Scotia Line of Credit Protection
Right for you if:
- You want financial flexibility in a difficult time
- You wish to maintain your credit score if you are
unable to work
Scotia Line of Credit Protection can
- pay the outstanding balance on your Scotia Line of Credit account if you are diagnosed with a covered critical illness of if you pass away
- pay a monthly benefit1 should you become disabled
Get the coverage that's right for you
We offer three types of valuable coverage to protect your Scotia Line of Credit account:
- Critical Illness
Scotia Line of Credit Protection is available for you and a co-borrower
And, depending on the number of insured borrowers on your Scotia Line of Credit account and the coverage applied for, you may be eligible for a discount on your premiums.
Scotia Line of Credit Protection life coverage
Should you pass away, Life1 coverage can pay off the outstanding balance on your insured Scotia Line of Credit account up to $500,000, which can help your family maintain financial stability during a difficult time.
A living benefit for a debt-free life
Whether you can work or not, Critical Illness2 coverage can pay off the balance on your Scotia Line of Credit account in one lump sum payment if you are diagnosed with one of the conditions listed below.
Critical Illness covers the following conditions:
- Heart Attack
The cost of Critical Illness coverage is determined by your age, the average daily balance on your account during the billing period, and whether you choose single, joint or multiple coverage.
For your convenience, your Critical Illness coverage premiums are billed directly to your insured Scotia Line of Credit account.
Protect your credit history
Having Disability3 coverage means your line of credit payments can be maintained if you become disabled and unable to work.
Scotia Line of Credit Disability Protection can pay
- 3% of the Outstanding Account Balance on the date of disability
- A maximum monthly benefit amount of $3,000 plus your disability premium (including provincial sales tax) for any one of your insured lines of credit for up to a maximum of 48 months
Your Disability Protection coverage can be approved automatically up to $50,000, without a medical questionnaire or examination.
Your monthly premium is based on your age and your average daily account balance during the billing period on your Scotia Life of Credit account.
Ready to apply
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- The Bank of Nova Scotia and ScotiaLife Financial are not insurers. All insurance plans are underwritten by independent licensed insurers. Read More
- 1 For Life coverage, the maximum coverage is $500,000 per account or up to $500,000 for all Scotia Line of Credit accounts combined.
- 2 For Critical Illness the maximum coverage per account is $150,000 per account or up to $300,000 for all Scotia Line of Credit accounts combined.
- 3 Disability coverage pays a monthly benefit of 3% of your account balance up to a maximum of $3,000 per month and up to 24 months. There is an overall maximum of 48 months of benefit payments per insured person's lifetime on all Scotia Line of Credit accounts combined. Subject to the terms and conditions of coverage. Underwritten by Sun Life Assurance Company of Canada. All insurance coverage is subject to the terms and conditions outlined in the Scotia Line of Credit Disability Certificate of Insurance which you will receive upon enrollment.