First Foundation of Edmonton has launched a new lay-off insurance product in response to client demand. As Alberta’s unemployment rate edges higher due to the energy sector’s downturn the new policy is likely to attract a lot of interest from workers concerned about losing their homes. President of the brokerage, Gord McCallum told the Edmonton Journal that he began looking into the product after a client asked for it last fall: “Unfortunately it’s a product suitable for the times,” he said. Among the conditions for eligibility there must be no prior knowledge of the lay-off within 90 days of the claim and the policyholder must have a mortgage. Payments will be paid directly to the mortgage lender when a claim is made.
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