Scotia Line of Credit Protection

Right for you if:

  • You want financial flexibility in a difficult time

  • You wish to maintain your credit score if you are unable to work

  • Scotia Line of Credit Protection can

    • pay the outstanding balance on your Scotia Line of Credit account if you are diagnosed with a covered critical illness or if you pass away
    • pay a monthly benefit1 should you become disabled

    Get the coverage that's right for you

    We offer three types of valuable coverage to protect your Scotia Line of Credit account:

    • Life
    • Critical Illness
    • Disability

    PLUS:

    Scotia Line of Credit Protection is available for you and a co-borrower 

    And, depending on the number of insured borrowers on your Scotia Line of Credit account and the coverage applied for, you may be eligible for a discount on your premiums.

    Scotia Line of Credit Protection life coverage

    Should you pass away, Life1 coverage can pay off the outstanding balance on your insured Scotia Line of Credit account up to $500,000, which can help your family maintain financial stability during a difficult time.

    A living benefit for a debt-free life

    Whether you can work or not, Critical Illness2 coverage can pay off the balance on your Scotia Line of Credit account in one lump sum payment if you are diagnosed with one of the conditions listed below.

    Critical Illness covers the following conditions:

    • Heart Attack
    • Stroke
    • Cancer

    The cost of Critical Illness coverage is determined by your age, the daily balance on your account during the billing period, and whether you choose single, joint or multiple coverage.

    For your convenience, your Critical Illness coverage premiums are billed directly to your insured Scotia Line of Credit account.

    Protect your credit history 

    Having Disability3 coverage means your line of credit payments can be maintained if you become disabled and unable to work.

    Scotia Line of Credit Disability Protection can pay

    • 3% of the Outstanding Account Balance on the date of disability
    • 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 

    PLUS:

    Your Disability Protection coverage can be approved automatically up to $50,000, without a medical questionnaire or examination.

    Age Critical Illness Life
    Per $1,000 of Daily Balance
    18-30 $ 0.41 $ 0.20
    31-35 $ 0.46 $ 0.27
    36-40 $ 0.54 $ 0.31
    41-45 $ 0.87 $ 0.44
    46-50 $ 1.34 $ 0.59
    51-55 $ 1.85 $ 0.76
    56-60 $ 2.55 $ 0.95
    61-65 $ 3.35 $ 1.38
    66-69 Not Available $ 2.50
    Age Disability
    Premium Rate per $100 of Monthly Benefit Amount
    18-29 1.60
    30-35 1.95
    36-40 2.50
    41-45 3.07
    46-50 3.65
    51-55 4.39
    56-60 5.46
    61-64 6.41
    65-69 7.00

    Ready to apply

    By Phone

    Call us toll-free
    Mon-Fri (8am-8pm ET)

    1-855-753-4272
    In Person

    Visit your local branch

    Branch Locator