Scotia Line of Credit Protection Critical Illness FAQs

For your convenience, we've compiled a list of commonly asked questions about Scotia Line of Credit Protection. Of course, if you don't find all the information you're looking for in this section, you can call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.

Questions

1. Who can apply for Scotia Line of Credit Protection?
2. Can more than one person apply?
3. How much does it cost?
4. I already have life insurance. Why do I need this protection?
5. What if I change my mind after I agree to enroll?
6. How do I make premium payments?
7. I have more than one line of credit account. Can I insure all of them?
8. Are there any exclusions or limitations?
9. How do I submit a claim?

Answers

1. Who can apply for Scotia Line of Credit Protection?
   Scotia Line of Credit Protection is available to new or existing Scotia Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. You must be between 18 and under 65 years of age to apply.
2. Can more than one person apply?
   Yes. Up to two borrowers can apply for Scotia Line of Credit Protection.
3. How much does it cost?
   Our Life and Critical Illness coverage rates are based on your average daily outstanding balance during the billing period, your age, type of coverage (Life or Life and Critical Illness) and type of coverage (single, joint, multiple coverage).

   Scotia Line of Credit Protection Monthly Premium Rates

   Age	Life*	Critical Illness*	Disability*
   	Per $1,000 of average daily balance		Per $100 of monthly benefit
   18 – 31	$ 0.20	$ 0.41	$ 1.60
   31 – 35	$ 0.25	$ 0.43	$ 1.80
   36 – 40	$ 0.28	$ 0.50	$ 2.25
   41 – 45	$ 0.41	$ 0.77	$ 2.75
   46 – 50	$ 0.54	$ 1.18	$ 3.25
   51 – 55	$ 0.68	$ 1.66	$ 4.15
   56 – 60	$ 0.85	$ 2.27	$ 5.20
   61 – 65 Disability = 61-64	$ 1.23	$ 3.23	$ 6.05
   66 – 69 Disability = 65-69	$ 2.50	Not available	$ 7.00

   *Plus sales tax, where applicable.
4. I already have life insurance. Why do I need this insurance?
   Unlike ordinary life insurance, Scotia Line of Credit Protection benefits go directly towards paying off your Scotia Line of Credit account balance. This could mean one less debt for you or your family to worry about during a difficult time.
5. What if I change my mind after I agree to enroll?
   After you enroll you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn’t, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you, and any premiums you’ve paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.
6. How do I make premium payments?
   The premium is billed to your Scotia Line of Credit account every billing period and appears on your monthly statement.
7. I have more than one line of credit account. Can I insure all of them?
   Yes. For Critical Illness coverage the maximum coverage amount is $150,000 per Scotia Line of Credit account or $300,000 for all Scotia Line of Credit accounts combined.
8. Are there any exclusions or limitations?
   For more details, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.
9. How do I submit a claim?
   For more details about submitting a claim, call us at 1-855-753-4272, Monday to Friday 8:00 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you.