Bank Comparison
Scotiabank Mortgage Life Insurance:
Is It Worth It?
Scotiabank charges approximately $82.00/month — the highest among Canada's Big Five banks. Over 20 years on a $500K mortgage, that's $19,680 for declining coverage.
Scotiabank Monthly
$82.00
per month
20-Year Total
$19,680
for declining coverage
You Could Save
$11,280–$13,680
with term life
Scotiabank vs. Independent Term Life
Based on a 35-year-old non-smoking woman, $500K mortgage, 20-year term.
| Feature | Scotiabank | Term Life |
|---|---|---|
| Monthly Premium | $82.00 | $25–$35 |
| 20-Year Total Cost | $19,680 | $6,000–$8,400 |
| Coverage Type | Declining | Level (stays at $500K) |
| Beneficiary | The Bank | Your Family |
| Underwriting | Post-Claim | Full (Upfront) |
| Portable? | No | Yes |
| Can Be Denied After Death? | Yes | No |
What Scotiabank Won't Tell You About Their Mortgage Insurance
Scotiabank charges the highest mortgage life insurance rate among the Big Five at approximately $82.00/month for a $500K mortgage — nearly 3x the cost of independent term life.
Scotiabank is the beneficiary of the policy. Your family receives nothing directly — the payout goes to pay off the mortgage balance.
Post-claim underwriting means Scotiabank reviews your health history after you pass away, creating risk that your family's claim could be denied.
Not portable. If you move your mortgage to another lender, your Scotiabank mortgage insurance is cancelled.
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