Buying a home is probably the largest purchase you will ever make and you want to make sure you that you know about the life and disability insurance options available to you. You never know when something unexpected happens and you want to ensure that you are covered.

Life and disability insurance is one of the most important parts of the puzzle to put in place and it's important to know what's available and what suits your life/family situation best.

Checkout the video explaining the different insurance options available to you below.

Purchasing your home is such an exciting time, there's so much to consider and it can be overwhelming. Some of the common answers that we hear when talking with clients about their Insurance needs, are listed below:

#1 I don't need Insurance:

MMG: It's advised by Financial Planners that the amount of Life Insurance people need is somewhere between 5 & 10 times their annual salary. Typical employee benefit plans do not provide nearly that much coverage, so unless you have a substantial individual policy in place, you may be under-insure, should something happen to one of the borrowers. Do you want to rely on your employee benefits when they could be gone the next time you decide to switch jobs?

#2 It's too Expensive:

MMG: If your budget is so tight that an extra $30-$50 per month is too much, then how would your family keep up with the mortgage payments if they lost an income-earner? It would be tough. The people who are on tight budgets need mortgage protection most of all. People who have lots of excess cash flow may have sufficient assets to help them ride out any storm, but everyone else needs to think about how they are going to protect their home and their investment.

#3 I'm young, I'll be ok:

MMG: Did you know if you obtain your Insurance at a younger age, your premium amount doesn't change and you'll have the insurance at a reasonably low monthly fee, for the duration of the Mortgage or term, whichever Insurance type you decide upon. As well, being young doesn't guarantee us from tragic situations, accidents at work and life altering/ending illnesses. How would you/your spouse and children be able to afford staying in their home, should something unfortunate happen to you or your spouse.