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Scotia Mortgage Protection1 insurance
You’ve worked hard to provide a home for you and your loved ones. Protect that success from an unexpected loss of income.
50% of Canadians who lose their home say illness or injury is the main reason.2
Scotia Mortgage Protection insurance can help you and your loved ones stay in your family home during times of financial hardship caused by certain unexpected life events.
What is Scotia Mortgage Protection insurance?
If your claim is approved, this optional mortgage protection insurance can make a lump-sum payment toward your mortgage balance or can help make your scheduled mortgage payments for a period of time.
This means you’ll have help to:
Better manage your day-to-day expenses and medical costs if needed
Keep more of your money and assets intact and maintain your standard of living
Ease your financial obligations if your income is suddenly reduced due to a job loss, mental or physical health conditions, or the passing of an income-providing Borrower
How Scotia’s Mortgage Protection insurance works
Feel confident you’re making the right financial decisions for you and your family.
What types of coverages3 are available under Scotia Mortgage Protection insurance?
Disability
- Helps to protect the lifestyle you’ve built for you and your family if you can’t work due to a physical or mental disability or other illness.
- Provides a maximum benefit of up to $3,500 per month for up to 24 months per disability, per mortgage loan. There is a 60-day waiting period from the date you become disabled before you can receive benefits.
Job Loss
- Can cover your Scotia Mortgage payments should you become unemployed through no fault of your own.
- Get a maximum benefit of up to $3,500 per month for up to 6 months per job loss, 12 months total lifetime per mortgage. There is a 60-day waiting period from the date of your job loss before you can receive benefits.
- You can apply for Job Loss coverage if you already have or also apply for Scotia Mortgage Protection Disability coverage on the same mortgage.
Life
- Helps your loved ones stay in your family home if you pass away
- Your outstanding mortgage account balance can be paid up to $1,000,000 per account
- $1,000,000 for all of your insured mortgage accounts
Critical Illness
- You can focus on your recovery if you’re diagnosed with a specific Critical Illness (Heart Attack, Stroke, or Cancer)
- Can pay your outstanding mortgage account balance up to:
- $500,000 per account
- $500,000 for all of your insured mortgage accounts
Terminal Illness
- When you have both Life and Critical Illness coverages on your mortgage account; as a bonus, you get Terminal Illness coverage at no extra cost.
- If you’re diagnosed with a Terminal Illness, your outstanding mortgage account balance can be paid up to:
- $1,000,000 per account
- $1,000,000 for all of your insured mortgage accounts
- If you’re diagnosed with a Terminal Illness, your outstanding mortgage account balance can be paid up to:
30-day “right to examine your coverage” period
If you decide our mortgage protection insurance isn’t right for you, cancel within 30 days to receive a full refund of any premium paid.
Learn more about Scotia Mortgage Protection insurance
Mortgage protection insurance premium calculator
Get a quick estimate for your insurance premium in a few simple steps.
Scotia Mortgage Protection
Maintain the home and lifestyle you’ve worked hard to build.
Understanding the claims process
Making a Mortgage Protection claim.
What our clients are saying about Scotia Mortgage Protection insurance
Chantal’s story
When the unexpected happened, Scotia Mortgage Protection insurance provided financial support to Chantal when she needed it the most.
Peter’s story
Peter turned a life-changing moment into an opportunity, thanks to Scotia Mortgage Protection insurance.
Scotia Mortgage Protection insurance resources
Scotia Mortgage Protection - Certificate of Insurance (Sample)
N/A | pdf : 1
MB
Frequently asked questions
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Contact us
Enrol for Scotia Mortgage Protection insurance today
Plan for tomorrow with more confidence.
By phone
Mon-Fri (8 am-8 pm ET)
In person
Visit a local branch
Claims
We look forward to taking care of you every step of the way.
More help with your mortgage protection insurance
Scotia Mortgage Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment. The insurance premium and applicable sales tax will be collected together with your mortgage payment from the same account as your mortgage payment.
The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.
The Bank of Nova Scotia and its employees are not agents of The Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Mortgage Protection plan.
Coverage amounts may be less than the outstanding loan balance and the duration of insurance may be less than the amortization period of the loan.
Coverage limits:
- Disability: up to $3,500, including your Scotia Mortgage Protection insurance premium and any applicable tax, per month for up to 24 months per Disability and 48 months of Disability benefit payments per mortgage account in your lifetime.
- Job Loss: up to $3,500, including your Scotia Mortgage Protection insurance premiums and any applicable tax, per month for up to 6 months per Job Loss and 12 months of job loss benefit payments per mortgage account in your lifetime.
- Life or Terminal Illness: up to $1,000,000 per mortgage account or up to $1,000,000 for all your insured mortgage accounts if you pass away or if you are eligible for the Terminal illness coverage.
- Critical Illness: up to $500,000 per mortgage account or up to $500,000 for all your insured mortgage accounts if you are diagnosed with a covered critical illness (e.g. heart attack, stroke or cancer).
For Disability benefits insurance coverage:
Actively working means you are:
- A permanent employee or self-employed for at least 20 hours a week for wages or expectation of profit;
- On maternity or parental leave and expect to return to the regular duties of your employment or occupation for at least 20 hours a week at the end of your leave; or
- Employed seasonally for at least 20 hours a week during the work season, which has a beginning and end, and you have a proven work history for at least one previous season as a seasonal employee, you expect to return to the same occupation the next season and you are currently capable of performing the regular duties of your seasonal employment.
Applicable for Life and Critical Illness only: If your mortgage exceeds $350,000, you will receive a discount on the life and/or critical illness premium for the amount over $350,000:
- Tier #1: 30% discount on the Life and/or Critical Illness premium for the mortgage amount between $350,000.00 - $499,999.99.
- Tier #2: 35% discount on the Life and/or Critical Illness premium for the mortgage amount between $500,000.00 - $1,000,000.00.