Manulife Brings Mortgage Protection Insurance Into the Digital World

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Manulife Brings Mortgage Protection Insurance Into the Digital World

Canada NewsWire

C$ unless otherwise stated                                                
TSX/NYSE/PSE: MFC SEHK: 945

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

Cision View original content: http://www.newswire.ca/en/releases/archive/January2021/18/c7444.html

Copyright CNW Group 2021

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