Mortgage Disability Protection
A sudden disability can make your mortgage payments a financial burden for both you and your family at a time when they can least afford it.
With Disability Protection your mortgage payments can be covered if you are Disabled.
Scotiabank Mortgage Disability Protection can:
- Cover your mortgage payments (after a 60 day waiting period from the day you were diagnosed) should you be unable to work as a result of an injury or covered impairment, and
- Provide a maximum monthly benefit amount of $3,500 plus your disability premium (including provincial sales tax) for your mortgage for up to a maximum of 48 months.
With Disability Protection, you can be immediately approved for critical illness and disability coverage if you answer no to the two simple health questions and if the total of all of your insured Scotiabanl Mortgage accounts is $300,000 or less. If you answer 'yes' to any of the health questions on the application, you will be contacted via telephone by Sun Life (the insurer) for additional health information.
The cost of Disability Protection is determined by your age at the time of application and your mortgage payments (including principal, interest, bank administered municipal property taxes, Loss of Life Protection premium and/or Health Crisis Protection premium).
All insurance coverage is subject to the terms and conditions outlined in the applicable Certificate of Insurance , which you will receive upon enrollment.