Important Changes to your Scotia Line of Credit Protection Insurance Plan

Amendment to Your Certificate of Insurance

Thank you for being a Scotia Line of Credit Protection customer. This optional Insurance coverage can help offer the financial protection you and your family need, when it matters most.

We are announcing the following changes to Your current Scotia Line of Credit Protection plan. Please keep this amendment notice with Your Certificate of Insurance for documentation.

Effective May 1, 2021

The monthly premium rates for Life and Critical Illness insurance coverage will be increasing by 5 cents per $1,000 of daily balance. Please refer to the table below for the new rates, which now replaces the rate table in Your current Certificate of Insurance.

NEW Individual Monthly Premium Rates per $1,000 of Daily Balance*
	Life		Critical Illness
Age	Old	New	Old	New
18-30	$0.20	$0.25	$0.41	$0.46
31-35	$0.27	$0.32	$0.46	$0.51
36-40	$0.31	$0.36	$0.54	$0.59
41-45	$0.44	$0.49	$0.87	$0.92
46-50	$0.59	$0.64	$1.34	$1.39
51-55	$0.76	$0.81	$1.85	$1.90
56-60	$0.95	$1.00	$2.55	$2.60
61-65	$1.38	$1.43	$3.35	$3.40
66-69	$2.50	$2.55	N/A	N/A

Effective July 26, 2021

1. We are extending the Termination ages for Life and Critical Illness coverage so that You may maintain your coverage for a longer duration. Life coverage will now end at age 75 and Critical Illness coverage will now end at age 70. Please refer to the table below for the new rates, which now amends the rate table in Your current Certificate of Insurance.

NEW Individual Monthly Premium Rates per $1,000 of Daily Balance*
Age	Life	Critical Illness
66-69	$2.55	$4.55
70	$2.81	N/A
71	$3.09	N/A
72	$3.40	N/A
73	$3.74	N/A
74	$4.11	N/A

2. We are also introducing a new optional Job Loss coverage benefit. With the addition of this new coverage, if Your employment is involuntarily terminated by Your employer or You are permanently laid off, You may receive a monthly benefit payment of up to $3,000 per month for up to 6 months.

To be eligible for this new benefit, You must first apply, and be approved for, this new optional coverage.
To apply for this new optional Job Loss coverage benefit, please visit scotiabank.com/lineofcreditprotection, Your local branch, or call our toll-free number 1-888-999-7185 on or after July 26, 2021.
Note: To apply for Job Loss coverage, You must already have Disability insurance coverage or also apply for Disability insurance coverage. To apply and claim for Disability and Job Loss coverage, You must meet employment eligibility requirements. For example, but not limited to, You must be actively working at least 20 hours per week. Please refer to Your existing Certificate of Insurance for full details. If You feel You currently do not meet the employment eligibility requirements, please contact us to discuss your coverage options.

If you have any questions, or need to file a claim, please call our toll-free number 1-888-999-7185 between 8:00 a.m. and 8:00 p.m. (ET) Monday to Friday and a Customer Service Representative will be pleased to assist you.

All other limitations, exclusions, terms and conditions in Your Certificate of Insurance remain unchanged.

Frequently Asked Questions (FAQs):

No action is required on your part. The new premium rates and Termination ages for Life and Critical Illness coverage will automatically be applied to your current Scotia Line of Credit Protection plan on the effective dates outlined above. If you would like to apply for the new Job Loss coverage benefit, please contact us on or after July 26, 2021.

Our goal is to continue to provide our customers with comprehensive coverage options. With the optional Creditor Insurance Protection on your Scotia Line of Credit, it can help you through many life events like Death, Critical Illness, Disability and now Job Loss. As part of our regular review of coverage benefits, there was a need for a slight increase in premiums to maintain these benefits for our customers.

To apply for the new optional Job Loss coverage benefit, please visit www.scotiabank.com/lineofcreditprotection, your local branch, or call our toll-free number 1-888-999-7185 between 8:00 a.m. and 8:00 p.m. (ET) Monday to Friday on or after July 26, 2021.

Note: To apply for Job Loss coverage, you must already have Disability insurance coverage or also apply for Disability insurance coverage. To apply and claim for Disability and Job Loss coverage you must meet employment eligibility requirements. For example, but not limited to, you must be actively working at least 20 hours per week.

No – You will only be eligible to submit a claim for Job Loss for a loss that occurs on or after July 26, 2021 (as this is the date when the new Job Loss benefit takes effect).

Note: There are waiting periods that are applicable. For example, once the Insurer has approved your claim, the Insurer will start paying benefits on the first day your Line of Credit payment is due after your Qualifying Period of 60 days. Qualifying Period means the period of continuous Job Loss beginning on the date you become involuntarily unemployed and ending on the date you qualify for benefits. No Job Loss benefits are payable during the Qualifying Period.

* Plus applicable taxes.

Scotia Line of Credit Protection is underwritten by The Canada Life Assurance Company, who can be reached by visiting www.canadalife.com or calling 1-800-387-2671.

Important Changes to your Scotia Line of Credit Protection Insurance Plan

Amendment to Your Certificate of Insurance

Frequently Asked Questions (FAQs):

1. I received a letter advising of changes to my Scotia Line of Credit Protection coverage plan. What action do I need to take?

2. Why are my rates increasing on Life and Critical Illness coverage benefits?

3. How can I apply for the new optional Job Loss coverage benefit?

4. Will Job Loss coverage also insure my co-borrower or guarantor?

5. Will I be eligible to submit a claim after July 26, 2021 for a Job Loss which occurred prior to that date?

6. I’m currently not enrolled in Scotia Line of Credit Protection. Who can I call to enroll?