Credit Protection for ScotiaLine.

Right for you if:

 

You want credit protection for your personal Line of Credit.

Protect your family.

Your ScotiaLine Personal Line of Credit 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 remove these worries.

Credit Life Protection

Credit Life Protection can pay off the outstanding loan balance on your account 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 loan balance on your ScotiaLine account can be paid off in the event that 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.

Requirements

You are approved for coverage provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol for Life Protection or less than age 55 if you decide to enrol for both Life and Critical Illness Protection.

At a Glance

Choose Life or Life + Critical Illness coverage for complete coverage
No health questions asked
Peace of mind for your loved ones

Features

  • Your premium is based on the average daily balance on your ScotiaLine account during the billing period and your age at the end of each ScotiaLine billing period (or in the case of joint coverage, on the age of the older Insured Borrower).   
  • The average daily ScotiaLine account balance during the billing period is divided by 1,000 and then multiplied by the applicable premium rate, as indicated below, to arrive at the premium (and tax, if applicable) for the billing period.
  • This amount is automatically billed to your ScotiaLine account every billing period and appears on your monthly statement. No insurance premium is charged on your ScotiaLine account if you did not carry a balance on your previous month's statement. *Pre-existing conditions apply
  • As a ScotiaLine account holder, you are already approved for coverage provided you and your secondary borrower (if you choose) are less than 65 years old on the date you enrol for Life Protection or less than 55 years old if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked.
  • Find your age in the following table to see how affordable your premiums can be. A 10% discount applies if joint coverage is selected.
Premium Rate per $1,000 of Average Outstanding Daily Balance
  Single Coverage Single Coverage
Joint Coverage
Joint Coverage
Age Life Protection Life & Critical Illness Protection Life Protection Life & Critical Illness Protection
40 and under $0.49 $0.98 $0.88 $1.76
41 – 50 $0.89 $1.78 $1.60 $3.20
51 – 55 $1.77 $3.58 $3.19 $6.38
56 – 60 $2.99 $5.98 $5.38 $10.76
61 – 65 $4.98 $9.98 $8.96 $17.92
66 – 70 $4.98 $9.98 $8.96 $17.92

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 ScotiaLine Credit Protection Insurance. Please refer to the Certificate for additional details.

Insurance is underwritten by Scotia Insurance Caribbean Limited and offered through Scotia Insurance Agent Ltd., agent for Scotia Insurance Caribbean Limited.

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