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"Scotiabank is pleased to announce a new disability product that protects customers' mortgages in the event of an unexpected disability," said Robin Hibberd, Executive Vice-President, Personal Lending and Insurance.
Scotiabank's 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 $3,500. Benefits cover a 24-month period per claim, or 48 months total in the lifetime of the insured.
"A sudden disability can quickly create an alarming financial burden for our customers and their families," added Mr. Hibberd. "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."
Customers become eligible for mortgage disability protection when they apply for a mortgage. The premium is based on a customer's age and mortgage payment. Pricing and other details are available at www.scotiainsurance.com.
Scotiabank's loss of life protection will pay the outstanding balance of a mortgage if the insured dies. Health crisis protection pays the outstanding mortgage balance when certain illnesses strike. -- www.cnxmarketlink.com
Posted May 29th, 2008 by ruzik_tuzik
