HALIFAX, June 14 /CNW/ - Nova Scotia companies Fraser & Hoyt Benefits and Propel Insure are collaborating to offer Canadian home buyers job loss insurance coverage on their mortgages.
"We identified a gap in the limited coverage available to current home buyers and current home owners and aligned with Fraser & Hoyt Benefits to create a comprehensive insurance package to offer home owners greater peace of mind. This product takes away the worry many home owners face in the event of involuntary unemployment," said David Young, President, Propel Insure, marketing consultants for Fraser & Hoyt Benefits. "With job loss insurance in place their mortgage payments will be covered for a period of time that enables them to find new employment."
Job loss insurance is a recent addition to the Canadian insurance market and currently not offered by most financial institutions and banks. In the event of involuntary job loss the insurance will cover mortgage payments for up to six months for as much as $4,000 per month.
"Fraser & Hoyt is excited about the opportunity to collaborate with Propel Insure and expand our product line for home owners," said Russ Oehmen, Vice President Fraser & Hoyt Benefits.
This new product is being launched at the Canadian Association of Accredited Mortgage Professionals (CAAMP) Regional Symposium taking place this week in Halifax, Nova Scotia. Five core insurance products are included in this package for mortgage brokerage clients including Life, Accidental Death, Disability, Critical Illness, and Job Loss insurance. Great West Life Assurance Company of Canada is the underwriter of these new insurance products.
About Propel Insure
Propel Insure is a marketing consulting company that provides services to both insurance and mortgage brokerages. Propel is uniquely positioned to assist insurance companies and mortgage brokers to work together for the benefit of their mutual customers.
About Fraser & Hoyt
Fraser & Hoyt Benefits is a benefits consulting company and a division of the Fraser & Hoyt Group. Fraser & Hoyt Benefits have been providing benefit solutions for over 90 years and is affiliated with Assurex International Global with partners throughout Canada, the United States and countries around the world.
SOURCE PROPEL INSURE
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