Scotia Loan Protection insurance

Protection for the important things in life. Get coverage that can protect you and your family financially

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

Comprehensive Protection provides the following insurance coverages:

  • Life Coverage
  • Terminal Illness Coverage
  • Critical Illness Coverage
  • Disability Coverage, and
  • Job Loss Coverage

Basic Protection

Basic Protection coverage provides Life insurance coverage only.

Comprehensive Protection includes these five types of coverage:

Life 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.

Disability Coverage

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.

30-day ‘right to examine your coverage’ period

If you decide our loan insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid. Call us today to enrol worry-free.

Learn more about the product

Protect yourself financially with optional Scotia Creditor Insurance Protection

With or without dependents, the right coverage can help keep your financial goals on track. 

Watch Video, Protect yourself financially with optional Scotia Creditor Insurance Protection

Calculate your Loan Balance Protection

Find out how much your monthly insurance premium would be.

Launch tool, Calculate your Loan Balance Protection

You may not be able to see the future, but we can help you plan for it.

See how Scotia Creditor Insurance can help you and your family get financially prepared.

Watch Video, You may not be able to see the future, but we can help you plan for it.

Frequently asked questions

Ways to contact us

Scotia Loan Protection

Call in by phone.
Mon-Fri (8:00am-8:00pm EST)

1-855-753-4272