Effective March 31^st, 2023, the insurance provider for your Creditor Insurance coverage, Scotia Insurance Caribbean Limited (SICL), has been acquired and is now a wholly-owned subsidiary of GraceKennedy Financial Group Limited (“GraceKennedy Financial”). Click here to learn more.

Credit protection for Credit Cards.

Safeguard your family from credit card debt.

Protect your family.

Your Scotiabank credit card can give you convenient access to credit for your everyday purchases and expenses. However, in the event of your death or the diagnosis of a covered critical illness, this convenience could become your family's financial obligation. Credit Protection can prevent this from happening.

Credit Life Protection

You can enroll for Credit Life Protection which can pay off your outstanding Scotiabank credit card balance, in the event of your death, relieving your loved ones of added financial pressure at a difficult time.

Consider joint coverage if you have a secondary cardholder on your account.

Critical Illness Protection

Critical Illness Protection is a living benefit, which means that the outstanding balance on your credit card account can be paid off in the event you are diagnosed with a covered critical illness (specifically heart attack, cancer, or stroke).

If you already have Life Protection, you may want to add Critical Illness coverage or consider joint coverage if you have a secondary cardholder on your account.

*Critical illness only available with life protection.

Fees and Terms of Credit Protection

29¢ for every $100 of your outstanding account balance if you enrol in single Life coverage

52¢ for every $100 of your outstanding account balance if you enrol in joint Life coverage

Coverage up to $30,000 BBD or $15,000 USD

Requirements

You must be less than 70 years old on the date you enroll for Credit Life Protection, and less than 60 years old on the date you enrol for Critical Illness Protection

You must be a current Scotiabank credit card customer

Features

Affordable monthly premiums for Credit Protection are based on your outstanding account balance and your coverage choices.

Your monthly credit insurance premium amount is added to your Scotiabank credit card account automatically and is reported on your statement.

No premium will be charged if your previous month's statement balance was zero.

Single Life coverage costs just 29 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.

Joint Life coverage (two people) on the same Scotiabank MasterCard account costs 52 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.

Single Life and Critical Illness coverage costs just 53 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.

Joint Life and Critical Illness coverage (two people) on the same Scotiabank MasterCard account costs 95 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.

As a Scotiabank credit card customer, you're already approved for coverage provided that you (and your secondary cardholder, if you choose) are less than 70 years old on the date you enrol for Life Protection, or less than 60 years old if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked. *Pre-existing conditions apply.

A note from the insurers:

In this section, we have attempted to explain clearly and briefly the coverage available under this plan.

Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the enrolment Form and the Certificate of Scotiabank Mastercard Credit Insurance which you will receive upon purchase. Please refer to the Certificate for details.

Insurance is underwritten by Scotia Insurance Caribbean Limited, which is a wholly-owned subsidiary of GraceKennedy Financial Group Limited (“GraceKennedy Financial”), and offered through Scotia Insurance Agency Limited, a licensed insurance agent of SICL.

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