Scotia Loan Protection
Right for you if:
You want financial flexibility in a difficult time
You wish to maintain your credit score if you are unable to work
Coverage at Affordable Rates
Scotia Loan Protection offers coverage to protect you and your familly against illness, injury or death.
Quick estimate of your monthly premium payment
Comprehensive Protection Coverage
Life and Terminal Illness coverage which can help pay off your loan1.
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 loan1.
Which Loans are eligible for Scotia Loan Protection?
Scotia Loan Protection is only available for Scotiabank Auto Loans that originated from an Auto Dealership.
For Insurance coverage options that are available for your existing Scotiabank Loan, please visit your local Scotiabank branch
Who can apply for Scotia Loan Protection?
Scotia Loan Protection is available to new or existing Scotiabank Auto Loan Borrowers (maximum of 2 insured borrowers), who are 18 years of age to 69 years of age, are Canadian residents and who have a Scotiabank Auto Loan account in good standing.
To apply for Comprehensive Protection Coverage you must be employed and actively working at least 20 hours per week.
Further, to be eligible for Job Loss coverage, you must be a Permanent Employee and not a Seasonal Employee.
Do I need to answer any medical questions or take a medical exam?
You can be immediately approved without having to answer any medical questions or take a medical exam.
How much does it cost?
The price for this type of coverage varies according to the Borrowers age, the type of coverage, and the amount of the loan.
Will my premium change?
Your Scotia Loan Protection premium will remain the same through the duration of your Scotiabank Auto Loan Term. If there is a change to your Scotia Loan Protection coverage or a change to your Scotiabank Auto Loan payment amount, Your Scotia Loan Protection premium amount may be recalculated.
Are there any exclusions or limitations?
There are some limitations and exclusions. Please refer to the 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.
When does my coverage end?
Basic Protection coverage ends on your 75th birthday. Comprehensive Protection coverage ends on your 70th birthday. At age 70 you will be automatically switched to Basic Protection coverage and your premiums will be adjusted accordingly.
For further details on when your coverage ends refer to the Certificate of Insurance.
How do I submit a claim?
Simply call 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Insurance Customer Service Representatives will be pleased to assist you or click the forms below.
Scotia Loan Protection - Critical Illness Claim Form
Scotia Loan Protection - Disability Claim Form
Scotia Loan Protection - Job Loss Claim Form
Scotia Loan Protection - Life and Terminal Illness Claim Form
Who do I contact if I have a question regarding my coverage?
Simply call 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Insurance Customer Service Representatives will be pleased to assist you.
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.
For Life and Terminal Illness coverage, the maximum coverage is $300,000 per insured Loan.
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.
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.