Scotia Line of Credit Life FAQs
Plan for the unpredictable
For your convenience, we've compiled a list of commonly asked questions about Scotia Line of Credit Protection.
Scotia Line of Credit Protection is available to new or existing Scotia Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. To apply for Life coverage you must be under 65 years of age.
Yes. Up to two borrowers can apply for Scotia Line of Credit Protection.
Our Life and Critical Illness coverage rates are based on your average daily outstanding balance during the billing period, your age, type of protection (Life or Life and Critical Illness) and type of coverage (single, joint, multiple coverage).
|Per $1,000 of average daily balance|
|Under 31||$ 0.20|
|31 – 35||$ 0.27|
|36 – 40||$ 0.31|
|41 – 45||$ 0.44|
|46 – 50||$ 0.59|
|51 – 55||$ 0.76|
|56 – 60||$ 0.95|
|61 – 65||$ 1.38|
|66 – 69||$ 2.50|
(1) Plus sales tax, where applicable.
Unlike ordinary life insurance, Scotia Line of Credit Protection benefits go directly towards paying off your Scotia Line of Credit account balance. This could mean one less debt for you or your family to worry about during a difficult time.
After you enrol you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with cancelling your coverage, and any premiums you've paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.
The premium is billed to your Scotia Line of Credit account every billing period and appears on your monthly statement.
Yes. For Life coverage, the maximum coverage amount is $500,000, or up to $500,000 for all Scotia Line of Credit accounts combined.
For more details, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.
For more details about submitting a claim, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.
The Bank of Nova Scotia and ScotiaLife Financial are not insurers. All insurance plans are underwritten by independent licensed insurers.