Scotia Line of Credit Protection¹ insurance

You’ve worked hard to build a lifestyle for you and your family. Protect it in case the unexpected happens.

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Did you know?

63% of Canadians see insurance as a way to stay in control during unpredictable situations.²

Scotia Line of Credit Protection insurance can help cover your line of credit payments, so you have more cash on hand for everyday expenses and can ease your loved ones’ financial burden in case of a job loss, health crisis, or unexpected passing.

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What is Scotia Line of Credit Protection insurance?

If your claim is approved, this optional insurance can make a lump-sum payment towards your line of credit balance or can help make your scheduled line of credit payments for a period of time. That way, 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

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How Scotia’s Line of Credit Protection insurance works

Feel confident you’re making the right financial decisions.

Scotia Line of Credit Protection offers five types of coverage

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 balance⁵

Job Loss

While you’re 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 lifetime⁶
Job loss is only available with Disability 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 combined³

Critical Illness

Protection if you’re 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
- $300,000 for all insured lines of credit combined⁴
Critical Illness is only available with Life coverage

Terminal Illness

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

30-day “right to examine your coverage” period

If you decide our line of credit insurance isn’t right for you, cancel within 30 days to receive a full refund of any premium paid.

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Learn more about Scotia Line of Credit Protection insurance

Line of credit insurance premium calculator

Get a quick estimate for your insurance premium.

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Learn more about Scotia Line of Credit Protection insurance

Prepare for the unexpected and stay on track financially.

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Understanding the claims process

Making a Line of Credit claim.

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Scotia Line of Credit Protection insurance resources

Scotia Line of Credit Protection - Certificate of Insurance (Sample)
N/A | pdf : 890 KB

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Scotia Line of Credit Protection - Product Summary and Fact Sheet (For Quebec Residents only)
N/A | pdf : 484 KB

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Scotia Line of Credit Protection - Product Booklet
N/A | pdf : 195 KB

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Frequently asked questions

If you’re applying for Life insurance coverage or Life and Critical Illness insurance coverage on your Line of Credit, you’ll be approved for coverage up to $150,000 without answering health questions. For coverage above $150,000, you’re required to answer health questions.

If you’re applying for Disability Insurance or Disability and Job Loss insurance coverage on your Line of Credit, you’re approved for coverage up to $50,000 without answering health questions. For coverage above $50,000, you’re required to answer health questions.

If you answer yes to any of the health questions, the Insurer will contact you to review your health information.

After you enrol, you’ll receive a Certificate of Insurance that provides full details of your coverage, including all limitations and exclusions.

Some key conditions, exclusions, limitations, and waiting periods apply. They include, but aren’t limited to:

Pre-existing conditions aren’t covered. A pre-existing condition is defined as any sickness or injury for which you or the co-borrower, as applicable, received medical advice, consultation, investigation, diagnosis, or for which treatment was required or recommended by a Doctor, during the 12 months prior to the Effective Date of your coverage.
Benefits are not payable if the death resulted directly or indirectly from intentionally self-inflicted injury.
For Critical Illness insurance, certain conditions and forms of cancer aren’t covered. Benefit isn’t payable if cancer is diagnosed within 90 days of the effective date of coverage.
There is a 60-day qualifying period before benefit payments commence for Disability Insurance and Job Loss insurance and no benefits are paid for the qualifying period.

Scotia Line of Credit Protection insurance begins:

On the effective date indicated on the Schedule of Coverage you’ll receive with your Certificate of Insurance within 30 days of your application approval

Scotia Line of Credit Protection insurance ends:

At age 70 for Critical Illness, Disability, and Job Loss coverage
At age 75 for Life coverage
The date of receipt of your request to cancel coverage
The date your account is closed, and no balance is owing, frozen, or otherwise blocked from usage

To make a claim, follow these steps:

Call us toll-free 1-855-753-4272, between 8 am and 8 pm (ET), Monday to Friday
Have your Scotia Card number or account number ready
Once your enrolment is confirmed, your customer service representative will send you a claims package (electronically or by mail) for completion
Send the completed forms and any supporting documents to the Insurer - contact details will be provided on the claim forms
Once the assessment is done, you will be notified of the decision in writing by the Insurer

For more information, please visit our Make a Claim page.

Your insurance coverage ends automatically when you close your Scotia Line of Credit Account and there is no outstanding balance. If there is a remaining balance on your Account, balance protector premiums will continue to be charged and your insurance coverage will remain in force until there is no balance remaining. Once the balance reduces to zero, your insurance coverage will end.

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Scotia Loan Protection

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Ways to contact us

Enrol for Scotia Line of Credit Protection insurance today

Confidently plan for tomorrow

Enrol online

By phone

Mon-Fri (8 am-8 pm ET)

1-855-753-4272

In person

Visit a local branch

Find a branch

Claims

We look forward to taking care of you every step of the way.

Creditor claims

More help with your line of credit protection insurance

We’re happy to answer your questions about your line of credit protection insurance.

If you have an inquiry about any aspect of your line of credit protection insurance coverage, please call 1‑855‑753‑4272 between 8:00 am and 8:00 pm ET, Monday to Friday.

To access Scotiabank’s complaint handling process, visit https://www.scotiabank.com/resolvingyourcomplaint or obtain the “Resolving Your Complaints” brochure from your local branch.

If your complaint is regarding underwriting or claims, please review Canada Life’s policy on handling complaints at canadalife.com, under Customer satisfaction > Customer complaints.

Legal footnotes

1

Scotia Line of Credit Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment.

The Bank of Nova Scotia and its employees are not agents of The Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Line of Credit Protection plan.

The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.

The insurance premium and applicable sales tax will be charged to your Scotiabank line of credit account.

Coverage amounts and durations may be less than the outstanding account balance.

2

Ipsos, One Quarter of Canadians, June 2021

3

Life: pays off your outstanding Scotiabank Line of Credit account balance up to $500,000 per account or up to $500,000 for all accounts combined if you pass away.

4

Critical Illness &Terminal Illness: pays off your outstanding Line of Credit account balance up to $150,000 per account or up to $300,000 for all accounts combined if you are diagnosed with a specific critical illness. (e.g., heart attack, stroke or cancer) or a terminal illness that will likely result in death within one year of diagnosis. To apply for Critical Illness insurance coverage, you must already have Scotia Line of Credit Life insurance coverage or also apply for Scotia Line of Credit Life insurance coverage.

5

Disability: maximum benefit of up to $3,000 plus your disability premium per month for up to 24 months.

6

Job Loss: maximum monthly benefit of up to $3,000 per month, for up to 6 months per claim, or 12 months total lifetime if your employment is involuntarily terminated by your employer or you are permanently laid off. To apply for Scotia Line of Credit Job Loss insurance, you must already have Scotia Line of Credit Disability insurance coverage or also apply for Scotia Line of Credit Disability insurance coverage.

7

To apply for Disability or Job Loss coverage, you must also be Actively working which means you are:

A Permanent Employee or self-employed for at least 20 hours a week; or
On maternity or parental leave and expect to return to the regular duties of your employment or occupation for at least 20 hours a week at the end of your leave; or
Employed seasonally for at least 20 hours a week during the work season, which has a beginning and end, and you have a proven work history for at least one previous season as a seasonal employee, you expect to return to the same occupation the next season and you are currently capable of performing the regular duties of your seasonal employment.

8

You are automatically approved for Life coverage if the credit limit for all your insured lines of credit is $150,000 or less, for Critical Illness coverage if the credit limit of your line of credit is $150,000 or less (and less than $300,000 for all of your insured lines of credit combined) and for Disability and Job Loss coverage if the credit limit for your line of credit is $50,000 or less.

9

Multiple insureds cost:

The cost of Joint coverage is calculated based on the premium rate applicable for the oldest Insured and multiplying the premium rate by 1.70. Joint coverage means both the Insureds have the SAME coverage types. Each has Life insurance, or each has Life and Critical Illness insurance.
The cost of Dual coverage is calculated based on the premium rate applicable for each Insured less 15%. Dual coverage means each Insured has DIFFERENT coverage types. For example, one Insured has Life Insurance only and the other Insured has Life and Critical Illness insurance.

Note: Joint and Dual coverage is not applicable to Disability coverage or Job Loss coverage.

Age	Premium Rate for Each Insured
18-29	$1.60
30-35	$1.95
36-40	$2.50
41-45	$3.07
46-50	$3.65
51-55	$4.39
56-60	$5.46
61-64	$6.41
65-69	$7.00

Daily Balance		Insurable Benefit		Number of Days		Daily Premium Rate ($3.07 / $100) X 12/365		Premiums
$15,000	x	3%	x	10	x	$0.00100931	=	$4.54
$13,000	x	3%	x	15	x	$0.00100931	=	$5.90
$10,000	x	3%	x	6	x	$0.00100931	=	$1.82
								$12.26

Age	Premium Rate for Each Insured
18-29	$1.60
30-35	$1.60
36-40	$1.60
41-45	$1.40
46-50	$1.40
51-55	$1.40
56-60	$1.20
61-64	$1.20
65-69	$1.20

Daily Balance		Insurable Benefit		Number of Days		Daily Premium Rate ($4.47 / $100) X 12/365		Premiums
$15,000	x	3%	x	10	x	$0.00146959	=	$6.61
$13,000	x	3%	x	15	x	$0.00146959	=	$8.60
$10,000	x	3%	x	6	x	$0.00146959	=	$2.65
								$17.86

Age	Premium Rate for Single Coverage
18-30	$0.25
31-35	$0.32
36-40	$0.36
41-45	$0.49
46-50	$0.64
51-55	$0.81
56-60	$1.00
61-65	$1.43
66-69	$2.55
70	$2.81
71	$3.09
72	$3.40
73	$3.74
74	$4.11

Scotia Line of Credit Protection¹ insurance

What is Scotia Line of Credit Protection insurance?

How Scotia’s Line of Credit Protection insurance works

Scotia Line of Credit Protection offers five types of coverage

Who’s eligible for Scotia Line of Credit Protection insurance?

How are my premiums calculated for my Scotia Line of Credit Protection insurance?

Protecting what matters most to you is affordable

30-day “right to examine your coverage” period

Learn more about Scotia Line of Credit Protection insurance

Line of credit insurance premium calculator