TORONTO, May 26 /CNW/ - Scotiabank today announced the launch of a new
insurance product offering disability protection to mortgage clients across
Canada. The Bank is now the first major Canadian financial institution with
mortgage product offerings at three levels of personal protection, including
loss of life and health crisis.
    "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.

    Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 60,000 employees, Scotiabank
Group and its affiliates serve approximately 12.5 million customers in some 50
countries around the world. Scotiabank offers a diverse range of products and
services including personal, commercial, corporate and investment banking.
With $449 billion in assets (as at January 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS). For more information please visit
www.scotiabank.com.