Creditor Insurance

Frequently Asked Questions

Scotia Mortgage Protection Life Coverage

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Scotiabank mortgage customers with a Scotiabank Mortgage account in good standing who are Canadian residents and are 18 years of age and under 65 years.

Yes, approval is based on answering one health question. If you answer "No" to this question and your mortgage is $500,000 or less you are immediately approved. Answering "Yes" to this question does not necessarily mean you won't be approved; it simply means the insurer will contact you for more information.

Yes. Life coverage is available for up to two borrowers on the account.

Your premium for Life coverage will be based on your age and mortgage balance on the date you apply. 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 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

Other Life insurance does not pay off your mortgage. With Life coverage, your Scotiabank mortgage could be paid off in full, so the funds from other life insurance can be used to help your loved ones maintain their standard of living.

If you have a guarantor on your mortgage, that person may become responsible for your debt after you pass away. As well your estate representative will be responsible for paying your mortgage while your estate is being settled, and that could take significant time.

After you enroll you will have 30 days to review the details of the coverage and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes. For more details, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

For Life coverage, the maximum coverage amount is $500,000 per mortgage or $750,000 for all mortgages combined.

Scotia Mortgage Protection Critical Illness Coverage

Call our Customer Service Centre at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply visit your local Scotiabank branch.

Scotiabank mortgage customers with a Scotiabank Mortgage account in good standing who are Canadian residents and are 18 years of age or under 65 years of age.

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 are immediately 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 information.

Yes. Critical Illness coverage is available for up to two borrowers on the same mortgage.

Your premium for Life coverage will be based on your age and mortgage balance on the date you apply. 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 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

Scotia Disability coverage does not pay off your mortgage balance. 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.

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, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes there are some. For more details call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

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.

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

Scotia Mortgage Protection Disability Coverage

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Monday to Friday 8 am to 8 pm (ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Scotiabank mortgage customers are eligible if, at the time of application, they are a minimum of 18 and under 65 years of age, a resident of Canada and actively work a minimum of 20 hours per week for wages or the expectation of profit.

You will be required to answer two health questions on the Mortgage Protection Application. 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.

Yes. Disability coverage is available for up to two borrowers on the account.

Your premium for Critical Illness coverage will be based on your age and mortgage balance on the date you apply. 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 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

Disability insurance 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.

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, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes there are some. For more details call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

The maximum monthly benefit is $3,500 per mortgage for a maximum of 24 months per claim per insured borrower. The overall maximum is 48 monthly disability benefit payments per insured lifetime.

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.

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.

A disability is a medical impairment due to injury, disease or sickness that prevents you from performing the duties of your own occupation in which you participated just before the disability started.

Scotia Line of Credit Protection Life Coverage

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Monday to Friday 8 am to 8 pm (ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Scotia Line of Credit Protection is available to new or existing Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. To apply for Life coverage you must be a minimum of 18 and under 65 years of age.

You can be immediately approved for Life coverage without having to answer health questions if the total of all of your insured Scotia Line of Credit account credit limits is $150,000 or less. You will need to answer one simple health question for Life coverage if your insured Scotiabank Line of Credit is greater than $150,000.

Yes. Life coverage is available for up to two borrowers on the same line of credit. See below for rates.

Your monthly premium is based on your age at the end of each account billing period and your average daily balance during the billing period on your Scotia Line of Credit account.

Age Life* Critical Illness* Disability*
  Per $1,000 of mortgage amount
Per $100 of monthly benefit
18 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

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, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes. For more details call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

For Life coverage, the maximum coverage amount is $500,000.

Scotia Line of Credit Protection Critical Illness

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Monday to Friday 8 am to 8 pm (ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Scotia Line of Credit Protection is available to new or existing Scotia Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. You must be between 18 and under 65 years of age to apply.

You can be immediately approved for Critical Illness coverage without having to answer health questions if the total of all of your insured Scotia Line of Credit account credit limits is $150,000 or less. You will need to answer one simple health question for Life coverage if your insured Scotiabank Line of Credit is greater than $150,000.

Yes. Up to two borrowers can apply for Scotia Line of Credit Protection.

Our Life and Critical Illness coverage rates are based on your average daily outstanding balance during the billing period, your age, type of coverage (Life or Life and Critical Illness) and type of coverage (single, joint, multiple coverage).

Age Life* Critical Illness* Disability*
  Per $1,000 of mortgage amount
Per $100 of monthly benefit
18 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

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, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes. For more details call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

For Critical Illness coverage, the maximum coverage amount is $300,000.

With Critical Illness coverage, the balance of your line of credit account can be paid in full if you are diagnosed with any of the following covered conditions:

  • Heart Attack
  • Cancer
  • Stroke

Yes. For Critical Illness coverage the maximum coverage amount is $150,000 per Scotia Line of Credit account or $300,000 for all Scotia Line of Credit accounts combined.

Scotia Line of Credit Protection Disability Coverage

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Monday to Friday 8 am to 8 pm (ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Disability coverage is available to new or existing Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. To apply for Disability Protection you must be a minimum of 18 and under 65 years of age.

When you apply for Disability coverage on your line of credit, you are immediately covered for up to $50,000. You will need to answer one health question if you require coverage greater than $50,000. The insurer, Sun Life, will contact you for further information.

YYes. Up to two Borrowers can apply for Scotia Line of Credit Protection.

The Disability Protection rates are determined by your age and the monthly benefit amount on your account during the billing period. And for your convenience, your Disability Protection premiums are billed directly to your insured line of credit account.

Age Life* Critical Illness* Disability*
  Per $1,000 of mortgage amount
Per $100 of monthly benefit
18 - 30
Disability = 18-29
$ 0.11 $ 0.13 $ 1.45
31 - 35
Disability = 30-35
$ 0.15 $ 0.18 $ 1.95
36 - 40 $ 0.22 $ 0.27 $ 2.45
41 - 45 $ 0.33 $ 0.47 $ 2.95
46 - 50 $ 0.44 $ 0.70 $ 3.50
51 - 55 $ 0.55 $ 1.04 $ 4.00
56 - 60 $ 0.74 $ 1.85 $ 4.95
61 - 65
Disability = 61-64
$ 1.09 $ 2.22 $ 5.95
66 - 69
Disability = 65-69
$ 1.54 Coverage terminates 
at age 65
$ 6.90

Unlike ordinary life insurance, Scotia Line of Credit Protection benefits go directly towards paying down your line of credit account balance.

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, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you. 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.

Yes there are some. For more details, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you.

The maximum benefit for any one of your insured line of credit accounts is a monthly benefit amount of $3,000 per account, for up to 24 months per disability.

Scotia Credit Card Protection

For more details about submitting a claim, call us at 1-855-753-4272, Mon-Fri (8am-8pm ET) and one of our Customer Service Representatives will be pleased to assist you

To apply, simply call us at 1-855-753-4272, Monday to Friday 8 am to 8 pm (ET) and one of our Customer Service Representatives will be pleased to assist you. Or, visit your local Scotiabank branch.

Scotiabank credit card Primary Borrowers who are a minimum of 18 years of age and under 65 years of age, are Canadian residents and who have a Scotiabank credit card account in good standing.

The monthly premium rate for coverage is $1.09 per $100 of the average daily balance plus applicable provincial sales tax.

Only the Scotiabank credit card Primary Borrowers may apply but benefits are also extended to cover an eligible Co-borrower on your Scotiabank credit card account, at no additional cost.

There are some limitations and exclusions. After you enroll, you will receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions. You will have 30 days to review the details of the Certificate of Insurance. If for any reason you are not satisfied with your coverage, you can cancel your coverage at any time. If you cancel within 30 days you will receive a full refund of any premiums paid.

The maximum benefit for Life or Critical Illness is $20,000 per insured credit card account. The maximum benefit for Disability, Job Loss or Strike or Lockout is $1,000 per insured credit card account for up to 24 months to a maximum of $20,000.

Scotia Plan Loan Life & Disability Protection

Simply contact Canada Life at 1-800-387-2671.

To apply visit your local Scotiabank branch.

Scotiabank customers between the ages of 19 and 64, and who have a Scotia Plan Loan are eligible. Applicants age 65 or older can apply for Scotia Plan Loan Life Insurance only. Applicants for the disability portion of this coverage will also be asked to provide employment information.

No. However, Scotia Plan Loan Life Insurance applicants who are 65 years of age or older need to submit a statement of health directly to Canada Life within 45 days of the date of the loan for their review and approval of insurance.

Yes. Scotia Plan Loan Life & Disability Insurance offers joint coverage.

Unlike ordinary insurance, Scotia Plan Loan Life and Disability Protection goes directly towards paying off your loan.

When you sign up for Scotia Plan Loan Life & Disability Insurance, you get 30 days to review the details of the plan. If you do decide to cancel within this review period, you can do so by sending a signed, dated letter to your Scotiabank branch and we'll refund any premiums you've paid. It's that easy. You may also cancel anytime after the 30 day review period but with no premium refund for the used portion of coverage.

There are some limitations and exclusions. After you enroll, you will receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions. You will have 30 days to review the details of the Certificate of Insurance. If for any reason you are not satisfied with your coverage, you can cancel your coverage at any time. If you cancel within 30 days you will receive a full refund of any premiums paid.

Scotia Business Loan Protection

Businesses that reside and operate in Canada, are a sole proprietorship, partnership, corporation holding company or other entity operating a small business, farm, fishery or ranch and have a Scotiabank business loan, line of credit or credit card.

At the time of application, an insured person must be at least 18 and under 65 years of age, a resident of Canada and related to the business as:

  • a sole proprietor
  • a partner;
  • a guarantor;
  • a shareholder who owns at least 10% of the voting rights of a corporation; or
  • a key employee whose contributions are essential and without whom the eligible business would have difficulty operating.

Yes, up to 10 people may be insured.

If your Insurance Coverage Amount is $50,000 or less, you can be immediately approved for Comprehensive coverage without having to answer any health questions.

If your Insurance Coverage Amount is greater than $50,000, you will need to answer a few simple health questions.

If you answer ‘Yes’ to a health question or if your coverage amount is greater than $500,000 then further health information is required. You will be contacted by the Insurer to arrange a free paramedical exam, where you may be asked to provide a blood and urine sample.

If you apply for Comprehensive Protection and are declined for health reasons, you will still receive $50,000 of Comprehensive insurance coverage.

The price for this type of coverage varies according to the Insured Person’s age, the type of coverage, and the amount of coverage. Refer to our rate tables for exact pricing per $1,000 of coverage.

Scotia Business Loan Protection offers more than just Life insurance. With Comprehensive Protection, your business receives benefits if an insured person:

  • Passes away;
  • Becomes Disabled;
  • Becomes Hospitalized; or
  • Is diagnosed with a Terminal Illness.

Unlike other insurance, Scotia Business Loan Protection benefits go directly towards your Scotiabank business loan, line of credit and/or credit card outstanding balances.

Your insurance coverage starts on whichever comes later—the date Scotiabank receives your signed and dated application or the date specified in the Insurer’s approval letter, when approval is required or the date any portion of the insured loan is advanced or funds made available.

You will receive a Certificate of Insurance and a confirmation letter verifying the effective date of your coverage in the mail if you are approved for coverage. If your application is not approved upon medical examination, you will be advised in writing.

Yes, in some cases it can increase with age. The monthly insurance premiums are calculated based on the Insurance Coverage Amount and, for Insurance Coverage Amounts greater than $50,000, the age of each Insured Person at the end of each billing period.

Like most insurance policies, coverage is subject to certain exclusions, restrictions and limitations. In addition, any concealment, misrepresentation, or false declaration on either the application or in any medical evidence submitted in connection with the application, or on your claim form, may make the coverage null and void.

For more information simply call 1-855-753-4272 between 8:00 a.m. and 8:00 p.m. (ET) and one of our Insurance Customer Service Representatives will be pleased to assist you.

Simply call 1-855-753-4272 between 8:00 a.m. and 8:00 p.m. (ET) and one of our Insurance Customer Service Representatives will be pleased to assist you.