Credit Protection for Credit Cards

Right for you if:

  • You want credit protection on your Scotiabank credit card balance

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 Protection pays off the outstanding loan balance on your credit card account in the event of your death.

Credit Protection pays off the outstanding loan balance on your credit card account in the event of your death.

Critical Illness Protection is a living benefit, which means that the outstanding loan balance on your credit card 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 consider joint coverage.

As a Scotiabank credit card customer, it's easy to take advantage of this important offer of protection. 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.

Fees and Terms of Credit Life Protection

Costs 29 cents for every $100 of outstanding balance

52 cents for every $100 of outstanding balance on joint cards

Coverage up to $85,000

  • Affordable monthly premiums for Credit Protection are based on your balance
  • 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.
  • 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

A note from the insurers:
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 Scotiabank MasterCard Credit Insurance and/or the Certificate of Scotiabank Visa Credit Insurance and the Policy. Please refer to the Certificate for additional details. Credit Protection benefits are underwritten by licensed insurance companies

  • You must be a current Scotiabank credit card customer
  • You must be less than 70 years old on the date you sign up for Credit Life Protection, and less than 60 years old on the date you sign up for Critical Illness Protection

Ready to Apply?