Scotia VISA Balance Protection FAQs

For your convenience, we've compiled a list of commonly asked questions about Scotia® VISA Balance Protection. Of course, if you don't find all the information you're looking for in this section, you can always ask your Scotiabank branch representative. Or call the insurer, ACE INA, at 1-800-461-0285. If you're calling from Metro Toronto, call 416-591-7405.

Questions

1. Who can apply for Scotia VISA Balance Protection?
2. I'm single with no dependants. Why do I need this insurance?
3. Can more than one person apply?
4. How much does it cost?
5. How do I make the premium payments?
6. The death benefit maximum is $20,000. Is there a maximum for disability or job loss?
7. Once I agree to the insurance and continue to pay for it, am I covered for life?
8. When does coverage begin?
9. Are there other exclusions or limitations?
10. Who is ACE INA?

Answers

1. Who can apply for Scotia VISA Balance Protection?
   Scotiabank VISA customers under the age of 65, are Canadian residents, and who have a Scotiabank VISA account in good standing are eligible. To apply for coverage with health crisis protection option, you must be between the ages of 18 and 54.
2. I'm single with no dependants. Why do I need this insurance?
   You or your family will still have to deal with your affairs if unexpected illness, disability or death occurs. Being single also means you may have no other sources of income to rely on should you lose your job or become disabled.
3. Can more than one person apply?
   Yes. Scotia VISA Balance Protection offers joint coverage for up to two people. Coverage is available only to the primary applicant or a co-applicant, not a supplementary card holder.
4. How much does it cost?
   The rates are based on your previous month's balance and the type of protection you purchase. Premiums are very affordable and are calculated based on every $100 balance outstanding on the previous month's statement. No premium is charged when there is no prior month's balance, so you pay only for protection you need. A 20% discount applies when you purchase joint coverage. See rate table below for actual amounts:
   
   

   Product Option	Single Rate	Joint Rate
   	per $100	per $100
   (Life/Disability/Job loss /HCP)	0.95	1.52
   (Life/Disability/Job Loss)	0.75	1.20
   (Life/Job Loss)**	0.40	0.64
   (Life/HCP)	0.40	0.64
   (Life)	0.20	0.32

   * Plus sales tax, where applicable
   ** Provincial regulation prevents the sale of this option in the province of Quebec.

   
   
5. How do I make the premium payments?
   Premiums are charged to your VISA account and appear on your monthly statement.
6. The death benefit maximum is $20,000. Is there a maximum for disability or job loss?
   The plan's Disability and Involuntary Unemployment coverage has an overall maximum coverage of $20,000 per account. This means that your monthly payments continue until you return to work, or until the outstanding balance at the time of the event has been paid off (to a maximum of $20,000 per account), whichever comes first.
7. Once I agree to the insurance and continue to pay for it, am I covered for life?
   The disability and involuntary unemployment and health crisis protection benefits end at age 65, while the life insurance coverage ends at age 70. There is no age restriction for the accidental death benefit.
8. When does coverage begin?
   Immediately after we receive your completed application. You will receive your Distribution Guide from ACE INA within two to three weeks of applying.
9. Are there exclusions or limitations?
   Yes. For more details, download a copy of the Creditor Protection Handbook
   ( 250 kb). You can also ask your Scotiabank branch representative to explain the exclusions and limitations to you. Or call the insurer, ACE INA, at 1-800-461-0285. If you're calling from Metro Toronto, call 416-591-7405.
10. Who is ACE INA?
    ACE INA Life Insurance, a member of the ACE Group of companies, is one of the world's most innovative providers of insurance products & services. ACE INA has more than two centuries of insurance experience, with a history that dates as far back as 1792. Today, ACE INA delivers a range of insurance products and service to about 50 countries around the world.