The Edmonton-based brokerage that recently introduced layoff insurance to ensure those out of work are still able to make mortgage payments, told Insurance Business Canada that “demand has been brisk” for its product.
Gordon McCallum, president of First Foundation Insurance, would not disclose detailed numbers but said, “Unfortunately there has been lots of demand from the public which is an indication of the state of our economy at the moment.”
Indeed, it’s an unfortunate sign of the times. Slumping oil prices have taken a toll on the Canadian economy, leading many resource-sector operators to scale back operations and cut staff. But this broker in Alberta is looking to help those hit by the faltering economy, while moving into a new product sector.
And others have taken an interest too. “We've had numerous inquiries from other mortgage and insurance brokerages as well about offering it,” McCallum said.
