Scotia Mortgage Life Coverage
Plan for the unexpected
Knowing your mortgage could be paid off should you suddenly pass away can give you and your family financial comfort when you need it most. With Life coverage, the principal and interest remaining on your Scotiabank mortgage can be paid up to a maximum of $1,000,000 per mortgage (or up to $1,000,000 for all mortgages combined) so that your loved ones can maintain the home and lifestyle you've worked hard to build.
Life premiums are determined by your age and mortgage balance on the date of application. The younger you are, the less you pay.
At a glance
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.
Save On Your Insurance Premiums!
If You and/or one other Borrower on the Mortgage account are insured for two insurance coverages on the same Mortgage account, You 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 will receive an additional 5% discount, up to a total maximum discount of 20% on your premium.
Underwritten by The Canada Life Assurance Company.
All Insurance coverage is subject to the terms and conditions outlined in the Distribution Guide, which you will receive upon enrolment.