Mortgage Insurance Premium Calculator

Mortgage balance

Your outstanding Mortgage Balance.

Mortgage payment

Your Monthly or Bi-Weekly Mortgage Payment amount.

Payment frequency

How often do you make your mortgage payment, Monthly or Bi-Weekly?

Age

Your age is important to accurately determine the premium rate when calculating the coverage.

Age

Your co-borrower’s age is important to accurately determine the premium rate when calculating the coverage.

Your mortgage is over $350,000, so your estimated cost includes a lowered rate on the Life/Critical Illness premium.

Tiered Mortgage Discounts

With Scotia Mortgage Protection Insurance, you can get a tiered discount depending on the total amount of your remaining mortgage up to $1,000,000.

For example, if your mortgage is:

Since you have selected two or more insurance coverages, your estimated cost reflects a lowered rate on the premium.

If you and another borrower on the same mortgage account applied for and are approved for insurance coverage, you could save up to 20%. Here’s how:

Life Protection

Life Protection insurance can pay off your outstanding mortgage balance in full, up to a maximum of $1,000,000, in the event you pass away.

Critical Illness Protection

Critical Illness protection insurance can pay off your entire mortgage account balance, up to a maximum of $500,000, if you are diagnosed with a covered critical illness such as Heart Attack, Stroke, or Cancer.

Disability Protection

Disability Protection insurance could cover your mortgage payments up to $3,500 - plus your disability premium - per insured mortgage, per month, for up to 24 months, if you are unable to work because of a medical impairment due to injury, disease, or sickness.

Job Loss Protection

Job Loss coverage can cover your mortgage payments, up to $3,500/month per mortgage for a maximum of 6 months, when employment is involuntarily terminated or if you are permanently laid off.