Scotia Credit Card Protection insurance
Coverage to help you and your family stay financially on track through unexpected events.
What is Scotia Credit Card Protection?
This optional insurance1 coverage 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.
There are two different coverage bundles to choose from:
Basic Protection
- Life Benefit
- Critical Illness Benefit
- Hospitalization Benefit
Comprehensive Protection
- Life Benefit
- Critical Illness Benefit
- Hospitalization Benefit
- Disability Benefit
- Job Loss Benefit
- Strike or Lockout Benefit
Life
This coverage can pay your outstanding account balance, up to $50,000, if you pass away.
Critical Illness
This coverage can pay your outstanding account balance up to $50,000 if you are diagnosed with a covered critical illness (i.e. heart attack, stroke, coronary artery bypass surgery, cancer, blindness, paralysis, deafness and coma).
Hospitalization
This coverage can pay your outstanding account balance up to $50,000 if you are hospitalized due to an accidental bodily injury or unforeseen sickness.
Disability*
This coverage can provide a monthly benefit equal to 20% of your outstanding account balance, up to $10,000 per month, for up to 5 months if you are unable to perform the essential duties of your job due to sickness, injury, mental illness or nervous disorder.
Job Loss*
This coverage can provide a monthly benefit equal to 20% of your monthly outstanding account balance, up to $10,000 per month, for up to 5 months if you are unable to work due to an involuntary Job Loss.
Strike or Lockout
This coverage can provide a monthly benefit equal to 20% of your monthly outstanding account balance, up to $10,000 per month, for up to 5 months if there is a disruption to your work by an employee group to which you belong to or if your employer temporarily suspends your employment without ending it during a labour dispute.
Who can apply for Scotia Credit Card Protection?
To apply for Scotia Credit Card Protection coverage, you need to have an eligible Scotia Credit Card account in good standing, be a resident in Canada, and be a minimum of 18 years of age and under 70 years of age.
Premiums and Discounts
For Comprehensive Protection the monthly premium rate is $1.09 per $100 of your account balance, calculated daily and for Basic Protection the monthly premium rate is $0.89 per $100 of your account balance, calculated daily until your 70th birthday, at which time both bundles reduce to only the Life Benefit at a monthly premium rate of $0.49 per $100 of your account balance, calculated daily. Provincial sales taxes are also added, where applicable.
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.
Learn more about the product
Scotia Credit Card Protection
Stay financially on track through unexpected events
Credit Card Insurance Premium Calculator
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Understanding claims process
Easy step by step instructions to making a Credit Card Protection claim.
Additional Resources
Frequently asked questions
Ways to contact us
Scotia Credit Card Protection
Enrol today. Plan for tomorrow with more confidence.
Complaints
A waiting period and pre-existing conditions apply to certain coverages. Critical Illness, Hospitalization, Disability, Job Loss and Strike or Lockout coverages end at age 70; however, Life insurance coverage remains in place until the Primary Borrower reaches age 80. Full details of the coverage, including when coverage begins and ends, how to make a claim, terms and conditions, and limitations and exclusions, are outlined in the Certificate of Insurance.
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 within 30 days once your Scotia Credit Card Protection application has been approved.