Scotia Mortgage Protection insurance

Scotia Mortgage Protection is an optional insurance product that can help you financially in the event of certain unexpected events that may have a significant financial impact. In the case of Disability and Job Loss, this coverage can make monthly payments to your mortgage account or in the case of a specified Critical Illness or Loss of Life pay off your outstanding mortgage balance.

• A maximum of two borrowers per mortgage can have protection
• You do not need to apply for this optional insurance coverage to be approved for a mortgage

You have four insurance coverages to choose form:

• Disability: This insurance provides a maximum benefit of up to $3,500, plus your Disability and Job Loss insurance premium, per month for up to 24 months per Disability.
• Life:  This insurance can pay off your outstanding mortgage account balance up to $1,000,000 per account or up to $1,000,000 for all your insured mortgage accounts if you pass away.
• Critical Illness: Pays off your outstanding mortgage account balance up to $500,000 per account or up to $500,000 for all your insured mortgage accounts if you are diagnosed with a specific critical illness (e.g. Heart Attack, Stroke or Cancer).
• Job Loss:  This insurance provides a maximum benefit of up to $3,500, plus your Disability and Job Loss insurance premium, per month for up to 6 months per Job Loss.

• To be eligible for coverage you must be the principal Borrower, co-borrower or guarantor on the mortgage account, be between the ages of 18 to 64 years old and a resident of Canada. Your account must be in good standing and not be restricted
• You may still apply for life insurance if you are between 65 and 69 years old if you are refinancing an existing mortgage or obtaining a new mortgage within 90 days of paying off an existing insured mortgage.

For Disability benefits insurance coverage:

• You must be actively working a minimum of 20 hours per week for wages or expectation of profit and be able to perform the regular duties of your occupation. If you are a seasonal worker, you must have proven work history and be capable of performing the regular duties of your job.

For Job Loss benefits insurance coverage:

• To qualify for job loss benefits you must:
  • Have or also apply for Disability insurance
  • Have been a full-time employee for a minimum of 180 consecutive days for a salary or wages, working for at least 20 hours each week before you lost your job. The 20 hour work requirement is continuous and must not be calculated through averaging
  • If you are self-employed, have been working for income in a trade or profession in which you were engaged, a partnership in which you were a partner, in your own business, or a private company or entity in which you had an ownership interest; and
  • Provide proof you are eligible and have registered to receive Government of Canada Employment Insurance Benefits
• For seasonal workers, unemployment during the normal off-season is not considered an involuntary job loss

TIERED MORTGAGE INSURANCE DISCOUNTS 

Applicable for Life and Critical Illness only:

If your mortgage exceeds $350,000, you will receive a discount on the life and/or critical illness premium for the amount over $350,000:

• Tier #1: 30% discount on the Life and/or Critical Illness premium for the mortgage amount between $350,000.00 - $499,999.99.
• Tier #2: 35% discount on the Life and/or Critical Illness premium for the mortgage amount between $500,000.00 - $1,000,000.00.

To calculate your premium, including any applicable tiered mortgage discounts, please go to: https://dmts.scotiabank.com/tools/creditorinsurancemortgage/en/index.html

MULTIPLE COVERAGE ADVANTAGES 

Premium Reduction

If you and/or another borrower on the mortgage account are insured for two insurance coverages on the same mortgage account, you and/or another borrower will receive a 10% discount on your premium. For each additional insurance coverage that you and/or one other borrower add on the same Mortgage account, you and/or another borrower will receive an additional 5% discount, up to a total maximum discount of 20% on your premium.

• In Person – Make an Appointment at a Branch – Find a Branch
• Apply Online – Sign on to – Scotia Online
  

• You will need to answer health questions for Life, Critical Illness and Disability coverages..
• If you answer "Yes" to any of the health questions, the Insurer will contact you to review your health information.

After you enrol, you will receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions.

Some key conditions, exclusions, limitations and waiting periods apply. They include, but are not limited to:

• No benefit is paid if the death resulted directly or indirectly from intentionally self-inflicted injury.
• For Critical Illness insurance, the benefit is not payable if cancer is diagnosed within 90 days of the Effective Date of coverage.
• For Critical Illness insurance, the benefit is not payable if death results within 30 days after diagnosis of a Critical illness or within 30 days after undergoing surgery.
• For Disability and Job Loss insurance, there is a 60-day qualifying period where no benefits are paid.

Scotia Mortgage Protection Insurance Begins:

• On the effective date indicated on the Schedule of Coverage You will receive with your Certificate of Insurance within 30 days of your application approval

Scotia Mortgage Protection Insurance Ends:

• Age 65 for Critical Illness coverage;
• Age 70 for Life and Disability and Job Loss coverage;
• The date of receipt of your request to cancel coverage; or
  
• The date your account is closed, frozen or otherwise blocked from usage.
  

To make a claim, follow these steps:

• Call us toll-free 1-855-753-4272, between 8am and 8pm (EST), Monday to Friday
• Have your Scotia Card number or account number ready
• Once your enrollment is confirmed, your customer service representative will send you a claims package (electronically or by mail) for completion
• Send the completed forms and any supporting documents to the Insurer - contact details will be provided on the claim forms
• Once the assessment is done, you will be notified of the decision in writing by the Insurer

For more information, see the video How to Make a Claim

If you replace an existing insured Mortgage with one or more new Mortgage accounts, your existing coverage can be transferred to the new Mortgage account(s) provided that the total amount approved for the new Mortgage(s) is equal to or less than the current Outstanding Account Balance of the existing insured Mortgage, your coverage has not been cancelled or terminated, no request is made to revise the existing coverage in any way whatsoever, and the Scotia Mortgage Protection Transfer Form is properly completed and signed.

If you refinance your Mortgage, insurance coverage terminates, and you need to reapply for coverage on the new Mortgage amount.

However, you are NOT required to answer the health questions on the application for Scotia Mortgage Protection for life insurance coverage when refinancing, if:

• You increase your insured Mortgage balance by $200,000 or less; and
• The total of all your insured Mortgage accounts after the increase does not exceed $500,000.

• You may cancel your coverage at any time. If you cancel within 30 days of the coverage effective date you will receive a full refund of any premium paid.
• Call 1-855-753-4272 between 8am and 8pm (EST), Monday to Friday, and a Customer Service Representative will be pleased to assist you.

• Scotia Mortgage Protection is underwritten by The Canada Life Assurance Company under a Group Policy issued to the Bank of Nova Scotia.
• All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.
• The insurance premium and applicable sales tax will be charged to your Scotiabank mortgage account
• The Bank of Nova Scotia and its employees are not agents of The Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Mortgage Protection plan.
• The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.