Scotia Plan Loan Life & Disability Protection FAQs

Effective February 16th, 2019, Scotia Plan Loan Life and Disability Protection will no longer be available for new enrolments. If you are an existing Scotia Plan Loan Protection customer your coverage will renew up until March 15th, 2019 and you will remain insured until the end of the loan term.

Customers with protection insurance on their Scotia Plan loan will remain insured for the remainder of their loan term.  

Customers will no longer be able to add an additional coverage type to their policy (e.g. add disability or life coverage) effective February 16^th, 2019.

The price for this type of coverage varies according to the applicant's age at time of application, type of coverage requested (life or disability or both), term and amortization period, and the balance of the Scotia Plan Loan. It's best to speak with your  Scotiabank branch or call centre advisor.

When you sign up for Scotia Plan Loan Life & Disability Insurance, you get 30 days to review the details of the plan. If you do decide to cancel within this review period, you can do so by sending a signed, dated letter to your Scotiabank branch and we'll refund any premiums you've paid. It's that easy. You may also cancel anytime after the 30-day review period with no premium refund.

For more details, please review the Distribution Guide attached to product page. Also, if you need further details call the insurer Canada Life at 1-800-387-2671.

Canada Life is a license insurance company. The Scotia Plan Loan insurance coverage is underwritten by Canada Life” Founded in 1847, Canada Life now serves more than eight million customers.

Simply contact Canada Life at  1-800-387-2671.

There is no impact to the monthly disability claim payments that you are currently receiving.