Scotia Mortgage Protection1 insurance

You’ve worked hard to provide a home for you and loved ones. Protect that success from an unexpected loss of income.

Did you know?

50% of Canadians who lose their home cite illness or injury as the primary reason.2

Scotia Mortgage Protection insurance can help you and your loved ones stay in the family home during times of financial hardship due to certain unexpected life events. 

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How Scotia Mortgage Protection can help you and your loved ones

If your claim is approved, this optional insurance makes payments either toward your scheduled mortgage repayments or to pay off part or all your mortgage balance so you can: 

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 other health conditions, or when an income-providing Borrower passes

Feel confident that you are making the right financial decisions for you and your family

What type of coverage3 is available to you?

Critical Illness 
 

  • You can focus on your recovery if you are diagnosed with a specific Critical Illness (Heart Attack, Stroke or Cancer).
  • Can pay your outstanding mortgage account balance up to: 
    • $500,000 per account
    • or up to $500,000 for all your insured mortgage accounts 

Life 
 

  • Helps your loved ones stay in your family home in the event you pass away. 
  • Your outstanding mortgage account balance can be paid up to:
    • $1,000,000 per account 
    • or up to $1,000,000 for all 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 are diagnosed with a Terminal Illness, your outstanding mortgage account balance can be paid up to:
      • $1,000,000 per account 
      • or up to $1,000,000 for all your insured mortgage accounts

Disability 
 

  • Helps to protect the lifestyle you have built for you and your family if you can't work due to an illness, physical or mental disability.
  • Provides a maximum benefit of up to:
    • $3,500 per month for up to 24 months per disability, per mortgage.
    • 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, 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.

30-day ‘right to examine your coverage’ period

If you decide our mortgage insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid.

Learn more about Scotia Mortgage Protection

Mortgage 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

Easy step by step instructions to making a Mortgage Protection claim. 

What our clients are saying

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.

Frequently asked questions

Contact us

Enrol today 

Plan for tomorrow with more confidence.

Apply now to get Mortgage Protection insurance

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Mon-Fri (8 am-8 pm ET)

In person

Visit a local branch

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