Scotia Line of Credit Protection Life Insurance FAQs

The more you know about Life coverage, the better you will be able to make an informed choice for yourself. These are the most commonly asked customer questions.

Questions

1. Who can apply for Scotia Line of Credit Protection?
2. Do I have to answer any health questions?
3. Can more than one person apply?
4. What are the premiums?
5. What if I change my mind after I've agreed to enroll?
6. Are there any exclusions or limitations?
7. How do I submit a claim?
8. How much coverage do you offer?
9. How do I apply?

Answers

1. Who can apply for Scotia Line of Credit Protection?
   Scotia Line of Credit Protection is available to new or existing 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. To apply for Life coverage you must be under 65 years of age.
2. Do I have to answer any health questions?
   You can be immediately approved for Life coverage without having to answer health questions if the total of all of your insured Scotia Line of Credit account credit limits is $150,000 or less.  You will need to answer a simple health question for Life coverage if your insured Scotiabank Line of Credit is greater than $150,000.
3. Can more than one person apply?
   Yes. Life coverage is available for up to two borrowers on the same line of credit. See below for rates.
4. What are the premiums?
   Your monthly premium is based on your age at the end of each account billing period and your average daily balance during the billing period on your Scotia Line of Credit account.
   
   

   Table of Premiums for Scotia Line of Credit Protection

   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.
5. What if I change my mind after I've agreed 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. Are there any exclusions or limitations?
   Yes. 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.
7. How do I submit a claim?
   For more details about submitting a claim, 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.
8. How much coverage do you offer?
   For Life coverage, the maximum coverage amount is $500,000.
9. How do I apply?
   To apply, 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, or if you prefer visit your local Scotiabank branch.