Scotia Plan Loan Life & Disability Protection FAQs

Convenient coverage when you need it

For your convenience, we've compiled a list of commonly asked questions about Scotia Plan Loan Life & Disability Insurance.

Who can apply for Scotia Plan Loan Life & Disability Insurance?

Scotiabank customers between the ages of 19 and 64, and who have a Scotia Plan Loan are eligible. Applicants age 65 or older can apply for Scotia Plan Loan Life Insurance only. Applicants for the disability portion of this coverage will also be asked to provide employment information.

Do I need a medical exam?

No. However, Scotia Plan Loan Life Insurance applicants who are 65 years of age or older need to submit a statement of health directly to Canada Life within 45 days of the date of the loan for their review and approval of insurance.

Can more than one person apply?

Yes. Scotia Plan Loan Life & Disability Insurance offers joint coverage.

How is the cost calculated?

The price for this type of coverage varies according to the applicant's age at time of application, type of coverage requested (life or disability or both), term and amortization period, and the balance of the Scotia Plan Loan. It's best to speak with your Scotiabank branch or call centre to find out how much you would pay to protect your loan.

I already have life insurance. Why do I need this?

Unlike ordinary life insurance, the life portion of this insurance goes directly towards paying off your loan. So you don't have to worry about a co-borrower or guarantor having to shoulder the burden of your debt after you pass away.

I already have disability insurance. Isn't that sufficient protection?

Regular disability insurance usually replaces only a portion of your income. And once you've covered your basic monthly expenses - rent or mortgage, food, clothing and medicine - there may not be enough left to pay your bills. Should you become disabled, Scotia Plan Loan & Disability Insurance can make your monthly loan payments for you, up to a maximum of $150,000 during any continuous period of disability that lasts longer than 30 days.

What if I change my mind after agreeing to this insurance?

When you sign up for Scotia Plan Loan Life & Disability Insurance, you get 30 days to review the details of the plan. If you do decide to cancel within this review period, you can do so by sending a signed, dated letter to your Scotiabank branch and we'll refund any premiums you've paid. It's that easy. You may also cancel anytime after the 10-day review period with no premium refund.

Are there any exclusions or limitations?

For more details, call the insurer Canada Life at 1-800-387-2671.

Who is Canada Life?

Canada Life is one of Canada's top five insurance companies. Founded in 1847, Canada Life now serves more than eight million customers.

How do I submit a claim?

Simply contact Canada Life at 1-800-387-2671.

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