Your ScotiaPlan Loan gives you access to greater borrowing and favourable interest rates to help you meet your most pressing needs. However, in the event of your death or the diagnosis of a specified health crisis, this convenience could become a financial obligation for your family.
Credit Protection for Scotia Plan Loans can prevent this from happening to you.
With Credit Life Protection, your outstanding loan balance will be paid up to the policy maximum,1 should you pass away. Rest assured that your family will be protected, no matter what happens.
With Health Crisis Protection, your outstanding loan balance is paid up to the policy maximum1 in the event that you are diagnosed with a heart attack, stroke, cancer, or suffer the loss of limbs or sight in both eyes due to an accident or illness.
Credit Protection for Scotia Plan Loans can cover both the borrower and the co-borrower if joint coverage is elected, so you don't have to worry about leaving someone else with the burden of repaying your loan, or being the one left behind to make the payments alone.
Scotiabank loan customers under 55 years of age can apply for Health Crisis Protection and loan customers under 65 years of age can apply for Life Protection1.
1A 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 policy maximums, specific limitations and exclusions, including age restrictions, and a pre-existing condition as described in the Enrollment Form and the Certificate of Insurance which you will receive upon purchase.
Credit Protection benefits are underwritten by licensed insurance companies
Favourable interest rates
Joint coverage available
Protect your family from a financial obligation