Scotia Mortgage Protection insurance
Maintain the home and lifestyle you’ve worked hard to build.
What is Scotia Mortgage Protection?
Available exclusively to Scotia Mortgage account customers in Canada, this optional mortgage insurance can pay off your outstanding balance or help cover your payments during times of financial hardship as a result of certain unexpected life events.
Scotia Mortgage Protection offers you four coverage types.
Critical Illness Coverage
This coverage can pay the outstanding balance on your Scotia Mortgage account, up to $500,000 for all insured mortgages combined, if you are diagnosed with a covered critical illness.
Life Coverage
This coverage can help pay the outstanding balance on your Scotia Mortgage account, up to $1,000,000 for all insured mortgages combined, if you pass away.
Disability Coverage
This coverage can cover your Scotia Mortgage account payments if you become disabled and unable to work, up to $3,500 per month, for a maximum of 24 months per disability, per mortgage. (after a 60 day waiting period from the date you become disabled).
Job Loss Coverage
This coverage can cover your Scotia Mortgage account payments if your employment is involuntarily terminated by your employer (not for cause) or you are permanently laid off, up to $3,500 per month, for a maximum of 6 months per job loss, per mortgage. (after a 60 day waiting period from the date of your job loss).
Who can apply for Scotia Mortgage Protection?
You’re eligible for Scotia Mortgage Protection if you are:
- A resident of Canada
- Aged 18 to 64
- A borrower, a co-borrower or a guarantor who has agreed to the terms and conditions on a Scotiabank Mortgage account that is in good standing
Premiums and Discounts
Your monthly premium is based on your age and the amount of your Mortgage at the time of your application. The younger you are, the less you pay.
If your mortgage exceeds $350,000, you will receive a discount on the life and/or critical illness premiums on the amount over $350,000.
You may also be eligible for an additional discount of up to 20% on your premiums if you and/or another borrower on the mortgage account are insured for two or more insurance coverages on the same mortgage account.
To learn more about how your premiums are calculated, watch this video , or check out our frequently asked questions to see our detailed premium rate tables.
Customer Testimonials
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
See how Peter turned a life changing moment into an opportunity, thanks to Scotia Mortgage Protection insurance.
Learn more about the product
Scotia Mortgage Protection
Maintain the home and lifestyle you’ve worked hard to build.
Mortgage Insurance Premium Calculator
Get a quick estimate for your insurance premium in a few simple steps.
Understanding the claims process
Easy step by step instructions to making a Mortgage or Line of Credit claim.
Additional
Resources
Scotia Mortgage Protection - Certificate of Insurance (Sample)
N/A | pdf : 248
KB
Frequently asked questions
Contact us

Make an appointment with a Home Financing Advisor
Talk to a Home Financing Advisor on the phone or at a location of your choice.

Apply online with eHome
You can be pre-approved, search for a home, and get a mortgage all in one place with Scotiabank’s online mortgage application process.

Visit an advisor at your branch
Talk to a Scotiabank Financial Advisor at one of our branches to learn more about STEP and Scotia Mortgage Protection.
Complaints
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 insurance is $500,000 per Mortgage or for all Mortgages combined. For Life insurance, the maximum coverage amount is $1,000,000 per Mortgage or $1,000,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability and Job Loss premium (including applicable taxes), for up to a maximum of 24 months. The maximum monthly benefit amount for Job Loss coverage is $3,500 plus your Mortgage Disability and Job Loss premium (including applicable taxes), for up to a maximum of 6 months.