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Mortgage Brokers now have more ways to help
protect clients' families and their homes
TORONTO, Jan. 18, 2021 /CNW/ - 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). 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
About Manulife
Manulife Financial Corporation is a
leading international financial services group that helps people
make their decisions easier and lives better. With our global
headquarters in Toronto, Canada,
we operate as Manulife across our offices in Canada, Asia,
and Europe, and primarily as
John Hancock in the United States. We provide financial
advice, insurance, and wealth and asset management solutions for
individuals, groups and institutions. At the end of 2019, we had
more than 35,000 employees, over 98,000 agents, and thousands of
distribution partners, serving almost 30 million customers. As of
September 30, 2020, we had
$1.3 trillion (US$943 billion) in assets under management and
administration, and in the previous 12 months we made $31.2 billion in payments to our customers. Our
principal operations are in Asia,
Canada and the United States where we have served
customers for more than 155 years. We trade as 'MFC' on the
Toronto, New York, and the Philippine stock exchanges
and under '945' in Hong Kong.
1 Manulife, Mortgage Creditor survey, October 2020
Mortgage Protection Plan® (MPP) Insurance is underwritten by
The Manufacturers Life Insurance Company
(Manulife). Manulife, Stylized M Design, Manulife &
Stylized M Design, and Mortgage Protection Plan are trademarks of
The Manufacturers Life Insurance Company and are used by it, and by
its affiliates under license. Manulife, P.O. Box 4213, Stn A,
Toronto, ON M5W 5M3. © 2021 The
Manufacturers Life Insurance Company. All rights reserved.
SOURCE Manulife Financial Corporation