Scotia Mortgage Protection1 insurance

You’ve worked hard to provide a home for you and loved ones. Protect that success from an unexpected loss of income.

Did you know?

50% of Canadians who lose their home cite illness or injury as the primary reason.2

Scotia Mortgage Protection insurance can help you and your loved ones stay in the family home during times of financial hardship due to certain unexpected life events. 

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Apply now for Mortgage Protection Insurance

How Scotia Mortgage Protection can help you and your loved ones

If your claim is approved, this optional insurance makes payments either toward your scheduled mortgage repayments or to pay off part or all your mortgage balance so you can: 

Better manage your day-to-day expenses and medical costs if needed

Keep more of your money and assets intact and maintain your standard of living

Ease your financial obligations if your income is suddenly reduced due to a job loss, mental or other health conditions, or when an income-providing Borrower passes

Apply now to get Scotia Mortgage Protection insurance

Feel confident that you are making the right financial decisions for you and your family

What type of coverage3 is available to you?

Critical Illness 
 

  • You can focus on your recovery if you are diagnosed with a specific Critical Illness (Heart Attack, Stroke or Cancer).
  • Can pay your outstanding mortgage account balance up to: 
    • $500,000 per account
    • or up to $500,000 for all your insured mortgage accounts 

Life 
 

  • Helps your loved ones stay in your family home in the event you pass away. 
  • Your outstanding mortgage account balance can be paid up to:
    • $1,000,000 per account 
    • or up to $1,000,000 for all your insured mortgage accounts.

Terminal Illness
 

  • When you have both Life and Critical Illness coverages on your mortgage account; as a bonus, you get Terminal Illness coverage at no extra cost. 
    • If you are diagnosed with a Terminal Illness, your outstanding mortgage account balance can be paid up to:
      • $1,000,000 per account 
      • or up to $1,000,000 for all your insured mortgage accounts

Disability 
 

  • Helps to protect the lifestyle you have built for you and your family if you can't work due to an illness, physical or mental disability.
  • Provides a maximum benefit of up to:
    • $3,500 per month for up to 24 months per disability, per mortgage.
    • There is a 60-day waiting period from the date you become disabled before you can receive benefits.

Job Loss 
 

  • Can cover your Scotia Mortgage payments should you become unemployed through no fault of your own.
  • Get a maximum benefit of up to:
    • $3,500, per month for up to 6 months per job loss, 12 months total lifetime per mortgage.
    • There is a 60-day waiting period from the date of your job loss before you can receive benefits.
  • You can apply for Job Loss coverage if you already have or also apply for Scotia Mortgage Protection Disability coverage on the same mortgage.

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 Scotia Mortgage Protection

Mortgage Insurance Premium Calculator

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

Scotia Mortgage Protection

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

Understanding the claims process

Easy step by step instructions to making a Mortgage Protection claim. 

What our clients are saying

Chantal's Story

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

Peter's Story

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

Additional 
Resources

Frequently asked questions

Contact us

Enrol today 

Plan for tomorrow with more confidence.
Apply now to get Mortgage Protection insurance

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Mon-Fri (8 am-8 pm ET)

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Claims

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

Resolving your complaint

1

Scotia Mortgage Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com 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 collected together with your mortgage payment from the same account as your mortgage payment.

 

The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.

 

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.

 

Coverage amounts may be less than the outstanding loan balance and the duration of insurance may be less than the amortization period of the loan.

2
LIMRA, ‘Canadian Billion Dollar Baby Revisited: Sales Potential of the Underinsured Life Insurance Market’ 2014)"
3

Coverage limits:

  • Disability: up to $3,500, including your Scotia Mortgage Protection insurance premium and any applicable tax, per month for up to 24 months per Disability and 48 months of Disability benefit payments per mortgage account in your lifetime.
  • Job Loss: up to $3,500, including your Scotia Mortgage Protection insurance premiums and any applicable tax, per month for up to 6 months per Job Loss and 12 months of job loss benefit payments per mortgage account in your lifetime.
  • Life or Terminal Illness: up to $1,000,000 per mortgage account or up to $1,000,000 for all your insured mortgage accounts if you pass away or if you are eligible for the Terminal illness coverage.
  • Critical Illness:  up to $500,000 per mortgage account or up to $500,000 for all your insured mortgage accounts if you are diagnosed with a covered critical illness (e.g. heart attack, stroke or cancer).
4

For Disability benefits insurance coverage:

Actively working means you are: 

  • A permanent employee or self-employed for at least 20 hours a week for wages or expectation of profit;  
  • On maternity or parental leave and expect to return to the regular duties of your employment or occupation for at least 20 hours a week at the end of your leave; or
  • Employed seasonally for at least 20 hours a week during the work season, which has a beginning and end, and you have a proven work history for at least one previous season as a seasonal employee, you expect to return to the same occupation the next season and you are currently capable of performing the regular duties of your seasonal employment.
5
To apply for Job Loss benefits insurance coverage, you must already have Disability insurance coverage or also apply for Disability insurance coverage. For seasonal workers, unemployment during the normal off-season is not considered an involuntary job loss.
6
If you answer "Yes" to the Health Questions, your application will require underwriting. Canada Life (the Insurer) will contact you by telephone for additional health-related information.
7

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.
8
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.