First Foundation Launches Layoff Insurance in Alberta

EDMONTON, ALBERTA--(Marketwired - Jan. 14, 2016) - First Foundation, an Alberta-based organization, today announced that it has launched a new product called layoff insurance in the Alberta marketplace. "We are very pleased to be bringing layoff insurance to Albertans at a time when people really need it most," said Gordon McCallum, First Foundation's President. "We would prefer it if there was no need for this type of coverage, but the slowing Alberta economy, the low price of oil, and the rising unemployment rate have all led to high demand for this product."

Layoff insurance, otherwise known as job loss insurance, is aptly named as it will cover an individual's mortgage payments for a period of time in the event that they lose their job. The payments are tax-free benefits intended to supplement employment insurance (EI) payments from the Canadian Government.

Tyler Pfeiffer, CFP, adds, "Layoff insurance is really designed to protect people from a bad situation that can get worse in a hurry. In fact, according to the Canadian Association of Accredited Mortgage Professionals, job loss is one of the most common reasons why people end up defaulting on their mortgage. Losing your job is bad enough, but losing your home as well is a disaster. Layoff insurance protects against that."

Additional information about Layoff Insurance, including terms and conditions and instructions on how to apply can be found at First Foundation Layoff Insurance.

About First Foundation

First Foundation is a family of companies headquartered in Edmonton, Alberta, that are dedicated to helping Canadians OWN a home, GROW their wealth, and PROTECT what matters. As independent, licensed brokers, First Foundation is able to offer mortgages, home, auto, and business insurance, as well as life insurance and financial planning to Albertans who value honesty, savings, and choice.