Scotia Mortgage ProtectionPlan today for a secure tomorrow
Scotia Mortgage Protection can allow you and your family to maintain the home and lifestyle you have worked hard to build. Safeguarding your family's mortgage debt can provide the comfort and stability you need, when you need it most.
Depending on the number of insured customers on your mortgage and the coverage applied for, you may be eligible for a discount of up to 20% on your premiums.
To ensure you get the coverage that's right for you, we offer three types of coverage to protect your mortgage.
Life coverage can pay off your mortgage in one lump sum payment* should you pass away.
Critical Illness Coverage
To help you take your mind off money worries and focus on getting better, Critical Illness coverage can pay off your mortgage in one lump sum payment* should you be diagnosed with one of the covered critical illnesses.
Disability coverage can help to maintain your mortgage payments* and protect your credit history until you are back on your feet and working again.
Tools & Resources
For more detail, please refer to the Mortgage Protection Premium Rate Table.
The maximum coverage amount for Critical Illness coverage is $500,000 per Mortgage or for all Mortgages combined. For Life coverage, the maximum coverage amount is $750,000 per Mortgage or $750,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability premium (including applicable taxes), for up to a maximum of 24 months.
The Bank of Nova Scotia and ScotiaLife Financial are not insurers. All insurance plans are underwritten by independent licensed insurers.