Eligible* Home Trust borrowers may purchase optional mortgage life and disability insurance through Credit Security Plan™ (CSP), underwritten by The Manufacturers Life Insurance Company (Manulife). CSP can help you pay off the outstanding balance of your mortgage, should an unexpected death occur. It can also help cover your monthly mortgage payments if a serious accident or illness leaves you totally disabled[i] and unable to work for at least 60 days.
*To be eligible to apply, you must:
- Be at least 18 years of age and under 65 years of age
- Be a resident of Canada[ii] (excluding Quebec)
- Have your mortgage secured by property located in Canada, other than Quebec
- Be the borrower, co-borrower or guarantor of a Home Trust mortgage of $1,000,000 or less with a monthly payment that is less than $10,000
- Life insurance coverage up to the outstanding balance on your Home Trust mortgage (subject to a maximum of $1 million)
- Disability insurance coverage (up to $10,000/month for a maximum of 24 months) to protect you in the event a serious accident or illness leaves you unable to work
- You have the option to select life or disability coverage or both life and disability coverage
- Every Eligible* applicant is approved for some kind of coverage regardless of their health status. Please refer to the Brochure for further details
- 60-day money-back guarantee: you can have coverage in place while you review the coverage and terms and conditions in greater detail
- The insurance is optional: if you are eligible*, you can add it to your mortgage or cancel it at any time
How it works
- Your premium is based on your age when you apply, the principal balance of your mortgage and your amortization period provided on your application. Your premium does not increase in the event of changes to your health or because you get older[iii]
- For most clients, a telephone interview is all that is required to complete the application[iv]
- Your life insurance benefit covers your mortgage debt up to the amount owing on your mortgage at the time of your death[v]
- Your disability benefit is based on the initial monthly mortgage payment stated on your CSP application and whether all mortgagors purchase CSP[vi]
- Insurance premiums are automatically collected monthly from the same bank account as your mortgage payments, by The Manufacturers Life Insurance Company. If you wish to change the bank account from which premiums are taken, please call 1-800-295-6472
- You will receive confirmation of your coverage and premiums by mail
- Home Trust will receive compensation for every CSP Certificate of coverage issued and for providing certain administrative services in respect of CSP Certificates
- 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
The Manufacturers Life Insurance Company
Credit Security Plan™ (“CSP”) Insurance is underwritten by The Manufacturers Life Insurance Company (“Manulife”). Credit Security Insurance Agency Inc. (“CSIA”) and its appointed agents provide insurance sales services. Broker Support Centre Inc. (“BSC”) provides data processing and administrative services to lenders in connection with their offering of Credit Security Plan™ (“CSP”) insurance to their clients. BSC and Credit Security Insurance Agency Inc. (“CSIA”) are affiliates of Manulife. Manulife, Manulife & Stylized M Design, and Stylized M Design 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. © 2020 The Manufacturers Life Insurance Company. All rights reserved. Accessible formats and communication supports are available upon request. Visit Manulife.ca/accessibility for more information.
[i] If you work at least 20 hours per week for at least 40 weeks in the 12 months before you become disabled, or if you are seasonally employed and work at least 20 hours per week for 13 consecutive weeks in that period, then you are totally disabled if you can’t perform the essential duties of your normal job due to illness or injury. Otherwise, you are totally disabled if you can’t do at least 2 of the following activities of daily living without another person’s help: dressing; eating; getting out of bed; toileting; walking.
[iii] Manulife reserves the right to change premiums in limited circumstances. For more detailed information, please refer to the Certificate of Insurance.
[iv] When you apply, you will be asked questions about your health over the phone. Based on your answers, further medical examination and testing may be required. The results of such examination and testing will determine your coverage and premiums. If you fail to complete the telephone interview and/or required examination and testing within 30 days from the day Manulife receives your application, coverage will be limited to accidental death and/or accidental disability, as applicable.
[v] 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 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.
[vi] In some cases, your disability benefit may be less than your actual monthly payment. For example, if you have joint coverage, your benefit share is 50%. The benefit share is shown on the Coverage Summary page issued to you with your certificate.