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For your convenience, we've compiled a list of commonly asked questions about Line of Credit Protection. Of course, if you don't find all the information you're looking for in this section, you can always talk to your Scotiabank branch representative. Or call us toll-free at 1-800-953-7441.
Who can apply for Line of Credit Protection?
Do I have to answer any health questions?
Can more than one person apply?
How much does it cost?
I already have life insurance.
Why do I need this protection?
What if I change my mind after I agree to this insurance?
When does coverage begin?
How do I make premium payments?
I have more than one line of credit account.
Can I insure all of them?
Are there any exclusions or limitations?
How do I submit a claim?
Who can apply for 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 Loss of Life Protection and Disability Protection you must be under 65 years of age. To apply for Health Crisis Protection you must be under 56 years of age.
Do I have to answer any health questions?
When you apply for Loss fo Life and Health Crisis Protection, no health questions are asked. However, the policy does have certain restrictions and exclusions for pre-existing conditions. Review the Distribution Guides carefully to make sure you're not affected by these restrictions and exclusions.
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 one health question if you require coverage greater than $50,000. The underwriter, Sun Life, will contact you for further information.
Can more than one person apply?
Yes. Up to two borrowers can apply for Line of Credit Protection.
How much does it cost?
Our Loss of Life and Health Crisis Protection rates are based on your average daily outstanding balance during the billing period, your age, type of protection (Loss of Life or Loss of Life and Health Crisis Protection) and type of coverage (single, joint, dual).
Table of Premiums for Loss of Life Protection
| Your Age at End of Each Billing Period |
Premium Rate* per $1,000 of Average Daily Outstanding Balance |
| |
Single |
Joint |
| Under 31 |
.20
|
.34
|
|
31-35
|
.25
|
.43
|
|
36-40
|
.28
|
.48
|
|
41-45
|
.38
|
.65
|
|
46-50
|
.48
|
.82
|
|
51-55
|
.56
|
.95
|
|
56-60
|
.85
|
1.45
|
|
61-65
|
1.23
|
2.09
|
|
66-69
|
2.50
|
4.25
|
*Plus sales tax, where applicable.
Table of Premiums for Loss of Life and Health Crisis Protection
| Your Age at End of Each Billing Period |
Premium Rate* per $1,000 of Average Daily Outstanding Balance |
| |
Single |
Joint |
|
Under 31
|
.52
|
1.01
|
|
31-35
|
.58
|
1.13
|
|
36-40
|
.66
|
1.29
|
|
41-45
|
.97
|
1.89
|
|
46-50
|
1.40
|
2.73
|
|
51-55
|
1.87
|
3.65
|
*Plus sales tax, where applicable.
Our Disability Protection rates 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.
Table of Premiums for Disability Protection
| Your Age at End of Each Billing Period |
Premium Rate* per $100 of Monthly Benefit Amount |
| |
Single Borrower |
|
18-29
|
1.60
|
|
30-35
|
1.80
|
|
36-40
|
2.25
|
|
41-45
|
2.75
|
|
46-50
|
3.25
|
|
51-55
|
4.15
|
|
56-60
|
5.20
|
|
61-64
|
6.05
|
|
65-69*
|
7.00
|
*Plus sales tax, where applicable.
I already have life insurance. Why do I need this protection?
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.
What if I change my mind after I agree to this insurance?
When you sign up for Line of Credit Protection, you get 10 days to review the details of the plan. If you do decide to cancel within this review period, you can do so by sending a signed, dated letter to your Scotiabank branch and we'll refund any premiums you've paid. It's that easy. You may also cancel anytime after the 10-day review period with no premium refund.
When does coverage begin?
As soon as we receive your completed application.
How do I make premium payments?
The premium is automatically billed to your 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 Loss of Life Protection, the maximum coverage for any one of your insured line of credit accounts is $150,000, and for all your insured line of credit accounts combined the maximum is $300,000. For Disability Protection, the maximum coverage for any one of your insured line of credit accounts is $100,000.
Are there any exclusions or limitations?
Yes. For more details, download a copy of the Distribution Guide(s). You can also ask your Scotiabank branch representative to explain the exclusions and limitations to you. Or call the insurer, Canada Life, at 1-800-387-2671 for Loss of Life and Health Crisis Protection infomration or for Disability Protection information call Sun Life at 1-866-223-2959.
How do I submit a claim?
Simply contact Canada Life at 1-800-387-2671 for Loss of Life and Health Crisis claims, or Sun Life at 1-866-223-2959 for Disability Claims.
All insurance coverage is subject to the terms and conditions outlined in the applicable Certificate of Insurance, which you will receive upon purchase. For more details, see our Distribution Guides.
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