Scotia Business Loan Protection¹ insurance

If your Insurance Coverage Amount is $50,000 or less, you can be immediately approved for Comprehensive coverage without having to answer any health questions. 

If your Insurance Coverage Amount is greater than $50,000, you’ll need to answer a few simple health questions.

If further health information is required, you’ll be contacted to arrange a free paramedical exam where you may be asked to provide a blood and urine sample.

If you apply for Comprehensive Protection and are declined for health reasons, you’ll still be granted up to $50,000 of Comprehensive insurance coverage.

Scotia Business Loan Protection coverage begins:

Your insurance coverage starts on whichever comes later — the date Scotiabank receives your signed and dated application, or the date specified in the Insurer’s approval letter, when approval is required or the date any portion of the insured loan is advanced, or funds made available.

You’ll receive a Certificate of Insurance and a confirmation letter verifying the effective date of your coverage in the mail if you’re approved for coverage. If your application isn’t approved upon medical examination, you’ll be advised in writing

Scotia Business Loan Protection coverage ends:

• At age 65 for Disability, Hospitalization, and Terminal Illness coverage
• At age 70 for Life insurance coverage
• The date of receipt of your request to cancel coverage
• The date your account is closed

After you enrol, you’ll receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions.

Some key conditions, exclusions, limitations, and waiting periods apply. They include, but aren’t limited to:

• No benefit is paid if a death occurs within 24 months of the Effective Date of coverage due to a pre-existing condition
• To be eligible for disability benefits you must be actively working at least 20 hours per week immediately prior to the date of Disability 

In some cases, premiums can increase with age. The monthly insurance premiums are calculated based on the Insurance Coverage Amount and, for Insurance Coverage Amounts greater than $50,000, the age of each Insured Person at the end of each billing period.

To make a claim, follow these steps:

• Call us toll-free 1-855-753-4272, between 8 am and 8 pm (ET), Monday to Friday
• Have your Scotia Card number or account number ready
• Once your enrolment is confirmed, your customer service representative will send you a claims package (electronically or by mail)  for completion
• Send the completed forms and any supporting documents to the Insurer - contact details will be provided on the claim forms
• Once the assessment is done, you will be notified of the decision in writing by the Insurer

• You can cancel your coverage at any time. If you cancel within 30 days of the coverage effective date, you'll receive a full refund of any premium paid

• Call 1-855-753-4272 between 8 am and 8 pm ET, Monday to Friday, and a Customer Service Representative will be pleased to assist you

We’re happy to answer your questions about your Scotia Business Loan Protection insurance.

If you have questions about any aspect of your business loan protection insurance, please call 1-855-753-4272 between 8 am and 8 pm ET, Monday to Friday. 

To access Scotiabank’s complaint handling process, visit https://www.scotiabank.com/resolvingyourcomplaint or obtain the “Resolving Your Complaints” brochure from your local branch. 

If your complaint is regarding underwriting or claims, please review Canada Life’s policy on handling complaints at canadalife.com, under Customer satisfaction > Customer complaints.