Scotia Loan Protection insurance

Scotia Loan Protection is an optional insurance product that can help pay off your outstanding Scotia Auto Loan account balance or cover your monthly auto loan payments as a result of certain unexpected events, such as Disability, Job Loss, Critical Illness, Terminal Illness or Loss of Life.

You do not need to apply for this optional insurance coverage to be approved for a Scotia Auto Loan*.

*Not applicable to Scotia Retail Loans.

You can choose from two insurance bundles:

Comprehensive Protection Coverage:

• Life and Terminal Illness coverage, which can pay off your outstanding Scotia Auto Loan account up to $300,000 if you are diagnosed with a Terminal Illness or pass away
• Critical Illness, Disability and Job Loss coverage, which can make your auto loan payment for up to $3,500 per month. Critical Illness and Disability coverages can make monthly payments for up to 12 months. Job Loss coverage can make monthly payments for up to 6 months per occurrence. Overall maximum benefit is 12 months

Basic Protection Coverage:

• Life coverage, which can pay off your outstanding Scotia Auto Loan account up to $300,000 if you pass away

• Scotia Loan Protection insurance is only available for Scotiabank Auto Loans that originated from an Auto Dealership.
• Coverage is available to new or existing Scotiabank Auto Loan Borrowers (maximum of 2 insured borrowers), who are 18 years of age to 69 years of age, are Canadian residents and who have a Scotiabank Auto Loan account in good standing.
• To apply for Comprehensive Protection Coverage, you must be employed and actively working at least 20 hours per week.

For job loss coverage:
You must also be a Permanent Employee and not a Seasonal Employee.

For Comprehensive Protection:

The table below sets out the monthly Comprehensive Protection premium for every $1,000 of Insured Loan balance for Life and Terminal Illness coverage and $100 of monthly equivalent insurable benefit for Critical Illness, Disability and Job Loss coverage.

Here is an example:

You are 41 years old and Your Loan balance at time of application is $30,000 with a $470 monthly Loan Payment. Your monthly insurance premiums would be $24.47 (($0.38 x $30,000 ÷ $1,000) + ($2.78 x $470 ÷ $100)) plus any applicable sales taxes.

For Basic Protection:

The table below sets out the monthly Basic Protection premium for every $1,000 of Loan balance on the date Your Scotia Loan Protection application is approved.

Here is an example:

Suppose you are 41 years old and your Loan balance at the time of application is $30,000. Your insurance premium would be $11.40 which is calculated as ($0.38 x $30,000 ÷ $1,000) plus any applicable sales taxes.

A premium reduction of up to 20% is available!

If you and another borrower on the same loan account applied for and are approved for insurance coverage, you could take advantage of the following discounts:

• Call us toll-free at 1-855-753-4272, 8am. – 8pm (EST), Monday to Friday

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

After you enrol, will 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 are not 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 benefits you must be employed 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 will 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 Scotiabank Auto Loan Term. If there is a change to your Scotia Loan Protection coverage or a change to your Scotiabank Auto Loan payment amount, your premium may be recalculated.

To make a claim, follow these steps:

• Call us toll-free 1-855-753-4272, 8am - 8pm (EST), Monday to Friday
• Have your Scotia Card number or account number ready
• Once your enrollment 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 will receive a full refund of any premium paid.

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

• Scotia Loan Protection is underwritten by Canada Life Assurance Company under a Group Policy issued to the Bank of Nova Scotia.
• All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.
• The insurance premium and applicable sales tax will be charged to the same account from which your loan payments are debited or from a different bank account you designate
• Bank of Nova Scotia and its employees are not agents of Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Loan Protection plan.
• The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.