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 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

Scotia Credit Card Protection

Stay financially on track through unexpected events

Watch Video, Scotia Credit Card Protection

Credit Card Insurance Premium Calculator

Get a quick estimate for your insurance premium in a few simple steps.

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Understanding claims process 

Easy step by step instructions to making a Credit Card Protection claim.

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Frequently asked questions

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

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Claims

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

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