Scotia Loan Protection insurance 1

Many of us rely on our vehicles everyday. Be prepared for the unexpected that can hinder your ability to make your auto loan payments.

Did you know? Nearly half of Canadians carrying non-mortgage debts say paying them off is stressful. 2

Scotia Loan Protection for your auto loan can offer financial support if you experience an involuntary job loss, illness, injury or if you pass away.

Drive with confidence knowing your loan is covered with Scotia Loan Protection

If your claim is approved, this optional insurance makes payments either toward your scheduled loan payments, or pay part or all of your outstanding loan balance which can help you:

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Have more funds for everyday expenses such as food, housing, and auto insurance.

Prevent missed or late loan payments to maintain your credit score.

Avoid using savings or emergency funds to make your loan payments.

Safeguard the ownership of your vehicle if, due to certain life events, you can no longer afford the payments.

Don’t let life’s unexpected surprises derail your journey

Financial protection for your auto loan, with no medical questions asked.

Coverage bundles
Eligibility
Premiums and discounts

What type of coverage bundle is available to you?

Basic Protection

Basic Protection provides the following insurance coverage:

Life Coverage only

Comprehensive Protection

Comprehensive Protection includes the five insurance coverages below:

Life Coverage
Terminal Illness Coverage
Critical Illness Coverage
Disability Coverage
Job Loss Coverage

Learn more about the coverage types

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Your family can be more confident knowing your outstanding loan balance can be paid in part or full.
Can pay up to $300,000 towards your outstanding personal loans if you pass away.

Terminal Illness

Can cover your outstanding loan balance, up to a maximum of $300,000, if you are diagnosed with a covered terminal Illness. 3

Critical Illness

If you experience a covered critical illness (cancer, heart attack or stroke) prior to your 70th birthday, you and your loved ones can have help paying your auto loan.
Can help cover your loan payments, up to $3,500 per month for up to 12 months.

Disability

Focus more on recovering from a physical or mental health condition and not on your loan payments.
Can help cover your loan payments, up to $3,500 per month for up to 12 months, if you become disabled and are unable to work.

While you’re looking for a new job, this coverage can help cover your loan payments, freeing up money for everyday expenses.
Can help cover your loan payments, up to $3,500 per month for up to 6 months or 12 months total lifetime if you involuntarily lose your job.

Who’s eligible?

A maximum of two people per eligible Scotiabank Loan can have insurance coverage.

To apply for Basic Protection, you must meet all the following criteria on the date of your application to enrol for insurance:

Canadian resident
Individuals at least 18 and under 70 years old.
Be the principal borrower, co-borrower or guarantor on a Scotiabank loan that is in good standing and have agreed to the terms and conditions of the Loan.

To apply for Comprehensive Protection, you must also be:

Employed and actively working at least 20 hours per week 4
Not receiving Disability benefits from any source when you are applying.

To be eligible for Job Loss coverage, you must:

Be a permanent employee.
Not be a seasonal employee.

Your pricing is based on your loan balance

You can save up to 20% on your premiums!

If you and another borrower on the same loan account applied for and are approved for insurance coverage, you could take advantage of the following discounts:

Coverage type	Discount
Both Borrowers have Comprehensive Protection coverage	20%
One Borrower has Basic Protection coverage and one Borrower has Comprehensive Protection coverage	18%
Both Borrowers have Basic Protection coverage	15%

How are my premiums calculated?

Monthly Basic Protection premium

Your premium 5 is calculated for every $1,000 of your loan balance on the date your Scotia Loan Protection application is approved.

Monthly Comprehensive Protection premium

Your premium 5 is calculated for every $1,000 of your insured loan balance for Life and Terminal Illness coverage and
$100 of monthly equivalent insurable benefit 5 for Critical Illness, Disability and Job Loss coverage on the date your Scotia Loan Protection application is approved.

For Comprehensive Protection:

The table below sets out the monthly Comprehensive Protection premium for every $1,000 of Insured Loan balance for Life and Terminal Illness coverage and $100 of monthly equivalent insurable benefit for Critical Illness, Disability and Job Loss coverage.

Life and Terminal Illness	Critical Illness, Disability, Job Loss
Age	Premium Rate for Each Insured	Premium Rate for Each Insured
18 – 30	$0.29	$2.09
31 – 35	$0.31	$2.25
36 – 40	$0.33	$2.43
41 – 45	$0.38	$2.78
46 – 50	$0.47	$3.37
51 – 55	$0.60	$4.27
56 – 60	$0.78	$5.51
61 – 65	$1.00	$7.02
66 – 69	$1.00	$7.06

Here is an example:

You are 41 years old and Your Loan balance at time of application is $30,000 with a $470 monthly Loan Payment. Your monthly insurance premiums would be $24.47 (($0.38 x $30,000 ÷ $1,000) + ($2.78 x $470 ÷ $100)) plus any applicable sales taxes.

For Basic Protection:

The table below sets out the monthly Basic Protection premium for every $1,000 of Loan balance on the date Your Scotia Loan Protection application is approved.

Life
Age	Premium Rate for Each Insured
18 – 30	$0.29
31 – 35	$0.31
36 – 40	$0.33
41 – 45	$0.38
46 – 50	$0.47
51 – 55	$0.60
56 – 60	$0.78
61 – 65	$1.00
66 – 69	$1.00

Here is an example:

Suppose you are 41 years old and your Loan balance at the time of application is $30,000. Your insurance premium would be $11.40 which is calculated as ($0.38 x $30,000 ÷ $1,000) plus any applicable sales taxes.

30-day ‘right to examine your coverage’ period

If you decide our loan insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid. Call us today to enrol worry-free.

Learn more about Scotia Loan Protection

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Calculate your Loan Balance Protection

Find out how much your monthly insurance premium would be.

Protect yourself financially with optional Scotia Creditor Insurance Protection

With or without dependents, the right coverage can help keep your financial goals on track.

You may not be able to see the future, but we can help you plan for it.

See how Scotia Creditor Insurance can help you and your family get financially prepared.

Additional Resources

Scotia Loan Protection - Certificate of Insurance (Sample)
N/A | pdf : 1 MB

Frequently asked questions

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.

What are some key conditions, exclusions, and waiting periods?

No benefit is paid if a death or Critical Illness occurs within 12 months of the Effective Date of coverage due to a pre-existing condition.
To be eligible for Job Loss benefits you must be employed at least 180 consecutive days on a full-time basis for at least 20 hours each week immediately prior to the date of Disability or Job Loss. In addition, you must be a Permanent employee and not be a Seasonal Employee.
No benefit is paid for Job Loss if the Claimant became unemployed within 90 days of the Effective Date of coverage; or unemployment is the direct/indirect result of resignation, retirement from employment, or dismissal for cause, or a strike or lockout

When does Scotia Loan Protection insurance begin and end?

Scotia Loan Protection Insurance Begins:

On the effective date indicated on the Schedule of Coverage that you will receive with your Certificate of Insurance within 30 days of application approval

Scotia Loan Protection Insurance Ends:

Age 70 for Critical Illness, Disability, Job Loss and Terminal Illness coverage
Age 75 for Life insurance coverage
The date of receipt of your request to cancel coverage
The date your account is closed or refinanced for additional funds

Under what circumstances will my premium change?

Your 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 premium may be recalculated.

How do I make a claim?

To make a claim, follow these steps:

Call us toll-free 1-855-753-4272, 8am - 8pm (EST), Monday to Friday
Have your Scotia Card number or account number ready
Once your enrollment is confirmed, your customer service representative will send you a claims package (electronically or by mail) for completion
Send the completed forms and any supporting documents to the Insurer - contact details will be provided on the claim forms
Once the assessment is done, you will be notified of the decision in writing by the Insurer

How do I cancel my insurance coverage?

You may cancel coverage at any time. If you cancel within 30 days of your coverage effective start date you will receive a full refund of any premium paid.

Call 1-855-753-4272 between 8am and 8pm (EST), Monday to Friday, and a Customer Service Representative will be pleased to assist you.

Ways to contact us

Scotia Loan Protection

Mon-Fri (8 am-8 pm ET)

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In person

Visit a local branch

Claims

We look forward to taking care of you every step of the way.

Resolving your complaint

How to resolve your complaint

If you have an inquiry about any aspect of this insurance coverage, please call 1-855-753-4272 between 8 a.m. and 8 p.m. (ET), Monday to Friday.

To access Scotiabank’s complaint handling process, visit https://www.scotiabank.com/resolvingyourcomplaint or obtain the “Resolving Your Complaints” brochure from your local Branch.

If your complaint is regarding underwriting or claims, please review Canada Life’s policy on handling complaints at canadalife.com, under Customer satisfaction > Customer complaints.

Scotia Loan Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.

Bank of Nova Scotia and its employees are not agents of Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Loan Protection plan.

The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.

Coverage amounts may be less than the outstanding loan balance and the duration of insurance may be less than the amortization period of the loan.

A terminal Illness is an illness that is determined by a doctor in writing to likely result in death within one year of diagnosis.

Certain exclusions may apply.

The insurance premium and applicable sales tax will be charged to the same account from which your loan payments are debited or from a different bank account you designate.