Scotiabank launches new insurance that protects mortgage customers in case of sudden disability
Scotiabank is launching a new insurance policy that protects mortgage customers when dinvalidité soudaineLa Scotiabank announced the launch of a new insurance product offering protection in case of disability to its mortgage customers in the across Canada. The Bank is now the first major Canadian financial institution offering mortgages with three levels of personal protection, including for protection in case of serious illness and death.
“Scotiabank is pleased to present a new insurance policy that protects its mortgage customers in case of sudden disability,” said Robin Hibberd, Vice President Executive Officer, Lending and Insurance.
Protection in case of disability of Scotiabank – underwritten by Sun Life – helps customers affected mortgage disability resulting from injury or illness, mental or neurological disorders.
It provides a monthly benefit when a disability claim is approved. The allowance is a fixed amount based on the monthly payment of the mortgage, including principal, interest and taxes up to $ 3 500 per month. It covers a period of
24 months per claim or a total of 48 months in the life of the insured.
“A sudden disability can quickly burdensome alarming for our clients and their families,” said Hibberd. “Protection for disability promises to protect families, their finances and their future.
With mortgage insurance in case of disability Scotiabank, our customers can maintain their credit ratings and protect their property. ”
Customers become eligible for mortgage protection in case of disability when they apply for a mortgage. The premium is based on the client’s age and amount of mortgage payments.
Protection in case of death ensures repayment of the entire mortgage balance if the insured dies. Protection in cases of serious illness allows the reimbursement of the entire mortgage balance if certain diseases occur.
Scotiabank is one of the major financial institutions in North America and most international bank. With their staff of over 60 000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some fifty countries. Besides investment banking, Scotiabank offers a full range of products and services to individuals, small and medium businesses and large corporations. The assets of the Bank of Nova Scotia amounted to 449 billion dollars.
