Scotia Loan Protection insurance¹

You can be immediately approved without having to answer any medical questions or take a medical exam.

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 or Critical Illness occurs within 12 months of the Effective Date of coverage due to a pre-existing condition.
• To be eligible for Job Loss insurance benefits you must be employed for at least 180 consecutive days on a full-time basis for at least 20 hours each week immediately prior to the date of Disability or Job Loss. In addition, you must be a Permanent employee and not be a Seasonal Employee.
• No benefit is paid for Job Loss if the Claimant became unemployed within 90 days of the Effective Date of coverage; or unemployment is the direct/indirect result of resignation, retirement from employment, or dismissal for cause, or a strike or lockout.

Scotia Loan Protection insurance begins:

• On the effective date indicated on the Schedule of Coverage that you’ll receive with your Certificate of Insurance within 30 days of application approval

Scotia Loan Protection insurance ends:

• Age 70 for Critical Illness, Disability, Job Loss, and Terminal Illness coverage
• Age 75 for Life insurance coverage
• The date of receipt of your request to cancel coverage
• The date your account is closed or refinanced for additional funds

Your premium will remain the same through the duration of your term. If there’s a change to your Scotia Loan Protection insurance coverage or a change to your Scotia Auto Loan payment amount, your premium may be recalculated.

To make a claim, follow these steps:

• Call us toll-free 1-855-753-4272, 8 am - 8 pm (EST), 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 may cancel coverage at any time. If you cancel within 30 days of your coverage effective start date you'll receive a full refund of any premium paid
• Call 1-855-753-4272 between 8 am and 8 pm (EST), Monday to Friday, and a Customer Service Representative will be pleased to assist you

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

If you have questions about any aspect of your loan protection insurance coverage, 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.