Just Bought a Home? Here's What to Protect Next
Congratulations! Between the closing date, the movers and figuring out which switch turns on which light, protecting the new place probably isn't top of mind. But a home usually comes with the biggest debt most people ever take on, and a few simple steps now can make sure the people living there are protected, not just the house.
Your new-homeowner checklist
- Protect the mortgage. If something happened to you, could your family keep the house? A personal term life policy can cover the mortgage, and you choose who it pays.
- Protect your income, not just your life. The mortgage payment is due whether you're working or not. Disability and critical illness coverage can help keep the payments going if you're sick or hurt.
- Check what you said yes to at signing. If you took mortgage insurance through your lender, find out how it works: who it pays, whether the coverage shrinks as you pay down the mortgage, and what happens if you switch lenders. Don't cancel anything until a replacement is in place.
- Update your will and beneficiaries. A home changes your estate. Make sure your will reflects it, and that the beneficiaries on your insurance and registered plans are current.
- Don't forget home insurance. Your lender requires it, but it's worth checking that your coverage matches what it would cost to rebuild today. We don't sell home insurance, but it belongs on the list.
How much coverage do you need?
Start with your gap: your mortgage balance, plus the income your family would need, plus any other debts, minus what you already have through work and savings. We'll work it out with you in a short, no-pressure conversation.
Frequently Asked Questions
It's not wrong, but it's worth comparing. A policy you own can offer more flexibility, like choosing who gets paid and keeping your coverage if you switch lenders. We're happy to look at what you were offered.
Usually, yes. If either income disappeared, or if the work a stay-at-home partner does had to be replaced, the mortgage could quickly become hard to manage.
Term life insurance is usually the most affordable way to protect a mortgage. We'll show you options that fit what you can comfortably spend.
Settle in with peace of mind
Book a call or get a quote online. My name is Trevor, and I'll help you protect your new home in about the time it takes to unpack the kitchen.