What is Scotia Loan Protection?
This optional insurance helps pay off or maintain your loan payments in the event of illness, injury or death.
Scotia Loan Protection offers you two coverage bundle types:
Comprehensive Protection provides the following insurance coverages:
- Life Coverage
- Terminal Illness Coverage
- Critical Illness Coverage
- Disability Coverage, and
- Job Loss Coverage
Basic Protection coverage provides Life insurance coverage only.
Comprehensive Protection includes these five types of coverage:
Can cover your outstanding loan balance, up to $300,000, if you pass away.
Terminal Illness Coverage
This benefit can cover your outstanding loan balance, up to a maximum of $300,000, if you are diagnosed with a covered Terminal Illness.
A Terminal Illness is an illness that has been determined by a Doctor in writing to likely result in death within one year of diagnosis.
Critical Illness Coverage
Can help cover your loan payments, up to $3,500 per month 2,3, if you are diagnosed with a covered Critical Illness prior to your 70th birthday. Coverage includes certain types or severities of cancer, heart attack or stroke.
Can help cover your loan payments, up to $3,500 per month2,3, if you become disabled.
Job Loss Coverage
Can help cover your loan payments, up to $3,500 per month2,3, if you involuntarily lose your job.
Who can apply for Scotia Loan Protection?
To be eligible to apply for Basic Protection under Scotia Loan Protection, you must meet all of the following criteria on the date of your application to enrol for insurance:
- You must be at least 18 years old and less than 70 years old;
- You must be a resident of Canada; and
- You must be the principal Borrower, co-borrower or guarantor on a Scotiabank Loan that is in Good Standing and have agreed to the terms and conditions of the Loan.
To apply for Comprehensive Protection, you must also be:
- Employed and actively working at least 20 hours per week4
- Not receiving Disability benefits from any source.
To be eligible for Job Loss coverage, you must be:
- A Permanent Employee and you must NOT be a Seasonal Employee.
- A maximum of two people per eligible Scotiabank Loan can have insurance coverage.
Premiums and Discounts
The monthly Basic Protection premium is calculated for every $1,000 of your loan balance on the date your Scotia Loan Protection application is approved.
Your monthly Comprehensive Protection premium is calculated for every $1,000 of your insured loan balance for Life and Terminal Illness coverage and $100 of monthly equivalent insurable benefit for Critical Illness, Disability and Job Loss coverage on the date your Scotia Loan Protection application is approved.
You may also be eligible for a discount of up to 20% on your premiums. For more details, please refer to our Frequently Asked Questions below. Provincial sales tax will be added to your premium where applicable.
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Frequently asked questions
Ways to contact us
Scotia Loan Protection
Call in by phone.
Mon-Fri (8:00am-8:00pm EST)