Find below how much your monthly insurance premium would be based on the provided information.

Get a Discount?

Save up to 20% by adding another borrower on the same loan for insurance coverage

Comprehensive Protection

Coverage

  • Life and Terminal Illness coverage which can help pay off your loan.1

  • Critical Illness, Disability, and Job Loss coverage which can make your Loan Payments for up to $3,500 per month2,3.

Basic Protection

Coverage

  • Life coverage which can help pay off your loan.1

  • Scotia Loan Protection insurance is underwritten by The Canada Life Assurance Company of Canada. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.
  • 1For Life and Terminal Illness coverage, the maximum coverage is $300,000 per insured Loan.
  • 2 For Critical Illness and Disability Coverage, the maximum monthly benefit is $3,500 plus your Insurance premium for up to a maximum of 12 months per coverage.
  • 3 For Job Loss Coverage, the maximum monthly benefit is $3,500 plus your Insurance premium for up to 6 months per occurrence. Overall maximum benefit is 12 months of benefit payments.

Get a Discount

X

Save up to 20% on your premium by insuring more than one borrower on the same loan account.

Coverage Type Discount Factor
Both Borrowers have Comprehensive Protection coverage. 20%
Both Borrowers have Basic Protection coverage. 15%
One Borrower has Basic Protection coverage and one Borrower has Comprehensive Protection coverage. 18%