Scotia Credit Card Protection

Coverage to help you and your family stay financially on track through unexpected events.

What is Scotia Credit Card Protection?

This optional insurancecoverage can offer you and your family the financial protection you need by paying off your outstanding account balance or help cover your monthly credit card payments as a result of certain unexpected events.

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Scotia Credit Card Protection offers you four insurance coverage options

Critical Illness Coverage

Can pay your outstanding account balance up to $50,000 if you are diagnosed with a covered critical illness2 (ie. heart attack, stroke, coronary artery bypass surgery, cancer, blindness, paralysis, deafness and coma).

Life Coverage

This coverage can pay your outstanding account balance, up to $50,000, if you pass away.

Disability Coverage

This coverage can provide a monthly benefit equal to 20% of your outstanding account balance, based on the date of disability, for up to 5 months if you are unable to perform your essential duties because of sickness, injury, mental illness or nervous disorder.

Job Loss/Strike & Lockout Coverage

This coverage can provide a monthly benefit equal to 20% of your outstanding account balance, based on the date of job loss, strike or lockout, for up to 5 months If you are laid off, terminated, unemployed due to a strike/lockout or self-employed and go bankrupt.

Who can apply for Scotia Credit Card Protection?

You’re eligible to apply for Scotia Credit Card Protection if you:

  • A resident of Canada
  • Aged 18 to 69
  • Are the Primary Borrower on an eligible Credit Card which is in good standing and not restricted

Premiums and Discounts

A monthly premium of $1.09 per $100 of your credit card account balance, calculated daily.

To learn more about how your premiums are calculated, watch this video , or check out our frequently asked questions to see our detailed premium rate tables. 

30-day ‘right to examine your coverage’ period

If you decide our credit card insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid. Call us today to enrol worry-free.

Learn more about the product

You may not be able to see the future, but we can help you plan for it.

See how Scotia Creditor Insurance can help you and your family get financially prepared.

Watch Video, You may not be able to see the future, but we can help you plan for it.

What’s an insurance premium?

Find out how premiums are calculated for Scotia Credit Card Protection.

Watch Video, What’s an insurance premium?

Creditor Insurance Protection Planner

Understand your protection needs and identify any potential gaps with our Protection Planner tool. Not sure how to use the planner?  
 Call us at 1-855-753-4272.

Launch tool, Creditor Insurance Protection Planner

Frequently asked questions

Scotia Credit Card Protection is an optional insurance product, designed to help you meet your Scotia Credit Card financial obligations if you are unable to as a result of certain unexpected events. It includes 4 insurance coverages in one bundle: Disability, Job Loss, Strike or Lockout, Critical Illness and Life. 

Benefits are extended to cover an eligible co-borrower on your insured credit card account and since this insurance is optional, you are not required to apply for the insurance to get approved for a Credit Card. 

Scotia Credit Card Protection includes 5 insurance coverages in one bundle:

  • Disability, Job Loss and Strike/Lockout insurance can make monthly payments, equal to 20% of your outstanding balance, up to $10,000 per month, for up to 5 months, to your insured credit card account.
  • Life and Critical Illness insurance can pay off your outstanding credit card account balance up to $50,000 if you pass away or are diagnosed with a specific critical illness.

To be eligible, you must be a primary cardholder on the credit card account, be between the ages of 18 to 69 years old and a resident of Canada. Your account must be in good standing and not be restricted.

For Job Loss or Disability benefits
You must also be employed at least 180 consecutive days on a full-time basis for at least 20 hours each week immediately prior to the date of Disability or Job Loss.

From Age 18 to 69

  • $1.09 per $100 of daily balance on your credit card account, calculated daily and charged monthly (plus any applicable sales tax).
    For example, if your daily balance is $500for the month of January, your coverage would be $5.55, plus applicable taxes for that month.
    All coverages except for Life end at age 70.

From Age 70 to 80 – for Life Insurance Only:

  • $0.49 per $100 of daily balance on your credit card account (plus any applicable sales tax).

Premium is billed monthly, directly to your Scotiabank credit card account

Your premium is calculated based on your daily balance on your credit card account multiplied by the Daily Premium Rate. Your cost of coverage is the sum of the calculated premiums for the billing period

Here’s an example

Mary is a primary credit card holder under the age of 70 and is enrolled in Scotia Credit Card Protection insurance. For the month of July, Mary has the following balances over 31 days.

Daily Balance

 

# of Days

 

Daily Premium Rate

($1.09 /$100) X 12 / 365

 

Premiums

$500

X

10

X

$0.000358

=

$1.79

$700

X

15

X

$0.000358

=

$3.76

$1,000

X

6

X

$0.000358

=

$2.15

 

 

 

 

 

 

$7.70

 


Mary's insurance premium for the July billing cycle is $7.70 + provincial sales tax, where applicable.

  • In Person – Make an Appointment at a Branch – Find a Branch
  • By Phone – Monday to Friday – 8:00 a.m. – 8:00 p.m. ET – 1-855-753-4272
  • Apply Online – Sign on to – Scotia Online

After you enrol, you will receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions.

Some key conditions, exclusions, limitations and waiting periods apply. They include, but are not limited to:

  • No benefit is paid if a death or Critical Illness occurs within 12 months of the Effective Date of coverage due to a pre-existing condition.
  • To be eligible for Job Loss or Disability benefits you must be employed at least 180 consecutive days on a full-time basis for at least 20 hours each week immediately prior to the date of Disability or Job Loss.
  • If you are self-employed, the Job Loss benefit will only be paid if you declare bankruptcy.
  • If a Strike or Lockout lasts for less than 30 consecutive days, the related benefit is not payable.
  • No benefit is paid for Job Loss if the Claimant became unemployed within 30 days of the Effective Date of coverage; or unemployment is the direct/indirect result of resignation, retirement from employment, or dismissal for cause.

Scotia Credit Card Protection Begins:

  • On the effective date indicated on the Schedule of Coverage You will receive with your Certificate of Insurance within 30 days of your application approval.

Scotia Credit Card Protection Ends:

  • Age 70 for Critical Illness, Disability, Job Loss and Strike/Lockout coverage;
  • Age 80 for Life insurance coverage;
  • The date of receipt of your request to cancel coverage; or
  • The date your account is closed, frozen or otherwise blocked from usage.

Since premiums are charged based on your daily Credit Card account balance, it the balance is $0, premiums are not billed for as long as the balance remains as $0. 

  • To make a claim, follow these steps:
  • Call us toll-free 1-855-753-4272, between 8am and 8pm (EST), Monday to Friday
  • Have the following information ready: phone number, current address, credit card number, date of birth, email address
  • Once your enrollment is confirmed, your customer service representative will send you a claims package (electronically or by mail)  for completion
  • Send the completed forms and any supporting documents to the Insurer – contact details will be provided on the claim forms
  • Once the assessment is done, you will be notified of the decision in writing by the Insurer
  • For more information, see the video How to Make a Claim

If you cancel your credit card, your coverage will end automatically once the balance on your credit card account reduces to zero. If you have a remaining balance, Insurance premiums will continue to be charged and your insurance coverage will remain in force until there is no balance remaining.  

You may cancel your coverage at any time. If you cancel within 30 days of the coverage effective date you will receive a full refund of any premium paid.

To cancel, call 1-855-753-4272 between 8am and 8pm (EST), Monday to Friday, and a Customer Service Representative will be pleased to assist you.

  • Scotia Credit Card Protection is underwritten by Chubb Life Insurance Company of Canada under a Group Policy issued to the Bank of Nova Scotia.
  • All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.
  • The insurance premium and applicable sales tax will be charged to your Scotiabank credit card account
  • The Bank of Nova Scotia and its employees are not agents of Chubb Life Insurance Company of Canada, nor can they waive or change any terms of the Scotia Credit Card Protection plan.
  • The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.

Ways to contact us

Scotia Credit Card Protection

Enrol today. Plan for tomorrow with more confidence.

Apply online – Sign in to Scotia online

By phone

Mon-Fri (8:00am-8:00pm EST)

1-855-753-4272, By phone

In person

Visit a local branch

Find a branch, In person

Claims

We look forward to taking care of you every step of the way.

Creditor claims, Claims