than that: they’re a source of pride, a reflection of hard work and a safe place to lay your head at night. For most families, this rare combination of financial and emotional value means no material item is more important to preserve and protect.

“When buying a home, or taking on significant credit to finance a home, Canadians should ask themselves all the tough questions and evaluate and prepare for worst case scenarios,” says Dave Minor, Vice President, TD Insurance. “These questions include how will I pay my mortgage and protect my assets in case of a major accident or critical illness?”

According to figures from the National Cancer Institute of Canada, one in two Canadian men and one in three Canadian women will experience cancer in their lifetime.

“Advances in medical science have made some life-threatening illnesses survivable,” says Minor. “While that’s great news, the road to full recovery can present a difficult financial challenge for families focused primarily on providing emotional and physical support.”

TD Canada Trust suggests homeowners consider the following scenarios:

  • What will happen to my home if I become critically ill? Will my family lose its home?
  • 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 flexibility in terms of negotiating a later closing date?
  • Is my line-of-credit fully extended, and if so, will my family or I have to cash out our “nest egg”?

“Home ownership is an important and exciting responsibility,” says Minor. “To best protect your family’s emotional and financial investment, it’s often wise to consider the need for credit protection on your mortgage or home equity line of credit.”

For the best advice, be sure to speak with a financial advisor or insurance specialist about ways to protect your mortgage or line of credit. More information is available online at, or toll-free at 1-888-983-7070.