Mark Carr

Being self-employed can offer a lot of freedom and flexibility, but it can also mean giving up some of the benefits that often come with traditional employment.

One of the things that's easy to overlook is what would happen to your mortgage payments if an illness or injury suddenly prevented you from working.

Would your mortgage still get paid?

Many employed Canadians have some form of disability or life insurance through their workplace. If you're self-employed, that protection may not be there unless you've arranged it yourself.

That's why it's worth taking a few minutes to understand what coverage you currently have and whether it would be enough to protect your mortgage and your family if your income suddenly stopped.

Think Beyond Getting Approved for the Mortgage

When we arrange a mortgage, most of the conversation naturally focuses on things like the rate, payment, down payment and qualifying.

But getting the mortgage is only part of the picture.

Once you own the home, that mortgage payment continues every month — regardless of whether you're able to work.

For someone who's self-employed, an unexpected interruption in income can be especially important to plan for.

Mortgage Protection Is One Option

Manulife's Mortgage Protection Plan (MPP) offers life and disability coverage designed to help protect your mortgage if unexpected events affect your income.

It isn't about assuming something bad is going to happen. It's about

understanding what protection you already have, identifying any gaps, and deciding whether additional protection makes sense for you.

When Was the Last Time You Reviewed Your Protection?

If you're self-employed and haven't looked at this recently, it may be worth asking yourself:

If I couldn't work tomorrow, how long could I comfortably continue making my mortgage payments?

If you don't know the answer, that's a good reason to have a conversation.

I'm happy to help you understand the mortgage protection options available and answer your questions.

Mark Carr

Mortgage Agent Level 2

Marbelle Financial Services Inc.

Brokerage Licence #10343

Mortgage Protection Plan® (MPP) Insurance is underwritten by The Manufacturers Life Insurance Company.