Scotia Mortgage Protection
Right for you if:
You want to protect the home you love
You appreciate great value at affordable rates
Financial protection for the home you love
Scotia Mortgage Protection can help make sure the home you worked so hard for is protected in the event you are diagnosed with a covered critical illness, become disabled or pass away.
By simply answering up to 3 health questions you can be approved for three types of valuable coverage:
- Critical Illness
Scotia Mortgage Protection is available for you and a co-borrower
And, depending on the number of insured borrowers on your mortgage and the coverage applied for, you may be eligible for a discount on your premiums.
Financial comfort when you need it most
With Life coverage, the principal and interest remaining on your Scotiabank mortgage can be paid up to a maximum of $750,000 per mortgage or up to $750,000 for all mortgages combined.
Life premiums are determined by your age and mortgage balance on the date of application.
Save when you purchase more coverage
- Combining both Life and Critical Illness coverage can extend your coverage and you'll receive a discount on your total premium
- Depending on the number of insured customers on your mortgage and the coverage applied for, you may be eligible for a discount of up to 20% on your premiums
- Benefit from significant savings if both borrowers enroll in Scotia Mortgage Protection
Take your mind off money worries and focus on getting better
Critical Illness coverage can pay off your mortgage in one lump sum payment should you be diagnosed with one of the covered critical illnesses:
- Heart Attack
Whether you can work or not, Critical Illness coverage can pay your mortgage balance up to a maximum of $500,000.
Combining both Life and Critical Illness coverage can extend your coverage and you'll receive a discount on your total premium.
A sudden disability due to injury or sickness may leave you unable to work
Protect your home ownership and credit history until you are back on your feet and working again.
Having Disability coverage means your mortgage payments can be maintained if you become disabled and unable to work.
Scotiabank Mortgage Disability Protection can:
- Cover your mortgage payments (after a 60 day waiting period from the day you were disabled) should you be unable to work as a result of an injury or covered impairment
- Provide a maximum monthly benefit amount of $3,500 plus your disability premium (including provincial sales tax) for your mortgage for up to a maximum of 24 months
If you answer 'No' to two simple health questions and if the total of all of your insured Scotiabank Mortgage accounts combined is $300,000 or less. If you answer 'Yes' to any of the health questions on the application, you will be contacted via telephone by Canada Life (the insurer) for additional health information.
Premium rates and discount table
The following rates are the monthly premium for every $1,000 of mortgage balance on the date of your Mortgage Protection Application.
|Per $1,000 of mortgage amount||Per $100 of monthly benefit|
|18 – 30
Disability = 18–29
|$ 0.11||$ 0.13||$ 1.45|
|31 – 35
Disability = 30-35
|$ 0.15||$ 0.18||$ 1.95|
|36 – 40||$ 0.22||$ 0.27||$ 2.45|
|41 – 45||$ 0.33||$ 0.47||$ 2.95|
|46 – 50||$ 0.44||$ 0.70||$ 3.50|
|51 – 55||$ 0.55||$ 1.04||$ 4.00|
|56 – 60||$ 0.74||$ 1.85||$ 4.95|
|61 – 65
Disability = 61-64
|$ 1.09||$ 2.22||$ 5.95|
|66 – 69
Disability = 65-69
|$ 1.54||Not available||$ 6.90|
Depending on the number of insured customers on your mortgage and the coverage applied for, you may be eligible for a discount of up to 20% on your premiums.
The Bank of Nova Scotia and ScotiaLife Financial are not insurers. All insurance plans are underwritten by The Canada Life Assurance Company.
The maximum coverage amount for Critical Illness coverage is $500,000 per Mortgage or for all Mortgages combined. For Life coverage, the maximum coverage amount is $750,000 per Mortgage or $750,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability premium (including applicable taxes), for up to a maximum of 24 months.
Plus sales tax, where applicable.