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With your ScotiaLine Gold line of credit, you can live the lifestyle you choose. Did you know, however, that in the event of your death, your estate or your family must pay the balance owing on your line of credit?
Credit Life Protection insurance removes that worry. It will pay off your outstanding ScotiaLine Gold balance thus relieving your loved ones of additional financial burdens at a very difficult time. If you already have coverage for yourself, now is the time to consider adding joint coverage if your account is joint with your spouse.
You Are Already Approved!
As a ScotiaLine Gold customer, it’s easy to take advantage of this important offering. You are already approved for coverage provided that you, and your secondary account holder if you choose, are less than 65 years of age on the date you enrol. No health questions asked or medical examination required.
Affordable monthly premiums for Credit Life Protection insurance are based on your average daily outstanding balance during the billing period, your age, and the type of coverage you chose (single or joint). For joint coverage, the rates will be based on the age of the older of the two applicants.
Just find your age in the following table to see how affordable your premiums can be. A discount applies if joint coverage is selected. Premiums are based on the age of the eldest borrower if joint coverage is taken.
Table of Premiums
| Age Band |
Single Coverage |
Joint Coverage |
| 40 and under |
0.49 |
0.88 |
|
41 - 50 |
0.89 |
1.60 |
|
51 - 55 |
1.77 |
3.19 |
|
56 - 60 |
2.99 |
5.38 |
|
61 - 70 |
4.98 |
8.96 |
Premium rate per $1,000 of average daily outstanding balance
Your monthly insurance premium amount is added to your ScotiaLine Gold account automatically and is reported on your statement. What's more, no premium will be charged if you did not carry a balance during the previous billing statement period.
Please visit your Scotiabank branch to enrol or for more information about Credit Life Protection for ScotiaLine Gold.
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 Certificate of Group Credit Life Insurance and the Policy, which you will receive upon purchase. Please refer to the Certificate of Group Credit Life Insurance for details.
Insurance is underwritten by Sagicor Life Inc.
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