Credit Security Plan*
The Insurer is The Manufacturers Life Insurance Company

Leave them your memories, not your mortgage

Make sure your family has the security of a mortgage-free home

For most of us, buying a home is a major financial commitment. It’s also the one decision that has the greatest effect on the security of your family. When a loved one passes away, the last thing family members should have to worry about is whether they can keep their home.

The First National Credit Security Plan ("The Plan") underwritten by The Manufacturers Life Insurance Company ("Manulife Financial" the "Insurer"), is specifically designed to fit your mortgage and will help ensure your family's security if something were to happen to you. The Plan will cover the amount owing on your mortgage (up to $1,000,000) and provide your family with a mortgage-free home. Your family won't have to give up their home if you're no longer there to take care of it.

Savings and convenience are yours
First National's mortgage customers enjoy the benefit of affordable premiums because they are calculated based on low group rates. Your premium is set at the time you apply for insurance and does not increase because you get older.

And that's not all. Since the plan has been designed so that your insurance will always match the balance owing on your mortgage, you pay only for the amount of coverage that you need, provided that your Initial Mortgage Balance is under $1 million.

No matter which mortgage payment frequency you choose, your premiums will be conveniently collected from your bank account along with your mortgage payment. First National takes care of forwarding your premium on to the Insurer so that you never have to bother with paying an extra bill.

A few dollars a month can protect your family and home
Let’s assume you have a $120,000 mortgage and you are 28 years old. You simply divide the $120,000 by 1,000 and multiply the answer by the premium rate for your age group as shown in the chart. In this case, your monthly premium would be $11.76.

Age at Entry**
(age on funding date)
Single Joint
18-30 0.098 0.142
31-35 0.133 0.189
36-40 0.218 0.305
41-45 0.324 0.453
46-50 0.455 0.637
51-55 0.623 0.872
56-60 0.872 1.221
61-64 1.254 1.755
All calculations are approximate and rounded to the nearest thousand dollars.
Provincial Taxes will be added where applicable.
** Applications are accepted up to age 64.
 Insurance continues until your 70th birthday.

Premium Rate
from chart
  Mortgage Balance
divided by 1,000
  Monthly Premium
$0.098 x 120 = $11.76

Calculate joint life premium
Divide the initial mortgage balance by 1,000 and multiply this number by the joint life rate associated with the age of the older borrower in the rate table.

*Credit Security Plan is not available through this website to customers in British Columbia or Quebec. For information about Credit Security Plan in Quebec, please contact First National Financial LP to request a brochure regarding the Plan in that Province.

Frequently asked questions

Do I have to take a medical exam?

Not initially. That's one of the reasons why First National Credit Security Plan is such a convenient choice. All you have to do is reply to three (3) questions about your health. After reviewing your answers, the Insurer may request additional information or tests to get a complete picture of any medical condition you may have. You will be advised in writing if you have been declined for insurance or additional information is required to underwrite your application.

Do I have to re-apply for insurance when I renew my mortgage?
No, you only have to apply once. You do not have to apply again when you renew your mortgage unless you extend your amortization period or take out additional mortgage funds.

If I do need additional coverage (e.g. if I move to a new home and increase my mortgage), what do I have to do?
You simply apply by answering the same 3 medical questions. If your health situation has changed and you do not qualify for additional insurance, your existing coverage will NOT be affected. You will continue to be covered based on the original mortgage amount.

What are the exclusions?
No benefits will be paid if there is any misrepresentation in your answers to the health questions. No benefits will be paid for any death that was directly or indirectly due to, or was in any manner or degree associated with any of the following:

  1. medical conditions resulting from sustained alcohol abuse; or from the use of any drug that is not in strict accordance with a prescription given to You by a Physician;
  2. suicide or attempted suicide or self-inflicted injury, while sane or insane, prior to the second anniversary of the Coverage Start Date;
  3. committing or attempting to commit or provoking a criminal offence or assault;
  4. operation of a motorized vehicle or vessel when the concentration of alcohol in Your blood exceeds the legal limit (or impaired by illegal or illicit drugs, whether or not you have been criminally charged);
  5. war, whether declared or not, or any act of war or insurrection, except as a member of the Canadian Armed Forces or Canadian Forces Reserve.

How do I contact the insurer?
You may write to the Insurer at P.O. Box 1103, Station B, Willowdale, ON M2K 3A2 or phone (toll free) 1-877-511-4576.

How do I make a claim?
The claimant contacts the Insurer at the address or phone number shown in your Certificate of Insurance, and the Insurer will provide the forms to be completed.

For more information contact First National at 416.593.1100 or toll-free at 1.888.670.2111.

It’s easy to apply
If you're under age 65, and a resident of Canada, you can apply for covereage of your full mortgage balance, up to a maximum of $1,000,000. Mortgage co-borrowers are also eligible to apply, however, Guarantors are not eligible to apply.

If you're already a First National customer, please give us a call and we'll send you an enrollment kit.

Take a moment to provide your family with the protection they deserve
No one likes to think about the worst that may happen, but in one simple step you can protect your biggest asset and your loved ones' financial security.

For your family's financial security, protect your purchase of a lifetime. Apply today for the First National Credit Security Plan for Mortgages.

Underwritten by one of Canada's leading life insurers
The Manufacturers Life Insurance Company (Manulife Financial) is one of Canada’s largest life insurance companies and is based in Canada.

About Credit Security Plan (CSP)
Credit Security Plan (the "Plan") is an insurance program designed to provide life insurance protection to the clients of lenders. Credit Security Plan is underwritten by The Manufacturers Life Insurance Company ("Manulife Financial") (the "Insurer") and
administered by Benesure Canada Inc. Credit Security Insurance Agency Inc. ("CSIA"), a wholly-owned subsidiary of Manulife Financial, and its appointed agents, provide Insurance sales services.

The information sheet is designed to outline the benefits for which you are eligible and does not create or confer any contractual or other rights. All rights with respect to the benefits of an insured borrower will be governed solely by the Group Master Policy issued by the Manufacturers Life Insurance Company.

Privacy and confidentiality notice
When you sign an application, you agree to the conditions described in this Notice and you authorize First National to provide the Insurer with your Mortgage Information. Mortgage Information means personal information about you, such as your contact details and information about your mortgage that is reasonably required to administer your application and the coverage issued to you. This may include information that is not printed on your application. The Insurer may collect, use, retain and disclose your Mortgage Information and any other personal information solely for the following purposes: to assess your application, to administer your insurance coverage including any claims, and for statistical analysis; and to communicate with you regarding your insurance or related financial services available from the Insurer, its affiliates or marketing partners.

Your consent to the use of personal information to offer you products and services is optional and if you wish to discontinue such use, you may write to the Insurer at P.O. Box 1103, Station B, Willowdale, ON M2K 3A2. You acknowledge that, if you do not agree that your personal information and Mortgage Information may be used for the other purposes, then it may not be possible to accept your application.

To protect the confidentiality of your personal information, the Insurer will establish a "financial services file" from which this information will be used for the purposes described above. Access to this file will be restricted to our employees, mandataries, administrators or agents who are responsible for the assessment of risk (underwriting), marketing and administration of services and the investigation of claims, and to any other person you authorize or as authorized by law. These people, organizations and service providers may be in jurisdictions outside Canada, and subject to the laws of those foreign jurisdictions. Your file is secured in the Insurer's offices or those of its administrators or agents. You may ask to review the personal information it contains and make corrections by writing to Credit Security Plan at the address provided above.

The Insurer is The Manufacturers Life Insurance Company

First National Financial LP
Head Office
100 University Avenue
Suite 700, North Tower
Toronto, Ontario
Canada M5J 1V6

Toll-Free: 1.888.670.2111

*Credit Security Plan is not available through this website to customers in British Columbia or Quebec. For information about Credit Security Plan in Quebec, please contact First National Financial LP to request a brochure regarding the Plan in that Province.