Mortgage Disability Protection
Scotia Mortgage Protection is very affordable. Premiums are based on your age and mortgage balance on the date you apply.
The following rates are the monthly premium for every $1,000 of mortgage balance on the date of your Mortgage Protection Application.
|
Loss of Life Protection (LOLP) |
|
| Age | Individual |
| Under 31 | $0.09 |
| 31-35 | $0.13 |
| 36-40 | $0.20 |
| 41-45 | $0.29 |
| 46-50 | $0.40 |
| 51-55 | $0.50 |
| 56-60 | $0.60 |
| 61-69 | $0.97 |
|
Health Crisis Protection (HCP) |
|
| Age | Individual |
| Under 31 | $0.12 |
| 31-35 | $0.17 |
| 36-40 | $0.27 |
| 41-45 | $0.45 |
| 46-50 | $0.68 |
| 51-64 | $1.02 |
|
Disability Protection (DI) |
|
| Age | Rate per $100 of monthly benefit |
| 18 - 29 | $1.35 |
| 30-35 | $1.75 |
| 36-40 | $2.10 |
| 41-45 | $2.60 |
| 46-50 | $3.05 |
| 51-55 | $3.70 |
| 56-60 | $4.75 |
| 61-64 | $5.80 |
When two borrowers are insured for the same mortgage, discounts are applied for each borrower's calculated premium. The discounts are applied as follows:
5% Discount
- one borrower with both LOLP and HCP
- one borrower with LOLP and the 2nd borrower with HCP
- Two borrowers with HCP only
20% Discount
- two borrowers with LOLP only
- two borrowers with LOLP and HCP
- two borrowers - one with LOLP and HCP and the 2nd borrower with LOLP or HCP
For more details regarding our Mortgage Protection Premium Rates, please visit your local Scotiabank branch.
