Scotia Mortgage Protection 1 insurance

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

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.

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

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

• Coverages
• Eligibility
• Premiums and discounts
• Premium rates

What type of coverage 3 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

  

  • 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.

          

          • 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, per mortgage.
            • There is a 60-day waiting period from the date of your job loss before you can receive benefits.

            Am I eligible for Scotia Mortgage Protection insurance?

            Eligibility is easier than you think

            You are eligible if you are a:

            • Canadian resident.
            • Aged 18 to 64
            • A borrower, a co-borrower or a guarantor on a Scotiabank Mortgage account that is in good standing
              • You are eligible for Disability coverage if you are a permanent employee, self-employed or seasonal worker and you are Actively Working 4
              • You can apply for Job Loss coverage 5 if you already have Scotia Mortgage Disability insurance coverage or also apply for Disability coverage on the same mortgage

              If you are eligible for coverage, you can be automatically approved if you can answer “No” to a few simple health questions. 6

              Your monthly premium is based on your age at the time of your insurance application

              The younger you are, the less you pay

              Here’s how it works:

              • Your monthly premium is based on your age and
                • For Life and/or Critical Illness coverages, the amount of your mortgage at the time of your insurance application
                • For Disability and Job Loss coverages, your monthly equivalent mortgage payment amount. Your monthly premium will change anytime your insured mortgage payment amount changes.
                  

                To learn more about how your premiums are calculated or to calculate how much your premium could cost, launch the Mortgage Insurance Premium Calculator.

                How Disability Insurance premiums are calculated:

                • Your monthly premium is calculated based on Your age and the monthly equivalent payment amount of Your Mortgage, including principal, interest, Scotia Mortgage Protection premium for Life and Critical Illness insurance coverage and any applicable sales taxes and bank administered taxes, up to $3,500.

                The cost of Disability Insurance:

                • The table below sets out the monthly premium rate for every $100 of monthly insurable benefit (not including provincial sales tax):

                Here’s an Example:

                Taylor was 28 years old at the time of application and his monthly mortgage payment is $1,500.

                • Based on the Disability coverage rate table, the premium rate is $1.48/$100

                Taylor’s Disability coverage monthly premium rate would be $22.20 which is calculated as ($1.48/$100 x $1,500) + provincial sales tax, where applicable.

                Job Loss Insurance
                

                How Job Loss Insurance premiums are calculated:

                • Your monthly premium is calculated based on Your age and the monthly equivalent payment amount of Your Mortgage, including principal, interest, Scotia Mortgage Protection premium for Life and Critical Illness insurance coverage and any applicable sales taxes and bank administered taxes, up to $3,500

                The cost of Job Loss Insurance:

                • The table below sets out the monthly premium rate for every $100 of monthly insurable benefit (not including provincial sales tax)

                Premium Rate for Each Insured

                Here’s an Example:

                Paul was 51 years old at the time of application and his monthly mortgage payment is $1,500.

                • Based on the Job Loss coverage rate table, the premium rate is $1.40/$100

                Paul's Job Loss coverage monthly premium rate would be $21.00 which is calculated as ($1.40/$100 x $1,500) + provincial sales tax, where applicable.

                Critical Illness Insurance
                

                How Critical Illness Insurance premiums are calculated:

                • Your monthly critical illness premium is based on your age and the amount of your mortgage up to $500,000 at the time you are approved for insurance. If the total of all your insured mortgages exceeds $500,000, you will only pay a premium on amounts up to $500,000.
                • Your premium will not increase due to your age, provided your mortgage balance does not increase during the lifetime of your mortgage.

                The cost of Critical Illness Insurance:

                • The table below sets out the monthly premium rate for every $1,000 of mortgage balance on the date your mortgage protection application is approved (not including provincial sales tax):

                Premium Rate for Each Insured

                Here’s an example:

                Lisa was 32 years old when approved for Critical Illness insurance coverage with a Mortgage amount of $300,000.

                • Based on the Critical Illness coverage rate table, the premium rate is $0.21/$1000

                Lisa’s Critical Illness coverage monthly premium rate would be $63 which is calculated as ($0.21/$1000 x $300,000) + provincial sales tax, where applicable

                How Life Insurance premiums are calculated:

                • Your monthly life insurance premium is based on your age and the amount of your mortgage up to $1,000,000, at the time you apply for insurance. If the total of all your insured mortgages exceeds $1,000,000, you will only pay a premium on amounts up to $1,000,000.
                • Your premium will not increase due to your age, provided your mortgage balance does not increase during the lifetime of your mortgage.

                The cost of Life Insurance:

                • The table below sets out the monthly premium rate for every $1,000 of mortgage balance on the date your mortgage protection application is approved (not including provincial sales tax):

                Premium Rate for Each Insured

                Here’s an example:

                Andrew was 25 years old when approved for Life insurance coverage with a Mortgage amount of $100,000.

                • Based on the Life coverage rate table, the premium rate is $0.14/$1000

                Andrew’s Life coverage monthly premium rate would be $14 which is calculated as ($0.14/$1000 x $100,000) + provincial sales tax, where applicable

                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

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                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

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                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
                

                Scotia Mortgage Protection - Certificate of Insurance (Sample)
                N/A | pdf : 2 MB Scotia Mortgage Protection - Product Booklet
                N/A | pdf : 174 KB

                Frequently asked questions

                Do I need to answer any medical questions?
                

                • 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.

                What are some key conditions, exclusions, and waiting periods?
                

                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.

                When does Scotia Mortgage Protection insurance begin and end?
                

                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.
                  

                How do I make a claim?
                

                To make a claim, follow these steps:

                • Call us toll-free 1-855-753-4272, between 8 am and 8 pm (ET), 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
                

                What happens to my insurance coverage if I replace or obtain a new Mortgage?
                

                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.
                

                What happens to my insurance coverage if I refinance my Mortgage?
                

                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.

                How do I cancel insurance coverage?
                

                • 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 8 am and 8 pm (ET), Monday to Friday, and a Customer Service Representative will be pleased to assist you.

                Plan for tomorrow with more confidence.
                

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                By phone

                Mon-Fri (8 am-8 pm ET)

                

                In person

                Visit a local branch

                

                Claims

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

                Resolving your complaint

                How to resolve your complaint

                If you have an inquiry about any aspect of this insurance coverage, please call 1-855-753-4272 between 8 a.m. and 8 p.m. (ET), Monday to Friday.

                To access Scotiabank’s complaint handling process, visit https://www.scotiabank.com/resolvingyourcomplaint or obtain the “Resolving Your Complaints” brochure from your local Branch.
                

                If your complaint is regarding underwriting or claims, please review Canada Life’s policy on handling complaints at canadalife.com, under Customer satisfaction > Customer complaints.
                

                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.

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

                • 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).

                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.

                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.

                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.

                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.

                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.