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 www.tdinsurance.com, or toll-free at 1-888-983-7070.
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