Scotia Line of Credit Protection insurance

Scotia Line of Credit Protection insurance can help you stay on track financially and can do more than just protect the ‘things’ in your life.

What is Scotia Line of Credit Protection?

Scotia Line of Credit Protection can help pay the outstanding balance on your Scotiabank Line of Credit account if you are diagnosed with a covered critical illness or if you pass away. It can also pay a monthly benefit in the event that you become disabled or involuntarily lose your job.

Watch video

Scotia Line of Credit Protection offers four types of coverage.

Critical Illness Coverage

This coverage can pay the outstanding balance on your Scotia Line of Credit account up to $150,000 per insured line of credit, and up to $300,000 for all insured lines of credit combined, in the event you are diagnosed with a covered critical illness (such as heart attack, stroke and cancer).

Life
Coverage

This coverage can pay the outstanding balance on your Scotia Line of Credit account, up to a maximum of $500,000 for all insured lines of credit combined, if you pass away.

Disability Coverage

This disability coverage can pay a monthly benefit of up to $3,000 per month, for up to 24 months per claim or 48 months total lifetime, in the event you become disabled and unable to work.

Job Loss Coverage

This job loss coverage can pay a monthly benefit of up to $3,000 per month, for up to 6 months per claim, or 12 months total lifetime if your employment is involuntarily terminated by your employer or you are permanently laid off.

Who can apply for Scotia Line of Credit Protection?

You’re eligible to apply for Scotia Line of Credit Protection if you are:

  • A resident of Canada
  • Aged 18 to 64
  • A borrower, a co-borrower or a guarantor who has agreed to the terms and conditions on a Scotiabank Line of Credit account that is in good standing
  • To apply for Critical Illness insurance coverage, you must already have Scotia Line of Credit Life insurance coverage or also apply for Scotia Line of Credit Life insurance coverage.
  • To apply for Scotia Line of Credit Job Loss insurance, you must already have Scotia Line of Credit Disability insurance coverage or also apply for Scotia Line of Credit Disability insurance coverage

How are my Premiums Calculated?

Your premium is billed monthly to your line of credit account based on your age and daily balance during the billing period.

A Premium reduction may apply if you select multiple coverages or there are multiple insureds.  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 line of credit insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid.

Learn more about the product

Scotia Line of Credit Protection

Insurance coverage when and where you need it.

Watch Video, Scotia Line of Credit Protection

Line of Credit Insurance Premium Calculator

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

Launch calculator, Line of Credit Insurance Premium Calculator

Understanding the claims process

Easy step by step instructions to making a Mortgage or Line of Credit claim. 

Watch Video, Understanding the claims process

Frequently asked questions

Ways to contact us

Enroll today 

Plan for tomorrow with more confidence.

Apply online – Sign in to Scotia online

By Phone

Mon-Fri (8:00am-8pm EST)

1-855-753-4272, By Phone

Claims

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

Creditor claims, Claims