Scotia Credit Card Protection insurance

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:

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.

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.

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

• In Person – Make an Appointment at a Branch – Find a Branch
  
• By Phone – Monday to Friday – 8 am to 8 pm (EST) – 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, 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: Tel: 1-800-387-7199, Option 3; www.chubb.com 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.