four coloured squares rotating clockwise inside an orange circle

How can I protect my mortgage in the event of the unexpected?

Your home is a place where memories are created; it is a place to watch children grow, to celebrate life and a place to support each other during times of sorrow. What would you do if you had to sell your home due to a family tragedy such as a job loss, critical illness, sickness, accident or death?

A recent poll cited in the media suggested more than one in three homeowners don’t have any coverage beyond home insurance to help cover liabilities and protect this financial asset in case of illness or death.

The good news is even though unexpected tragedies do happen, you can protect yourself and your loved ones from financial heartaches. Whether through a traditional life insurance policy*, critical illness insurance, or an insurance product tied to a mortgage, professional advice can help identify the right financial security blanket for homeowners. Some different types of insurance include:

  • Critical illness insurance: If you or your spouse were diagnosed with a critical illness,* you can rest assured with critical illness insurance since it pays off the existing balance on your mortgage.
  • Loss of employment insurance: If you were to lose your job involuntarily, loss of employment insurance can protect you and provide you with peace of mind.
  • Disability insurance: Individual disability insurance is designed to replace a percentage of your gross income on a tax-free basis if a sickness or illness prevents you from earning an income in your occupation.
  • Life insurance: If you have children, life insurance is key to provide for their long-term security. Adequate coverage can pay off the mortgage, allowing children to live in the same house, go to the same schools, or fund a university education.
Your insurance can be purchased from the lender where the financial institution that holds the mortgage is the owner; or it can be purchased as a personal insurance policy.

Professional advice can help you protect your family home and offer security over the long term. Speak with one of the Credential Financial Strategies Inc. experts to discover the options best suited to your needs.

Share with friends


Mortgage Switch Program

Ready to move? Are you looking at different mortgage options? We will pay up to $1,500 of the fees associated with moving your mortgage.
contract and money icon

Mortgage Pre-Approval Form

A mortgage pre-approval is a great first step in your homebuying journey. By being pre-approved, you can confidently begin your house search.

Up Next: What is the CMHC?

The CMHC's mandate is to help Canadians access a variety of affordable housing options.
Synergy Credit Union uses cookies to improve your experience on our website. By continuing to browse the site you are agreeing to our use of cookies. You can find more information on our use of cookies here