Protect the home · Protect the income
Just Bought a Home
Your mortgage could last 25 years. How would you keep paying it if your income stopped? Closing day or your first mortgage payment is a good moment to review the protection behind your new home.
Information reviewed November 5, 2026Questions this pathway can help with
- Could my household keep the home on one income?
- How does lender mortgage insurance compare with personal term life?
- What would help if illness or injury kept me from working?
Open a topic to learn what it means, what to compare, and which questions to ask next.
01Match life coverage to your obligationsConsider the mortgage alongside the rest of your household's needs.
What to understand
- Review your mortgage balance, remaining amortization, other debts, dependants, savings, and existing coverage before choosing a benefit amount or term.
- Personal term life can provide a death benefit to your chosen beneficiary. Optional lender mortgage life insurance generally pays the lender and its benefit falls as the mortgage balance declines.
- Compare ownership, portability, exclusions, premiums, and underwriting. Optional mortgage life insurance is different from mortgage default insurance, which protects the lender against default.
02Review the income that makes the paymentsDisability protection addresses a different risk from life insurance.
What to understand
- Disability coverage can replace part of your income during an eligible illness or injury. Check workplace benefits before assessing a gap.
- Compare the definition of disability, waiting period, benefit duration, limits, and exclusions. A long mortgage does not mean a disability policy pays for the same number of years.
- Include property tax, utilities, food, and other essential costs in the discussion, not just the mortgage payment.
03Understand critical illness and your cash reservePlan for the costs that can come with a serious diagnosis.
What to understand
- Critical illness insurance may pay a lump sum for a covered diagnosis that meets the policy conditions. It does not cover every illness or replace disability insurance.
- Compare covered conditions, exclusions, survival requirements, and affordability before deciding whether it fits.
- Keep an accessible reserve for unexpected expenses. Review your plan again when you refinance, change jobs, or add a dependant.
What Horizon offers
A protection review for your new home
We can help you compare your mortgage obligations with the protection you already have and the gaps you want to address.
What you receive
- A mortgage and household-obligations summary
- A comparison of personal term life and lender coverage
- A review of income-protection questions
- Coverage options and next steps for a licensed-advisor discussion
Insurance options depend on your needs, budget, underwriting, and policy terms. Personalized insurance advice is provided through appropriately licensed professionals.
Request a new-home protection reviewWant help with your next step?
Send me a message, and let’s take 15 minutes to talk it through.
— Anand, Horizon Wealth Builders Canada