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Scotia Mortgage Protection, is underwritten by The Canada Life Assurance Company.
 

The maximum coverage amount for Critical Illness insurance is $500,000 per Mortgage or for all Mortgages combined. For Life insurance, the maximum coverage amount is $1,000,000 per Mortgage or $1,000,000 for all Mortgages combined. The maximum monthly benefit amount for Disability coverage is $3,500 plus your Mortgage Disability and Job Loss premium (including applicable taxes), for up to a maximum of 24 months. The maximum monthly benefit amount for Job Loss coverage is $3,500 plus your Mortgage Disability and Job Loss premium (including applicable taxes), for up to a maximum of 6 months.

No monthly account fees for a year offer conditions: To qualify for a monthly account fee waiver on a new Preferred or Ultimate Package for up to 1 year (the “Offer”), you must:

1. (i) Open a new or transfer an existing Eligible Mortgage (as defined below), which is funded on or after  August 1, 2024 or (ii) renew your existing Scotiabank Eligible Mortgage on or after August 1, 2024;
2. Open a new Ultimate Package or Preferred Package (each a “Package”) after August 1st, 2024 and within 120 days before or after funding/renewal date, as applicable; and
3. Within 60 days of Package opening and Eligible Mortgage funding/renewal (whichever occurs later), set up recurring Pre-Authorized Debit (PAD) mortgage payments from the new Ultimate Package or Preferred Package.
4. The monthly Package account fee waiver will begin immediately upon the later of Package opening and Eligible Mortgage funding/renewal and will continue for as long as the PAD mortgage payment for the Eligible Mortgage continues to be withdrawn from the Package, up to a maximum of 1 year. All other applicable service charges on the Package will continue to be applied.

The Offer is only available on eligible new Scotiabank residential mortgages, transfers of existing eligible residential mortgages from another lender or financial institution to The Bank of Nova Scotia, and renewals of existing eligible residential Scotiabank mortgages. The minimum mortgage amount must be $100,000 and the mortgage must be set up as a residential closed term mortgage with a term of at least 1 year (each an “Eligible Mortgage”). Refinancings and applications for increases to existing Scotiabank mortgage amounts are excluded from this Offer. All mortgage applications are subject to meeting Scotiabank's standard credit criteria, residential mortgage standards and maximum permitted loan amounts. If transferring an existing Eligible Mortgage, prepayment charges with your current lender may be applicable if the mortgage has not reached its maturity date.

 

To qualify, the primary borrower or any co-borrower(s) of the Eligible Mortgage must not be current holders of a Scotiabank Chequing Account (as defined below) or be previous holders of a Scotiabank Chequing Account within the last two (2) years. “Scotiabank Chequing Account” means any of the following accounts: Ultimate Package, Preferred Package, Scotia One Account, Basic Plus Bank Account, Basic Banking Plan, Basic Bank Account, Momentum Chequing, Power Chequing, Scotia One Service, Scotia Value, Student Banking Advantage Plan. Employees of Scotiabank are also not eligible for the Offers. This Offer may be changed, withdrawn, suspended or extended any time without notice.