What is mortgage protection, and why might you want it?

(NC) Homeownership is a big step, whether you’re a first-time buyer or not. Protecting your new home typically involves getting new locks, installing an alarm system and maybe even getting a “guard” dog. However, something you might not have considered is to help protect your mortgage.

TD Mortgage Protection, for example, offers optional coverage to help safeguard one of your biggest financial obligations. You’ve worked hard for your new home, and you likely want to help ensure you and your loved ones can stay in it as long as you want, whether it’s your starter or forever home.

If you’re not sure what mortgage protection is, here’s a breakdown:

In the unfortunate event that something happens to you, like a serious injury, death or critical illness that is included in your insurance coverage, mortgage protection can step in to reduce or pay off the remainder of your mortgage, up to $1 million. If your claim is approved, it could help ensure your loved ones can remain in the family home and could lift your mortgage payment obligation from the shoulders of you and your family.

Mortgage protection can help homeowners protect their financial well-being by offering mortgage critical illness and life insurance. If you are enrolled with active coverage and subsequently suffer a covered serious injury caused by an accident, are diagnosed with a covered critical illness such as a stroke, life-threatening cancer or acute heart attack, or if you pass away, your outstanding mortgage balance could be reduced or paid off, up to $1 million.

Learn more about mortgage protection at td.com/mortgageprotection.