Scotia Business Loan Protection Rates FAQsProtect the business you've built
For your convenience, we've compiled a list of commonly asked questions about Scotia Business Loan Protection.
Businesses that reside and operate in Canada, are a sole proprietorship, partnership, corporation holding company or other entity operating a small business, farm, fishery or ranch and have a Scotiabank business loan, line of credit or credit card.
At the time of application, an insured person must be at least 18 and under 65 years of age, a resident of Canada and related to the business as:
- a sole proprietor
- a partner
- a guarantor
- a shareholder who owns at least 10% of the voting rights of a corporation
- a key employee whose contributions are essential and without whom the eligible business would have difficulty operating.
Yes, up to 10 people may be insured.
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 will need to answer a few simple health questions.
If further health information is required, you will 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 will still be granted up to $50,000 of Comprehensive insurance coverage.
Scotia Business Loan Protection offers more than just Life insurance. With Comprehensive Protection, your business receives benefits if an insured person:
- Passes away
- Becomes Disabled
- Becomes Hospitalized
- Is diagnosed with a Terminal Illness.
Unlike other insurance, Scotia Business Loan Protection benefits go directly towards your Scotiabank business loan, line of credit and/or credit card outstanding balances.
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 will receive a Certificate of Insurance and a confirmation letter verifying the effective date of your coverage in the mail if you are approved for coverage. If your application is not approved upon medical examination, you will be advised in writing.
Yes, in some cases it 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.
Like most insurance policies, coverage is subject to certain exclusions, restrictions and limitations. In addition, any concealment, misrepresentation, or false declaration on either the application or in any medical evidence submitted in connection with the application, or on your claim form, may make the coverage null and void.
For more information simply call 1-855-753-4272 between 8:00am and 6:00pm ET and one of our Insurance Customer Service Representatives will be pleased to assist you.
Scotia Business Loan Protection is a Group Policy underwritten by The Canada Life Assurance Company.
All insurance coverage is subject to the terms and conditions outlined in the applicable Distribution Guide, which you will receive upon purchase.