Credit Security PlanTM - Creditor’s group life and disability insurance
Help protect your family’s financial security
The financial investment that you’ve made in your mortgage has allowed you to create a home for you and your family. It’s an important financial responsibility, and an investment that is worth protecting.
What would your family do if something unfortunate happened to you? Would making the monthly mortgage payments be a struggle? Credit Security Plan (CSP) insurance can allow your family the security of remaining in your home.
Credit Security Plan is optional Creditor’s group life and disability insurance, underwritten by The Manufacturers Life Insurance Company (Manulife). It can help pay off your First National mortgage, should an unexpected death occur. It can also
help cover your monthly mortgage payments if a serious accident or illness leaves you unable to work.
- Life coverage up to the amount owing on your First National mortgage (subject to a maximum of $1 million).
- Stand-alone disability insurance that can cover your monthly mortgage payments for a period of up to 24 months (subject to a maximum of $10,000).
- Every eligible applicant is approved for some kind of coverage regardless of health status.
- Premiums based on group rates.
- 60-day money-back guarantee.
- Simple application process and upfront underwriting.
To apply, you must be at least 18 years of age and under 65 years of age, a resident of Canada1 and be the borrower, co-borrower or guarantor of a First National mortgage of $1,000,000 or less.
How it works:
- Your premium is based on: your age when you apply, your original mortgage amount and amortization period, and does not increase in the event of changes to your health or because you get older.
- Your life insurance benefit equals the mortgage balance owing on your mortgage.2
- Your disability benefit is based on the initial monthly mortgage payment stated on your application and your benefit share.3
- Insurance premium payments are collected from the same bank account as your mortgage payments, by the Insurer and/or its service providers. If you wish to change the bank account, please call 1 800 295-6472.
- Coverage can begin as soon as your mortgage is funded, provided the Insurer receives a signed application and valid payment information.
- For most clients, a quick telephone interview is all that is required to complete the application. In the event that additional tests are required, they will be handled with absolute confidentiality.
- You will receive confirmation of your coverage and premiums by mail.
Read the brochure to learn more about Credit Security Plan insurance, features, benefits and exclusions. For more detailed
information, you can also refer to the Certificate of Insurance.
1 You must be a resident of Canada for income tax purposes, in accordance with Income Tax Folio S5-F1-C1, Determining an Individual’s Residence Status.
2 If you don’t have a traditional mortgage or are partially insured under CSP insurance, your life insurance may not cover your whole mortgage debt. Please see the certificate for details.
3 If you have single disability coverage your benefit share is 100%. If you have joint disability coverage your benefit share is 50%. The benefit share is shown on the Coverage Summary page issued to you with your certificate package.
Credit Security Plan insurance is not available to customers in Quebec or those purchasing a property in Quebec. For Quebec residents, or those purchasing a property in Quebec, we offer a referral option.
The Manufacturers Life Insurance Company
Credit Security Plan™ insurance is a trademark of Benesure Canada Inc. (“Benesure”), and is used by it and its affiliates under licence. Benesure is a wholly-owned subsidiary of The Manufacturers Life Insurance Company (“Manulife”). Manulife is a trademark of The Manufacturers Life Insurance Company and is used by it and by its affiliates under licence. Manulife P.O. Box 4213, Stn A, Toronto, ON M5W 5M3. Group Policy GC327-FN.