Credit Protection for ScotiaLine

Right for you if:

  • You want coverage on your personal line of credit in the event of your death

  • Your ScotiaLine Personal Line of Credit can give you convenient access to credit for your everyday purchases and expenses. However, in the event of your death or the diagnosis of a covered critical illness, this convenience could become your family's financial obligation.

    Credit Protection can prevent this from happening to you.

    Credit Protection pays the outstanding loan balance on your account in the event of your death, relieving your loved ones of added financial pressure at a difficult time.

    Critical Illness Protection is a living benefit, which means that the outstanding loan balance on your ScotiaLine account can be paid in the event you are diagnosed with a covered critical illness (specifically heart attack, cancer, or stroke).

    If you already have life protection, you may want to add critical illness coverage or consider joint coverage.

    As a ScotiaLine account holder, you are already approved for coverage provided you and your secondary borrower (if you choose) are less than 65 years old on the date you enrol for Life Protection or less than 55 years old if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked.

    A note from the insurers:

    In this section, we have attempted to explain clearly and briefly the coverages available under this plan. Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of ScotiaLine Credit Insurance and the Policies. Please refer to this Certificate for additional details.

    Insurance is underwritten by Scotia Insurance Eastern Caribbean Limited.

    Fees and Terms

    Premiums based on your

    age and outstanding balance

    discount applies if joint coverage is selected

    10%

    Protect your family from 

    financial obligations

  • Monthly premiums for Credit Life Protection are based on your previous month's billing statement's average daily outstanding balance and your age

  • Your monthly insurance premium amount is added to your ScotiaLine account automatically and is reported on your statement

  • No premium will be charged if you did not carry a balance during the previous billing statement period

  • Just find your age in the following table to see how affordable your premiums can be. A 10% discount applies if joint coverage is selected.

    Premium Rate per $1,000 of Average Outstanding Daily Balance
      Single Coverage
    Joint Coverage
    Age Life Protection Life & Critical Illness Protection Life Protection Life & Critical Illness Protection
    Under 40 $0.49 $0.98 $0.88 $1.76
    41 – 50 $0.89 $1.78 $1.60 $3.20
    51 – 55 $1.77 $3.58 $3.19 $6.38
    56 – 60 $2.99 $5.98 $5.38 $10.76
    61 – 65 $4.98 $9.98 $8.96 $17.92
    66 – 70 $4.98 $9.98 $8.96 $17.92

    Your premium is based on the average daily balance on your ScotiaLine account during the billing period and your age at the end of each ScotiaLine billing period (or in the case of joint coverage, on the age of the older Insured Borrower).

    The average daily ScotiaLine account balance during the billing period is divided by 1,000 and then multiplied by the applicable premium rate, as indicated above, to arrive at the premium (and tax, if applicable) for the billing period.

    This amount is automatically billed to your ScotiaLine account every billing period and appears on your monthly statement. No insurance premium is charged on your ScotiaLine account if you did not carry a balance on your previous month’s statement.

    A note from the insurers:

    In this section, we have attempted to explain clearly and briefly the coverages available under this plan. Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of ScotiaLine Credit Insurance and the Policies. Please refer to this Certificate for additional details.

    Insurance is underwritten by Scotia Insurance Eastern Caribbean Limited.

    You are approved for coverage provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol.

    You are approved for Life Protection provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol. You are approved for Life and Critical Illness Protection if you are less than 55 years old.

    Ready to Apply?

    In Person

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