Scotia Business Loan Protection

Rates

Scotia Business Loan Protection

Scotiabank offers competitive rates. Insurance premiums are based on the type and amount of coverage you choose, and are also based on your age if the coverage amount is greater than $50,000.

Basic Protection
Basic Protection is available only when the coverage amount is greater than $50,000. This table sets out the monthly premium for every $1,000 of Basic Coverage Amount.

Age Basic Protection Rate
18-35 $ 0.20
36-40 $ 0.29
41-45 $ 0.39
46-50 $ 0.52
51-55 $ 0.65
56-60 $ 0.88
61-65 $ 1.26
66-69 $ 1.65

Comprehensive Protection
The monthly premium for each Insured Person is $1.00 for every $1,000 of Comprehensive Coverage Amount, subject to a minimum monthly premium of $10.00.

For Comprehensive coverage amounts greater than $50,000 but less than or equal to $750,000:

This table sets out the monthly Comprehensive Protection premium rate for every $1,000 of Comprehensive coverage amount.

Age Basic Protection Rate
18-35 $ 0.50
36-40 $ 0.59
41-45 $ 0.79
46-50 $ 1.02
51-55 $ 1.25
56-60 $ 1.59
61-65 $ 2.16

For Comprehensive coverage amounts greater than $750,000:

The monthly Comprehensive Protection premium is calculated as follows:

Premium = (a) + ((b) x Comprehensive Coverage Amount in Excess of $750,000) ÷ 1,000), where (a) and (b) are set out in the following table.

Age (a) (b)
18-35 $ 375.00 $ 0.20
36-40 $ 442.50 $ 0.29
41-45 $ 592.50 $ 0.39
46-50 $ 765.00 $ 0.52
51-55 $ 937.50 $ 0.65
56-60 $ 1,192.50 $ 0.88
61-65 $ 1,620.00 $ 1.26
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