For your convenience, we've compiled a list of commonly asked questions about Commercial Creditor Life Insurance. Of course, if you don't find all the information you're looking for in this section, you can always talk to your Scotiabank branch representative. Or call Canada Life at 1-800-387-2671.

Who can apply for Commercial Creditor Life Insurance?

Can more than one person apply?

Are there any conditions for approval?

How much does it cost?

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

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

When does coverage begin?

Are there any exclusions or limitations?

Who is Canada Life?

How do I submit a claim?

Who can apply for Commercial Creditor Life Insurance?
As the primary customers, borrowers and co-borrowers are eligible to apply for Commercial Creditor Life Insurance. But coverage can also be extended to partners, shareholders with at least 10% voting shares of the business, guarantors and key employees whose contributions are crucial to the business. All applicants must be at least 18 years of age and not older than 68.

Can more than one person apply?
Yes. Each eligible person (detailed above) can apply for life insurance coverage equal to the total amount of the outstanding Scotiabank credit for business or investment purposes - up to a maximum of $2,000,000 per applicant.

Are there any conditions for approval?
Yes, approval is based on answering a few simple medical questions and the total amount of coverage you're applying for. If you answer 'no' to all these questions and the amount of coverage is less than $300,000, then you're automatically approved. If you answer 'yes' to any of these questions, or if you're requesting coverage of over $300,000, your application will be forwarded to Canada Life, who will then determine your approval.

How much does it cost?
The price for this type of coverage varies according to the applicant's age at time of application and on each renewal
date, and the authorized amount of coverage. Refer to our
rate tables for exact pricing per $1,000 of coverage (please note specific details for Quebec).

I already have life insurance. Why do I need this protection?
Unlike ordinary life insurance, Commercial Creditor Life Insurance benefits go directly towards paying off your Scotiabank business or investment credits. So you don't have to worry about your family or business partners having to shoulder the burden of your debt after you pass away.

Commercial Creditor Life Insurance also offers a living benefit should you or another insured member of your business lose an arm, leg, finger, or sight in an accident. This lump sum payment, which will be credited against the outstanding balance of your Scotiabank business or investment credits, will be based on the severity of the loss. For more information on this living benefit, please review our Distribution Guides and Certificates of Insurance.

What if I change my mind after I agree to this insurance?
When you sign up for Commercial Creditor Life Insurance, you get 10 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.

When does coverage begin?
As soon as we receive your completed application or, the date Canada Life approves your application, whichever is later.

Are there any exclusions or limitations?
Yes. For more details, download a copy of the Distribution Guides and Certificates of Insurance. You can also ask your Scotiabank branch
representative to explain the exclusions and limitations to
you. Or 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 six million customers across the country.

How do I submit a claim?
Simply contact Canada Life at 1-800-387-2671.