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Here’s Why Canadian Millennials May Need Financial Protection, Even If They Think They Don’t

Your work insurance doesn’t cover everything.
Contributing Staff Writer
Here’s Why Canadian Millennials May Need Financial Protection, Even If They Think They Don’t

When you bought your first car, you got insurance in case of an accident. When you landed your most recent job, you combed through your health and dental benefits with care. If you're lucky enough to have already bought a house, you've likely signed all of the papers to protect your new home. 

But is this all of the financial protection you need?

As millennials, we often think we're too young for the type of financial protection plans our parents have.

After all, we're only in our 20s and 30s, and we'd rather spend that money on dining out, traveling, and — less enjoyably — paying off our student debt. 

Building a solid protection plan that can help protect us from what we don't often think about as young, healthy adults isn't high on our adulting to-do list, which is probably why more than half of millennials don't have life insurance.

But if the unprecedented circumstances of last year have taught us anything (especially as they spill over into 2021), it's that we should prepare for the unexpected. 

Luckily, there are optional coverage choices like TD Protection Plans to help you and, even better, help protect some of your biggest financial obligations if you suffer an unexpected covered life event.

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Optional creditor group insurance can help offer financial protection by giving you coverage for your insured debt to complement any insurance you might automatically get through your employer. 

TD, for example, has TD Protection Plans that can help protect things you might not even think about, like your mortgage, line of credit, loans, and even your business loans.

To start with, if you have a TD loan, you can get optional Loan Life and Disability Insurance, or Loan Life Insurance, which can pay towards the outstanding balance on your loan in the case of a covered total disability or death.

This could be helpful for over half of Canadians, who say they live paycheque to paycheque, and for the 25% of us who say our debt load is overwhelming.

TD Mortgage Protection — which can be purchased whether you're in the process of applying for a TD mortgage, or if you already have a home financing solution with TD — can also help pay down or even pay off your mortgage if you were to suffer a covered critical illness or die.

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Despite what having extra financial protection can offer certain people, the reality is that many of us don't know - or consider - the benefits.

But whether you're a young professional focusing on your career and living a busy lifestyle, or you're starting a new family and thinking about purchasing your first home, building a solid financial protection plan can help you stay prepared.

With TD's Protection Plans, you can apply online, over the phone, or in a TD Canada Trust location if you're eligible.

There's also an easy-to-use TD Protection Plans Assessment Tool, where you just fill in your details to see how TD can help protect you and your family and help safeguard some of your biggest financial obligations — like your mortgage, line of credit or loan.

Visit the TD Protection Plans Assessment Tool to see how you can safeguard your biggest financial obligations.

    Jennifer Browne
    Contributing Staff Writer
    Jennifer Browne is a Contributing Staff Writer for the Studio department focused on sponsored content and is based in Toronto, Canada.