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 three 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.
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.
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).
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.
You may also be eligible for a discount of up to 20% on your premiums.
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.
Learn more about the product
What’s an insurance premium?
Find out what a Scotia Mortgage Protection premium is and how it’s calculated.
Scotia Mortgage Protection
Maintain the home and lifestyle you’ve worked hard to build.
Creditor Insurance Protection Planner
Understand your protection needs and identify any potential gaps with our Protection Planner tool. Not sure how to use the planner?
Call us at 1-855-753-4272.
Frequently asked questions
Ways to contact us
Scotia Mortgage Protection
By phone. Mon-Fri (8:00am-8pm EST)
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 premium (including applicable taxes), for up to a maximum of 24 months.