Q&A: Top questions about mortgage protection insurance & TD Protection Plans, answered

Sponsored by TD Insurance So, you bought a home — congrats! You’ve made one of the biggest investments of your life, and that’s no small feat. But since its such a big deal, you should probably consider your options to protect it! So, what’s one way you can do that?If you’ve got questions about optional mortgage protection insurance, you’re not alone. That’s why we’ve teamed up with TD Insurance to bring you answers.Whether you’re wondering if mortgage protection is really worth it or what coverage is included, TD Insurance is here to help answer your questions.Q: WHAT IS MORTGAGE PROTECTION INSURANCE?A: Mortgage credit protection, like TD Mortgage Protection, is optional creditor’s group insurance that can pay towards the outstanding balance on your mortgage in the case of unexpected covered events — like if you pass away or suffer a covered critical illness.Q: WHO SHOULD CONSIDER MORTGAGE PROTECTION INSURANCE AND WHY?A: Whether you’re single or have a partner or a family to care for, considering protecting one of your biggest investments – your home – is an important consideration.Ask yourself: If your income were to be impacted due to a covered health event, could your partner, family, or other dependents handle the mortgage on their own? If that question made you pause, TD Mortgage Protection could be a consideration for you.Q: HOW DO YOU PAY FOR MORTGAGE INSURANCE? DO YOU HAVE TO MAKE AN UPFRONT PAYMENT?A: There is no upfront payment required for TD Mortgage Protection and thus, there is no need to break the bank with an initial large one-time payment.Instead, you pay recurring payments called premiums, and should you pass away or experience an unexpected covered critical illness, the protection could pay off or pay down the outstanding balance on your mortgage.Q: AS A HOMEBUYER, SHOULD MORTGAGE PROTECTION BE TOP OF MIND FOR ME?A: If you’re buying a home, optional TD Mortgage Protection, which offers Mortgage Critical Illness and/or Life Insurance, is an important consideration.For example, TD Mortgage Protection can help families stay in their home, particularly if the sole breadwinner passes away or is diagnosed with a covered critical illness.Q: OKAY, BUT DO I REALLY NEED MORTGAGE PROTECTION?A: If you’re young and healthy, you might be thinking, “Nah, I’m good!” But here’s the reality: as of 2025, statistics from the Heart & Stroke Foundation show that 9 in 10 Canadians have at least one risk factor for heart disease and stroke. Meanwhile, 2 in 5 Canadians will be diagnosed with cancer in their lifetime, according to Government of Canada statistics from 2021.Although this may seem like a scary topic to think about, mortgage protection insurance isn’t about the fear of something that might happen. It’s about protecting your mortgage in case of an unexpected covered event.You might also think that you’ll just figure out a way to cover the outstanding balance of your mortgage when and if something happens. And sure, maybe you can! But TD Mortgage Protection offers that added financial confidence.Without it, a serious critical illness covered by your mortgage protection could mean you have to dip into savings you had earmarked for something, delay retirement plans, or even force your family to sell the home. Planning ahead can help prepare you for covered health events.Q: DID YOU KNOW THAT TD ALSO OFFERS OTHER TYPES OF TD PROTECTION PLANS, IN ADDITION TO TD MORTGAGE PROTECTION, TO ASSIST CUSTOMERS WITH LOANS OR CREDIT CARD BALANCES?A: They do! There are several types of plans that can assist you with your credit balances in the event of a covered event.TD Loan Protection offers Loan Life and Disability Insurance which can pay towards your outstanding loan balance if you experience an unexpected covered event.You can also choose TD Line of Credit Protection, which includes coverage for Line of Credit Critical Illness and Life Insurance that can pay towards your outstanding line of credit balance if you experience an unexpected covered event.Meanwhile, the TD Credit Card Payment Protection Plan can help you make your credit card payments in the event of a job loss, total disability, or loss of life.Q: HOW CAN TD LINE OF CREDIT PROTECTION HELP SAFEGUARD ME AS A STUDENT?A: TD Line of Credit Protection can help students pay off or pay down their outstanding line of credit balance should an unexpected covered event happen.Q: HOW CAN I DECIDE WHETHER TD MORTGAGE PROTECTION IS RIGHT FOR ME AND MY POTENTIAL FINANCIAL NEEDS, AND HOW DO I KNOW IF I’M ELIGIBLE?A: The TD Protection Plans Assessment Tool is designed to help you decide if coverage is right for you based on your unique financial needs and circumstances. You can answer a few questions to help visualize your financial profile, determine your eligibility and learn how TD Mortgage Protection can help protect your mortgage in case of a covered health event.—————————————-Bottom line? Life is unpredictable, so it helps to be prepared for the unexpected. Learn more about TD Protection Plans online and find your best coverage option.
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