Credit Protection for ScotiaLine
With your ScotiaLine line of credit, you can live the lifestyle you choose. Did you know, however, that in the event of your death, or the diagnosis of a covered critical illness, this convenience could become a financial obligation for your family?
How does it work!
Credit Protection can remove those worries. It will pay off your outstanding ScotiaLine balance, relieving your loved ones of added financial pressure at a difficult time. You can enrol for Credit Life Insurance which can pay the outstanding loan balance on your ScotiaLine account in the event of your death or enrol for both Credit Life and Critical Illness. Critical Illness Insurance is a living benefit, which means that the outstanding loan balance of 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 insurance you may want to add critical illness insurance or perhaps now is the time to consider joint coverage if you have a secondary borrower on your account.
You Are Already Approved!
As a ScotiaLine account holder, it's easy to take advantage of this important offer. You are already approved for coverage provided you and your secondary borrower (if you choose) are less than age 65 on the date you enrol for Life Insurance or less than age 55 if you decide to enrol for both Life and Critical Illness Insurance. And no health questions are asked!
Affordable monthly premiums for Credit Insurance are based on your outstanding balance and your age. Just find your age in the following table to see how affordable your premiums can be.
Premium Rate per $1,000 of Average Outstanding Daily Balance
|Single Coverage||Joint Coverage|
|Age Band||Life Insurance||Life & Critical Illness Insurance||Life Insurance||Life & Critical Illness Insurance|
|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
Visit your Scotiabank branch to enrol or for more information about Credit Insurance for ScotiaLine and ScotiaLine Gold.
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. Please refer to this Certificate for additional details. Insurance is underwritten by Scotia Jamaica Life Insurance Company Limited.