Scotiabank has launched a new insurance product offering disability protection to mortgage clients across Canada.
Scotiabank said that its mortgage disability protection – underwritten by Sun Life – helps mortgage customers sidelined by disability due to injury or disease, sickness, mental illness and nervous disorder.
It provides monthly benefits when a disability claim is approved. The benefit is a fixed amount based on the mortgage payment, including principal, interest and taxes, with a maximum monthly benefit of C$3,500. Benefits cover a 24-month period per claim, or 48 months total in the lifetime of the insured.
Robin Hibberd, executive vice president of personal lending and insurance at Scotiabank, said: A sudden disability can quickly create an alarming financial burden for our customers and their families. Disability protection can safeguard families, their finances and their future. Scotiabank’s mortgage disability insurance will help maintain our customers’ credit ratings and protect their assets.