Questions

1. What is Disability Protection?
2. Who is Eligible?
3. What qualifies as a disability?
4. How much does it cost?
5. What is the maximum Monthly Benefit?
6. Is there a waiting period?
7. How is the premium calculated?
8. Do you need to answer any Health Questions?
   
9. Do you have to go through an underwriting process?
   
10. Is a medical examination required?
    
11. How long will you be able to collect disability benefits?
12. What is the process if you become disabled?
13. Where can I get help if I need it?

Answers

1. What is Disability Protection?
   Disability Protection pays benefits which are applied to your mortgage in the event that you become disabled due to injury, disease, sickness, mental illness or nervous disorder that prevents you from performing the regular duties of your occupation in which you participated just before your disability started.
   
   
   
2. Who is Eligible?
   Scotiabank mortgage customers are eligible if, at the time of application, they are 18-64 years of age, reside in Canada and actively work a minimum of 20 hours per week for wages or the expectation of profit.
   
   
   
3. What qualifies as a disability?
   An injury, disease, sickness, mental illness or nervous disorder that prevents you from performing the duties of your regular job. Full details are in the Mortgage Disability Protection Distribution Guide.
   
   
   
4. How much does it cost?
   The Premium Rate Table can be found in the Mortgage Disability Protection Distribution Guide.
   
   
   
5. What is the maximum Monthly Benefit?
   The maximum monthly benefit is $3,500 per mortgage.
   
   
   
6. Is there a waiting period?
   A 60 day waiting period will start from the insurer approval date of disability. Benefits are payable after the end of the 60 day qualifying period.
   
   
   
7. How is the premium calculated?
   The premium is based on your age at the time of application and the mortgage payment (including principal, interest and taxes).
   
   
   
8. Do you need to answer any Health Questions?
   You will be required to answer a health question on the Mortgage Disability Protection Application.
   
   
   
9. Do you have to go through an underwriting process?
   If you answer “Yes” to the Health Question and/or the total advance of insured mortgages is greater than $300,000, your application will require underwriting. Sun Life (the Insurer) will contact you by telephone for additional health-related information.
   
   
   
10. Is a medical examination required?
    Based on the information gathered in the telephone underwriting call, Sun Life will determine if a medical examination is required. No health related information will be shared with Scotiabank.
    
    
    
11. How long will you be able to collect disability benefits?
    You have a maximum of 24 months per claim per insured borrower. The overall maximum is 48 monthly disability benefit payments per insured lifetime.
    
    
    
12. What is the process if you become disabled?
    You will need to contact your Branch who will provide the necessary information to Sun Life. Sun Life will advise your branch directly of their claim decision. In some instances, additional information may be required. The 60 day waiting period will start from the insurer approved date of disability. Benefits will be paid once the waiting period is satisfied.
    
    
    
13. Where can I get help if I need it?
    You can access information in the Mortgage Disability Protection Distribution Guide or contact your branch.