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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There are two different coverage bundles to choose from:

Basic Protection 

  • Death Benefit
  • Critical Illness Benefit  
  • Hospitalization Benefit

Comprehensive Protection

  • Death Benefit
  • Critical Illness Benefit
  • Hospitalization Benefit
  • Disability Benefit
  • Job Loss Benefit
  • Strike or Lockout Benefit

Death

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 Death Benefit (Life) 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. 

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

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

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?

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. 

There are two different coverage bundles to choose from:

Basic Protection 

  • Death Benefit
  • Critical Illness Benefit  
  • Hospitalization Benefit

Comprehensive Protection

  • Death Benefit
  • Critical Illness Benefit
  • Hospitalization Benefit
  • Disability Benefit
  • Job Loss Benefit
  • Strike or Lockout Benefit

Benefits are extended to cover an eligible co-borrower on your insured credit card account.

Life, Critical Illness and Hospitalization insurance can pay off your outstanding account balance up to $50,000 if you die, are diagnosed with a covered critical illness, or if you are Hospitalized for 30 consecutive days or more. If the Hospitalization is for a minimum of 24 consecutive hours but less than 30 consecutive days, 20% of your outstanding account balance on the date of Hospitalization may be paid.

Disability, Job Loss, and Strike or Lockout insurance can make monthly payments, equal to 20% of your outstanding account balance, up to $10,000 per month, for up to 5 months, to your insured account.

To be eligible, you must be a primary cardholder on the credit card account, be a minimum of 18 years of age and under 70 years of age and a resident in Canada. Your account must be in good standing and not be restricted. 

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 Death Benefit (Life) at a monthly premium rate of $0.49 per $100 of your account balance, calculated daily. Provincial sales taxes are also added, where applicable.

Your account balance is insured for up to $50,000, however, premiums are only calculated up to a maximum of $25,000. For the portion of the account balance in excess of $25,000, no premium will be assessed.

Premiums are billed monthly, directly to your Scotiabank credit card account

The premium rate for coverage is based on your daily account balance which is calculated daily and billed monthly. 

Here is an example for Comprehensive Protection:

Mary is a primary credit card holder under the age of 70 and is enrolled in Comprehensive 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 + sales tax, where applicable.

Here is an example for Basic Protection:

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

Daily Account Balance
 


# of Days

 

Daily Premium Rate

($0.89 /$100) X 12 / 365

 


Premiums

$500
X
10
X
$0.000293
=
$1.46
$700
X

15

X
$0.000293
=

$3.07

$1,000
X

6

X
$0.000293
=
$1.76
            $6.29

Mary's insurance premium for the July billing cycle is $6.29 + sales tax, where applicable.

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, Critical Illness, Hospitalization or Disability 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 90 consecutive days for at least 20 hours each week immediately prior to the date of Disability or Job Loss. For those enrolled in post-secondary education, the number of employment hours required each week is 10 hours.
  • If you are self-employed, the Job Loss benefit will only be paid if you are unemployed for 90 consecutive days from a business that has been registered for a minimum of 12 consecutive months prior to the date of Job Loss.
  • 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 that you will receive with your Certificate of Insurance within 30 days once your Scotia Credit Card Protection application has been approved.

Scotia Credit Card Protection ends at age 70 for Critical Illness, Hospitalization, Disability, Job Loss and Strike or Lockout coverage; at 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, if the balance is $0, premiums are not billed. If there is an account balance at any time during the billing cycle, insurance premiums will be billed accordingly.

To make a claim, follow these steps:

  • Call us toll-free 1-855-753-4272, between 8 am and 8 pm (EST), Monday to Friday
  • Have the following information ready: phone number, current address, credit card number, date of birth, and 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 ($0). 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 8 am and 8 pm (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 within 30 days once your Scotia Credit Card Protection application has been approved.
  • 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