Scotia Business Loan ProtectionProtect the business you built
Protect your business and the people you care about
What happens when a business owner passes away? Or when a key employee has an accident or falls ill? These are situations we never want to imagine, but they happen more often than you might think. And if your business is unprotected, the consequences could be difficult for you and the people you care about.
The good news is you can protect your business with Scotia Business Loan Protection.
Scotia Business Loan Protection is simple but effective insurance. If you or another key employee loses the ability to work, Scotia Business Loan Protection can make regular payments or completely pay off your Scotiabank line of credit, loan or credit card. If you or another key employee passes away, your outstanding loan amounts can be paid in full.
This vital protection is available to critical members of your business operations, including:
- A sole proprietor or partner;
- A guarantor
- Shareholders owning at least 10% voting shares of the business
- A key employee whose contributions are essential to an eligible business entity and without whom the eligible business entity would have difficulty operating.
You can choose Basic Protection or Comprehensive Protection:
With Basic Protection, your business can receive a life insurance benefit of up to $2,000,000 if an insured person passes away.
With Comprehensive Protection, your business can receive the following benefits:
- Life insurance benefit of up to $2,000,000 if an insured person passes away;
- Disability benefit paid monthly and equal to 1%1 of the Comprehensive coverage amount if an insured person becomes disabled;
- Hospitalization benefit equal to 2%2 of the Comprehensive coverage amount ; or
- Terminal Illness benefit equal to the outstanding balances3 on your insured borrowings.
1% of the Comprehensive coverage amount, monthly benefit up to $7,500 for a maximum of 24 months per claim or 48 months maximum per lifetime.
2% of the Comprehensive coverage amount, up to $15,000 paid in one lump sum amount.
To a maximum of $2,000,000.
Scotia Business Loan Protection is a Group Policy underwritten by The Canada Life Assurance Company.
All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.