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.
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).
This coverage can pay your outstanding account balance, up to $50,000, if you pass away.
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.
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.
What’s an insurance premium?
Find out how premiums are calculated for Scotia Credit Card Protection.
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.
Frequently asked questions
Ways to contact us
A waiting period and pre-existing conditions apply to certain coverages. Critical Illness, 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 upon enrolment.