Credit Protection for Credit Cards

Right for you if:

  • You want Credit Protection on your Scotiabank credit card balance

Your Scotiabank credit card can give you convenient access to credit for your everyday purchases and expenses. However, in the event of your death, this convenience could become your family's financial obligation. Credit Protection can prevent this from happening.

Credit Life Protection can pay off the outstanding balance on your credit card account in the event of your death, removing these worries from your loved ones.

Critical Illness Protection is a living benefit, which means that the outstanding balance on your credit card account can be paid in the event you are diagnosed with a covered critical illness (specifically heart attack, cancer, or stroke).

If you already have Life Protection, you may want to add Critical Illness coverage or consider joint coverage if you have a secondary cardholder on your account.

As a Scotiabank credit card customer, it's easy to take advantage of this important offer of protection. You're already approved for coverage provided that you (and your secondary cardholder, if you choose) are less than 70 years old on the date you enrol for Life Protection or less than 60 years old if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked.

Fees and Terms of Credit Protection

29¢ for every $100 of your outstanding account balance if you enrol in single Life coverage

52¢ for every $100 of your outstanding account balance if you enrol in joint coverage

Coverage up to $15,000 USD

  • Affordable monthly premiums for Credit Protection are based on your outstanding account balance and your coverage choices.
  • Single Life coverage costs just 29 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement. Joint Life coverage (two people) on the same Scotiabank MasterCard account costs 52 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.
  • Single Life and Critical Illness coverage costs just 53 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement. Joint Life and Critical Illness coverage (two people) on the same Scotiabank MasterCard account costs 95 cents for every $100 of your outstanding account balance on the previous month's Scotiabank MasterCard statement.
  • Your monthly credit insurance premium amount is added to your Scotiabank credit card account automatically and is reported on your statement.
  • No premium will be charged if your previous month's statement balance was zero.

A 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 specific limitations and exclusions, including age restrictions, as described in the Certificate of Scotiabank MasterCard Credit Insurance and the Policy, which you will receive upon purchase. Please refer to the Certificate for details.

Insurance is underwritten by Scotia Insurance Caribbean Limited and offered through Scotia Insurance(British Virgin Islands) Limited, agent for Scotia Insurance Caribbean Limited.

  • You must be a current Scotiabank credit card customer.
  • You must be less than 70 years old on the date you enrol for Credit Life Protection, and less than 60 years old on the date you enrol for Critical Illness Protection

Ready to Apply?