Scotia Line of Credit Protection1 insurance

You’ve built a lifestyle for you and your family. Take steps to protect it if the unexpected happens.

Did you know?

63% of Canadians believe insurance coverage is a way to take control over an unpredictable situation.2

Scotia Line of Credit Protection insurance can help make your Line of Credit payments, so you can have more cash on hand for everyday expenses and lighten your loved ones’ financial burden during a health crisis or if you pass away.

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How Scotia Line of Credit Protection insurance can help protect you and your family financially

If your claim is approved, this optional insurance makes payments either toward your scheduled line of credit repayments or to pay off part or all your line of credit balance so you can: 

Avoid using savings and investments to make your line of credit payments

Avoid missed payments on your line of credit and maintain your good credit

Protect the lifestyle you enjoy today if you unexpectedly stop earning an income

Focus more on recovery and less on your line of credit payments

Feel confident that you are making the right financial decisions

Scotia Line of Credit Protection offers five types of coverage

Critical Illness 
 

  • Protection if you are diagnosed with a covered critical illness:  heart attack, stroke and/or cancer.
  • Reduces or pays off your Scotia Line of Credit balance:
    • up to $150,000 per insured line of credit. 
    • and up to $300,000 for all insured lines of credit combined.4
  • Critical Illness is only available with Life coverage.

Life 
 

  • In the event of loss of life, your family will have the peace of mind of knowing all or a part of your Scotia Line of Credit balance will be paid.
  • Reduces or pays your outstanding Scotia Line of Credit balance up to a maximum of $500,000 for all insured lines of credit combined.3

Terminal Illness
 

  • You get Terminal Illness4 coverage at no additional cost, when you have Critical Illness coverage.
  • If you are diagnosed with a Terminal Illness, your outstanding line of credit account balance can be paid up to:
    • $150,000 per account 
    • or up to $300,000 for all your insured line of credit accounts

Disability 
 

  • Helps protect your family’s finances if you can't work due to a physical or mental health condition, injury or sickness. 
  • Provides a maximum benefit of up to $3,000 plus your disability premium per month for up to 24 months per claim or 48 months total lifetime, towards your Line of Credit balance.5

Job Loss 
 

  • While you are looking for a new job, give yourself financial support from a permanent lay-off or job loss due to no fault of your own.
  • Can pay a monthly benefit of up to $3,000 per month, for up to 6 months per claim or 12 months total lifetime.6
  • Job loss is only available with Disability coverage.

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 Scotia Line of Credit Protection

Line of Credit Insurance Premium Calculator

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Learn more about Scotia Line of Credit Protection

Prepare for the unexpected and stay on track financially.

Understanding the claims process

Making a Line of Credit claim.

Frequently asked questions

Ways to contact us

Apply today

Confidently plan for tomorrow

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Mon-Fri (8 am-8 pm ET)

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