Commercial Creditor Life Insurance
To discover how competitive Scotiabank's Commercial Creditor Life Insurance is, use the table below to find the premium rate that corresponds to your age bracket and smoking status. To calculate your annual cost, divide the amount of insurance you need by 1,000 and then multiply by the premium rate.
In Quebec, there are separate premiums for term loans and revolving credit. To calculate premiums for term loans use Table A, and for revolving credit, use Table B.
An Example
A 43 year old non-smoker with total business loans of $250,000, could get $250,000 in Commercial Creditor Life Insurance for $325 a year (from Table A $1.30 X $250,000/$1,000).
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TABLE A
ANNUAL PREMIUM* PER $1,000 OF COVERAGE All Provinces
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| AGE | SMOKERS | NON-SMOKERS** |
| 18-29 | $ 1.00 | $ .60 |
| 30-34 | $ 1.00 | $ .60 |
| 35-39 | $ 1.25 | $ .75 |
| 40-44 | $ 2.20 | $ 1.30 |
| 45-49 | $ 4.00 | $ 2.40 |
| 50-54 | $ 6.50 | $ 3.90 |
| 55-59 | $11.40 | $ 6.80 |
| 60-64 | $17.00 | $10.20 |
| 65-68 | $26.25 | $15.75 |
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TABLE B
ANNUAL PREMIUM* PER $1,000 OF COVERAGE Revolving Credit, Quebec Only.
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| AGE | SMOKERS | NON-SMOKERS** |
| 18-29 | $ .60 | $ .35 |
| 30-34 | $ .60 | $ .35 |
| 35-39 | $ .75 | $ .45 |
| 40-44 | $ 1.30 | $ .80 |
| 45-49 | $ 2.40 | $ 1.45 |
| 50-54 | $ 3.90 | $ 2.35 |
| 55-59 | $6.80 | $ 4.10 |
| 60-64 | $10.20 | $6.10 |
| 65-68 | $15.75 | $9.45 |
*Premiums listed are: in effect since September 1991; subject to change without notice; based on the insured customer's age at the date of application and each renewal date. Plus sales tax where applicable.
**A non-smoker is defined as a person who has not smoked a cigarette in the 12 months immediately prior to the date of application.
Contact Us
To find out more about Commercial Creditor Life Insurance, visit your local Scotiabank branch.
