Line of Credit Disability Protection
A sudden disability can make your line of credit payments a financial burden for both you and your family at a time when they can least afford it.
With Disability Protection your mortgage payments can be covered if you are Disabled.
Scotia Line of Credit Disability Protection covers:
- 3% of the Outstanding Account Balance on the date of Disability.
- Provides a maximum monthly benefit amount of $3,000 plus your disability premium (including provincial sales tax) for any one of your insured lines of credit for up to a maximum of 48 months.
With Disability Protection, you are automatically approved for coverage up to $50,000, without a medical questionnaire or examination required, you only pay for the Disability Protection you need, and the coverage can help you maintain your credit rating.
Pay Only for the Protection You Need
Your average daily Line of Credit balance during the billing period is multiplied by 3% to determine the monthly benefit. Then monthly benefit is then divided by 100 and multiplied by the applicable premium rate based on age.
Have more questions?
For rates and more information about Line of Credit Disability Protection, please refer to our list of frequently asked questions.