Mortgage Disability Protection FAQs

Questions

1. What is Disability Protection?
2. Who is Eligible?
3. What qualifies as a disability?
4. How much does it cost?
5. What is the maximum Monthly Benefit?
6. Is there a waiting period?
7. How is the premium calculated?
8. Do I need to answer any Health Questions?
9. Do I have to go through an underwriting process?
10. Is a medical examination required?
11. How long will I be able to collect disability benefits?
12. How do I submit a claim?

Answers

1. What is Disability Protection?
   Disability Protection pays benefits which are applied to your mortgage in the event that you become disabled due to injury, disease, sickness, mental illness or nervous disorder that prevents you from performing the regular duties of your occupation just before your disability started.
2. Who is Eligible?
   Scotiabank mortgage customers are eligible if, at the time of application, they are 18-64 years of age, reside in Canada and actively work a minimum of 20 hours per week for wages or the expectation of profit.
3. What qualifies as a disability?
   An injury, disease, sickness, mental illness or nervous disorder that prevents you from performing the duties of your regular job.
4. How much does it cost?
   Please refer to the Mortgage Disability Protection Premium Rate Table.
5. What is the maximum Monthly Benefit?
   The maximum monthly benefit is $3,500 per mortgage.
6. Is there a waiting period?
   A 60 day waiting period will start from the insurer approval date of disability. Benefits are payable after the end of the 60 day qualifying period.
7. How is the premium calculated?
   The premium is based on your age at the time of application and the mortgage payment (including principal, interest and taxes).
8. Do I need to answer any Health Questions?
   You will be required to answer two health questions on the Mortgage Protection Application.
9. Do I have to go through an underwriting process?
   If you answer "Yes" to the Health Questions and/or the total advance of the insured mortgage is greater than $300,000, your application will require underwriting. Sun Life (the Insurer) will contact you by telephone for additional health-related information.
10. Is a medical examination required?
    Based on the information gathered in the telephone underwriting call, Sun Life will determine if a medical examination is required. No health related information will be shared with Scotiabank.
11. How long will I be able to collect disability benefits?
    You have a maximum of 24 months per claim per insured borrower. The overall maximum is 48 monthly disability benefit payments per insured lifetime.
12. How do I submit a claim?
    For more details about submitting a claim, 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.