Scotiabank calculator
Scotiabank Mortgage Insurance Calculator Canada
Scotia Mortgage Protection can cover life, terminal illness, critical illness, disability, and job-loss events around a Scotiabank mortgage. Run the life-insurance numbers before you compare the bundle with personally owned term life.
What this Scotiabank calculator is comparing
Scotiabank describes Scotia Mortgage Protection as optional mortgage protection that, if a claim is approved, can make a lump-sum payment toward the mortgage balance or help make scheduled mortgage payments for a period of time.
The Financial Consumer Agency of Canada says optional mortgage life insurance may pay the mortgage balance to the lender, the lender is the beneficiary, and the death benefit usually decreases as the mortgage is paid down. FCAC also says term or permanent life insurance can keep the death benefit level and pay your named beneficiary directly.
That is the comparison to make before you sign or renew: Scotiabank loan-balance protection, or personally owned coverage your family can control even if you refinance, renew with another lender, or need cash for more than the mortgage.
Free estimate
Calculate Scotia Mortgage Protection vs term life
Scotiabank is preselected. Adjust age, balance, smoking status, province, and years remaining to see the side-by-side estimate.
How to use the result safely
1. Separate the coverages
Life, terminal illness, critical illness, disability, and job-loss coverage respond to different events. Price and compare each Scotiabank coverage line on its own.
2. Check payout control
If the benefit is directed to the mortgage balance or mortgage payment, your household may still need flexible cash for income, childcare, tax, or transition costs.
3. Avoid a coverage gap
Keep existing Scotiabank coverage active until any replacement term life policy is approved, accepted, and in force.
Sources checked: Scotia Mortgage Protection Insurance and Financial Consumer Agency of Canada optional mortgage insurance guidance. This page is educational, not personalized insurance advice.