First Foundation announced that it has launched a new product called layoff insurance in the Alberta marketplace. 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.

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.