In September 2014, the Canadian Mortgage App was the most downloaded mortgage calculation application in the Canadian iTunes store and the second-most downloaded application in this category on Google Play Canada. More than 150,000 Canadians have loaded the app onto their devices, viewing it more than 4.5 million times since 2013. About 10,000 Canadians download the app every month.
Foresters Canada is taking advantage of the app's popularity and is partnering with the developers to give its contracted life insurance agents new a way to connect with clients. On March 17, the insurer announced that it had become the app’s exclusive sponsor.
Rob Baboth, vice president of sales at Foresters, describes it as a win-win situation for both homebuyers and insurance advisors. "Preparing people for the unexpected starts with proper planning and this popular mortgage calculator is a convenient, useful resource that advisors can share in their practice and that clients will appreciate," he says.
In addition to costs such as the land transfer tax and Canada Mortgage and Housing Corporation premiums, the app will now allow consumers to calculate the cost of buying life insurance from Foresters. In a press release announcing the sponsorship, Foresters points out that, according to LIMRA’s 2013 Canadian Life Insurance Ownership Study, obtaining a mortgage is the main reason Canadians take out life insurance.