There’s no place like home, so it makes sense that you'd want to protect what could be your most expensive investment to date.

According to a 2021 TD Omnibus survey from TD Insurance, fifty-three per cent of Canadian homeowners said they would sell high-cost assets to help save their homes after an unexpected event.

But how far would they be willing to go? Forty per cent of respondents said they would cash-out major investment assets, including their retirement fund or TFSA, and twelve per cent would sell their high-cost assets, such as technology, art and jewelry.

1. If people don’t have mortgage protection, how are they protecting their homes against unexpected circumstances?

Selling off other high-value assets – like jewelry or art – might be some Canadians' back-up plan, but there are other ways to plan ahead to help protect your most valuable asset without sacrificing other investments or heirlooms.

“While Canadians value their homes, they may undervalue the power of mortgage protection," says Shirley Malloy, Vice President of TD Insurance. "Mortgage protection may help prevent homeowners from going to such great lengths in the event of an unexpected covered event and help them save their assets, like their car or jewelry that they might otherwise choose to sell to cover their mortgage.”

1. Why is mortgage protection an important part of a strong financial plan?

We can never know for sure what tomorrow will bring, but we can start planning today.

At TD, eligible clients can apply for optional TD Mortgage Protection if they’re in the process of applying for a TD Mortgage or already have a mortgage with the bank. If you’re approved, and then experience a covered unforeseen event such as accidental dismemberment, terminal illness, critical illness or death, TD Mortgage Protection can pay up to $1,000,000 toward the following: your outstanding TD Mortgage balance, discharge or penalty fees, overdrawn balance on your property tax account or interest owing.^[1]

“It’s never too early to plan for the future. Illness or an unexpected event can arise at any point in life, perhaps when you're least prepared for it financially. To focus on how you’re going to secure your next mortgage payment instead of focusing on your health should never be the case,” says Malloy.

1. How do I know if mortgage protection is the right option for me?

If you're not sure if mortgage protection is right for you, consider asking yourself these three questions:

• What would the impact be to my finances if my income was affected by a covered critical illness?
• Would my partner or co-borrower be able to afford the mortgage on their own if I were to pass away or suffer a covered critical illness?
• Do I have loved ones who rely on me financially?

“It’s easy to get caught up in the initial purchase of a new home, but homebuyers should keep in mind what safeguards they can put into place to help protect themselves financially for the long term,” says Malloy.

Mortgage protection is designed to help you feel confident that you have coverage. Canadians who would like to learn more about mortgage protection, or see what coverage options are available, can use the TD Protection Plans Assessment tool to see how optional creditor insurance coverage can help protect you and your family.