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.
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).
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.
When the unexpected happened, Scotia Mortgage Protection insurance provided financial support to Chantal when she needed it the most.
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Frequently asked questions