Getting a new mortgage or making a change to your existing one is a good time to review your financial plan and ensure you’re protected for the future. I’m not a financial planner – I leave that to the experts – but I do have some insight on mortgage protection insurance.

Mortgage protection insurance is an often overlooked but critical part of your overall financial picture. You may be tempted to waive it because you have term or whole life insurance or life insurance from your employer benefits package but if those aren’t enough to cover the income loss and mortgage payments should something happen to you in the future, mortgage insurance could complement those policies with additional life, critical illness or disability insurance.

It’s tough to think about the what-ifs down the road. But the conversation and plan are important.