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.

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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. 

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.

Customer Testimonials

Chantal's Story

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

Watch Video, Chantal's Story

Peter's Story

See how Peter turned a life changing moment into an opportunity, thanks to Scotia Mortgage Protection insurance.

Watch Video, Peter's Story

Learn more about the product

Scotia Mortgage Protection

Maintain the home and lifestyle you’ve worked hard to build.

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Mortgage Insurance Premium Calculator

Get a quick estimate for your insurance premium in a few simple steps.

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Understanding the claims process

Easy step by step instructions to making a Mortgage or Line of Credit claim. 

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Frequently asked questions

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Enrol today 

Plan for tomorrow with more confidence.

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By Phone

Mon-Fri (8 am-8 pm ET)

1-855-753-4272, By Phone

Claims

We look forward to taking care of you every step of the way.

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