Scotia Mortgage Protection Critical Illness FAQs

The more you know about Critical Illness coverage, the better you will be able to make an informed choice for yourself. These are the most commonly asked customer questions.

Questions

1. Who can apply for Critical Illness coverage?
2. Are there any conditions for approval?
3. Can more than one person apply?
4. What are the premiums?
5. I have Disability coverage. Why do I need Critical Illness coverage?
6. What if I change my mind after I've agreed to enroll?
7. Are there any exclusions or limitations?
8. How do I submit a claim?
9. What are the medical conditions covered by Critical Illness coverage?
10. I'm single. Why do I need Critical Illness coverage for my Scotiabank mortgage?
11. How much coverage do you offer?
12. How do I apply?

Answers

1. Who can apply for Critical Illness coverage?
   Scotiabank mortgage customers who are Canadian residents, and 18 years of age or under 65 years of age.
2. Are there any conditions for approval?
   Yes, approval is based on answering two simple health questions. If you answer 'No' to these questions and your Scotiabank mortgage is $300,000 or less, you're approved. Answering 'Yes' to any of these questions does not necessarily mean you won't be approved; it simply means the insurer will contact you for more details.
3. Can more than one person apply?
   Yes. Critical Illness coverage offers is available for up to two borrowers on the same mortgage. See below for rates.
4. What are the premiums?
   Critical Illness premiums are determined by your age and mortgage balance on the date of application. When two borrowers are insured on the same mortgage, discounts are applied for each borrower's premium.
   
   

   Age	Life*	Critical Illness*	Disability*
   	Per $1,000 of mortgage amount		Per $100 of monthly benefit
   18 – 31	$ 0.09	$ 0.12	$ 1.35
   31 – 35	$ 0.13	$ 0.17	$ 1.75
   36 – 40	$ 0.20	$ 0.27	$ 2.10
   41 – 45	$ 0.29	$ 0.45	$ 2.60
   46 – 50	$ 0.40	$ 0.68	$ 3.05
   51 – 55	$ 0.55	$ 1.02	$ 3.70
   56 – 60	$ 0.70	$ 1.60	$ 4.75
   61 – 65 Disability = 61-64	$ 0.99	$ 3.20	$ 5.80
   66 – 69 Disability = 65-69	$ 1.64	Not available	$ 6.85

   *Plus sales tax, where applicable.
5. I have Disability coverage. Why do I need Critical Illness coverage?
   Scotia Disability coverage does not pay your mortgage. The Disability monthly benefit payments can maintain your mortgage payments until you go back to work. Critical Illness coverage can pay off the outstanding balance on your mortgage whether you can work or not, if you are diagnosed with a covered critical illness.
6. What if I change my mind after I've agreed to enroll?
   After you enroll you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn’t, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you, and any premiums you’ve paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.
7. Are there any exclusions or limitations?
   Yes there are some. For more details call us at 1-855-753-4272, Monday to Friday, 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.
8. How do I submit a Claim?
   Call our Customer Service Centre at 1-855-753-4272 Monday to Friday, 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with questions about submitting a claim.
9. What are the medical conditions covered by Critical Illness Protection?
   With Critical Illness coverage, the balance of your mortgage can be paid in full if you are diagnosed with any of the following covered conditions:
   • Heart Attack
   • Cancer
   • Stroke
10. I'm single. Why do I need Critical Illness coverage for my Scotiabank mortgage?
    Your estate representative will be responsible for paying your mortgage while your estate is being settled, and that could take significant time.
11. How much coverage do you offer?
    For Critical Illness coverage, the plan covers up to $500,000 per mortgage or $500,000 for all mortgages combined. All insurance coverage is subject to the terms and conditions outlined in the applicable Certificates of Insurance which you will receive upon approval of your application.
12. How do I apply?
    To apply visit your Scotiabank branch.