Canadian home buyers can opt for a little peace of mind with the introduction of job loss insurance coverage on mortgages by the Nova Scotia companies Fraser & Hoyt Benefits and Propel Insure.
"This product takes away the worry many home owners face in the event of involuntary unemployment," said David Young, Propel Insure president and marketing consultant to Fraser & Hoyt Benefits, to Canada NewsWire. "With job loss insurance in place their mortgage payments will be covered for a period of time that enables them to find new employment."
Currently, job loss insurance is not carried by most financial institutions and banks. With this insurance, mortgage payments will be covered for up to six months for as much as $4,000 each month.
The new product launches this week at the Canadian Association of Accredited Mortgage Professionals Regional Symposium, taking place in Halifax.