Scotia Mortgage Life FAQs

Plan for the unexpected

The more you know about Life coverage, the better you will be able to make an informed choice for yourself. These are the most commonly asked customer questions.

Who can apply for Life coverage?

Scotiabank mortgage customers who are Canadian residents and are 18 years of age and under 65 years.

Are there any conditions for approval?

Yes, approval is based on answering one health question. If you answer "No" to this question and your mortgage is $500,000 or less you are approved. Answering "Yes" to this question does not necessarily mean you won't be approved; it simply means the insurer will contact you for more information.

Can more than one person apply?

Yes. Life coverage is available for up to two borrowers on the same mortgage.

I have other life insurance. Why do I need this protection for
my mortgage?

Other Life insurance does not pay off your mortgage. With Life coverage, your Scotiabank mortgage could be paid off in full, so the funds from other life insurance can be used to help your loved ones maintain their standard of living.

I'm single. Why should I worry about paying off my mortgage after
I've gone?

If you have a guarantor on your mortgage, that person may become responsible for your debt after you pass away. As well, your estate representative will be responsible for paying your mortgage while your estate is being settled, and that could take significant time.

What if I change my mind after I've agreed to enrol?

After you enrol you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with cancelling your coverage, and any premiums you've paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.

Are there any exclusions or limitations?

Yes. For more details, call us at 1-855-753-4272, Monday to Friday, 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.

How do I submit a claim?

For more details about submitting a claim, call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.

How much coverage do you offer?

For Life coverage, the maximum coverage amount is $750,000 per mortgage or $750,000 for all mortgages combined.

How do I apply?

To apply, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you, or if you prefer visit your local Scotiabank branch.

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