Mortgage Protection Premium Rates & Discounts

Scotia Mortgage Protection is very affordable. Premiums are based on your age and mortgage balance on the date you apply.

Rates

The following rates are the monthly premium for every $1,000 of mortgage balance on the date of your Mortgage Protection Application.

Scotia Mortgage Protection
Age Life*
Per $1,000 of mortgage amount
Critical Illness*
Per $1,000 of mortgage amount
Disability*
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 Coverage terminates at age 65 $ 6.90

Discounts

If You and/or one other Borrower on the Mortgage account are insured for two insurance coverages on the same Mortgage account, you will receive a 10% discount on your premium.

For each additional insurance coverage that You and/or one other Borrower add on the same Mortgage account, You will receive an additional 5% discount, up to a total maximum discount of 20% on your premium.

For more details regarding our Mortgage Protection Premium Rates, please visit your local Scotiabank branch or call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.