Scotia Line of Credit Disability FAQs

A helping hand when you need it the most

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

Line of Credit Protection is available to new or existing 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 Disability Protection you must be under 65 years of age.

When you apply for Disability Protection on your line of credit, you are automatically covered for up to $50,000. You will need to answer two simple health questions if you require coverage greater than $50,000. The insurer, Canada Life, will contact you for further information.

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

Our Disability Protection rates are determined by your age and the monthly benefit amount on your account during the billing period. No premiums are charged if you have a zero balance on your account during the billing period. So you're paying only for the Protection you need. And for your convenience, your Disability Protection premiums are billed directly to your insured line of credit account.

Your Age at End of Each Billing Period Premium Rate1 per $100 of Monthly Benefit Amount
  Single Borrower
18-29 1.60
30-35 1.95
36-40 2.50
41-45 3.07
46-50 3.65
51-55 4.39
56-60 5.46
61-64 6.41
65-691 7.00

1Plus sales tax, where applicable.

Unlike ordinary life insurance, Line of Credit Protection benefits go directly towards paying off your line of credit account balance. So you don't have to worry about the people you care about having to shoulder the burden of your debt after you become seriously ill, disabled or pass away.

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.

As soon as we receive your completed application.

The premium is automatically billed to your line of credit account every billing period and appears on your monthly statement.

For Disability Protection, the maximum coverage for any one of your insured line of credit accounts is $100,000.

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.

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.

By Phone

Monday - Friday 
8:00 a.m. - 8:00 p.m. ET

1 (855) 753-4272
In Person

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