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:

    • Life
    • Critical Illness
    • Disability

    PLUS:

    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
    • Stroke
    • Cancer

    Whether you can work or not, Critical Illness coverage can pay your mortgage balance up to a maximum of $500,000. 

    PLUS:

    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 

    Immediate approval

    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.

    Age Life** Critical Illness** Disability**
      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

    Discounts

    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.

    Ready to apply

    By Phone

    Call us toll-free

    Mon-Fri (8am-8pm ET)

    1-855-753-4272
    In Person

    Visit your local branch

    Branch Locator