Upcoming Enhancements to the Scotia Credit Card Protection Insurance Plan

As part of our ongoing efforts to improve our products and services, we are pleased to announce the below enhancements to our current Scotia Credit Card Protection insurance plan effective October 17, 2020 at no extra cost:

  1. We are introducing a new Hospitalization benefit. If eligible, you may receive a benefit payment of 20% of your outstanding account balance if admitted to a hospital for at least 24 consecutive hours. If the hospitalization continues for 30 consecutive days or more, the full amount of your outstanding account balance may be paid.

  2. Your existing coverages include Life, Critical Illness, Disability, Job Loss, Strike and Lockout, as well as the new Hospitalization benefit. This package of coverages will be named the Comprehensive Protection bundle. The monthly premium rate remains unchanged at $1.09/$100 of your account balance, calculated daily.

  3. We are capping your Insurance premiums. Your credit card account balance is insured for up to $50,000, however, premiums are only calculated up to a maximum account balance of $25,000. For the portion of your account balance in excess of $25,000, no premium will be assessed or charged.

  4. For Disability and Job Loss benefits under the Comprehensive Protection bundle, we have relaxed the following eligibility requirements when filing a claim:
Claimants
 New Eligibility Requirement
  Date of Loss must
occur on or after
Employed
  • The minimum employment duration prior to the date of loss has been reduced from 180 to 90 consecutive days.
  • The full-time employment requirement has been eliminated.
 October 17, 2020
Self-Employed
  • Declaration of bankruptcy is no longer required in order to be eligible to make a Job Loss claim. 
  • To be eligible, your business must be registered for at least 12 consecutive months prior to the date of loss and you must be unemployed for 90 consecutive days.
 October 17, 2020
Students
  • For students enrolled in post-secondary education the number of employment hours required each week has been reduced from 20 hours to 10 hours.
 March 11, 2020

We are also introducing a new Basic Protection bundle that includes Life, Critical Illness, and Hospitalization coverages at a monthly premium rate of $0.89/ $100 of your account balance, calculated daily. This Basic Protection bundle excludes Disability, Job Loss and Strike and Lockout coverages which contain employment claim eligibility requirements. 

An updated Scotia Credit Card Protection Certificate of Insurance will be available on Scotia Credit Card Protection page as of October 17, 2020.

If you have any questions, please contact the Insurance Canada Service Centre (ICSC) at 1-855-753-4272 Monday-Friday 8am-8pm (ET), and one of our Customer Service Representatives would be pleased to assist you.

Frequently Asked Questions (FAQs):