Findings also showed that 54 per cent of Canadians owning a home with a mortgage, would find it valuable if their mortgage broker shared available options with them to protect their home and family.
With the increasing shift in consumer behaviour to digital during the COVID-19 pandemic, Manulife wants to help mortgage brokers in Canada help protect their client's families and homes and take advantage of this growing digital mindset. Manulife is now offering mortgage brokers a new digital application tool for mortgage creditor insurance in addition to the existing paper-based method. The online process is embedded directly into partnering Mortgage Origination Systems (MOSs). In their system, mortgage brokers can access the resources and easily send the online application link to clients so they can apply for Manulife's Mortgage Protection Plan.
A family dealing with a sudden change - such as death or disability - needs options when it comes to mortgage payments, said Clinton Wong, Vice President, Mortgage Creditor Insurance at Manulife. Mortgage brokers are crucial to help clients not only buy their dream home but also protect it. With the introduction of our online application process, we want to offer convenience and flexibility so they can choose what is best for their business and their clients.
Manulife's Mortgage Protection Plan includes life and disability insurance options. Mortgage life insurance helps ease the strain on loved ones by paying the remaining mortgage balance if the mortgage holder passes away. In terms of disability insurance, it helps protect the mortgage holder if a serious accident or illness leaves them unable to work, by covering the monthly mortgage payments for up to 24 consecutive months.
For more information about Manulife's Mortgage Protection Plan visit Manulife.ca
TORONTO
A new Mortgage Creditor Report commissioned by Manulife1 reveals that while almost one in two Canadians (45 per cent) own a home with a mortgage, less than half of them feel their family would be financially ready to handle unforeseen events, such as a death (41 per cent) or disability (31 per cent).
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