How does it work!

Credit Protection can remove those worries. It will pay off your outstanding ScotiaLine balance, relieving your loved ones of added financial pressure at a difficult time. You can enroll for Credit Life Protection which can pay the outstanding loan balance on your ScotiaLine account in the event of your death or enroll for both Credit Life and Critical Illness. Critical Illness Protection is a living benefit, which means that the outstanding loan balance of your ScotiaLine account can be paid 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 perhaps now is the time to consider joint coverage if you have a secondary borrower on your account.

You Are Already Approved!

As a ScotiaLine account holder, it's easy to take advantage of this important offer of protection. You are already approved for coverage provided you and your secondary borrower (if you choose) are less than age 65 on the date you enroll for Life Protection or less than age 55 if you decide to enroll for both Life and Critical Illness Protection. And no health questions are asked!

Affordable monthly premiums for Credit Protection are based on your outstanding balance and your age. Just find your age in the following table to see how affordable your premiums can be.

Premium Rate per $1,000 of Average Outstanding Daily Balance

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 above, 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 months statement.

Visit your Scotiabank branch to enrol or for more information about Credit Protection for ScotiaLine.

A note from the insurer:

In this section, we have attempted to explain clearly and briefly the coverages available under this plan. Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of ScotiaLine Credit Insurance and the Policies. Please refer to this Certificate for additional details. Insurance is underwritten by Family Guardian Insurance Company Limited.