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.

Watch video

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.

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).

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. 

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 the product

Scotia Mortgage Protection

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

Watch Video, Scotia Mortgage Protection

Mortgage Insurance Premium Calculator

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

Launch calculator, Mortgage Insurance Premium Calculator

Understanding the claims process

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

Watch Video, Understanding the claims process

Frequently asked questions

Ways to contact us

Scotia Mortgage Protection

By phone. Mon-Fri (8:00am-8pm EST)

1-855-753-4272

In person

Visit your local branch

Find a branch , In person