Scotia Line of Credit Life FAQs

Plan for the unpredictable

For your convenience, we've compiled a list of commonly asked questions about Scotia Line of Credit Protection.

Who can apply for Scotia Line of Credit Protection?

Scotia Line of Credit Protection is available to new or existing Scotia Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. To apply for Life coverage you must be under 65 years of age.

Can more than one person apply?

Yes. Up to two borrowers can apply for Scotia Line of Credit Protection.

How much does it cost?

Our Life and Critical Illness coverage rates are based on your average daily outstanding balance during the billing period, your age, type of protection (Life or Life and Critical Illness) and type of coverage (single, joint, multiple coverage).

Age Life1
Per $1,000 of average daily balance
Under 31 $ 0.20
31 – 35 $ 0.27
36 – 40 $ 0.31
41 – 45 $ 0.44
46 – 50 $ 0.59
51 – 55 $ 0.76
56 – 60 $ 0.95
61 – 65 $ 1.38
66 – 69 $ 2.50
1Plus sales tax, where applicable.

I already have life insurance. Why do I need this insurance?

Unlike ordinary life insurance, Scotia Line of Credit Protection benefits go directly towards paying off your Scotia Line of Credit account balance. This could mean one less debt for you or your family to worry about during a difficult time.

What if I change my mind after I agree to enrol?

After you enrol you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with cancelling your coverage, and any premiums you've paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.

How do I make premium payments?

The premium is billed to your Scotia Line of Credit account every billing period and appears on your monthly statement.

I have more than one line of credit account. Can I insure all of them?

Yes. For Life coverage, the maximum coverage amount is $500,000, or up to $500,000 for all Scotia Line of Credit accounts combined.

Are there any exclusions or limitations?

For more details, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.

How do I submit a claim?

For more details about submitting a claim, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.

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