Credit Protection for ScotiaLine Personal Line of Credit
Right for you if:
You want credit protection for your ScotiaLine Personal Line of Credit
Your ScotiaLine Personal Line of Credit can give you convenient access to credit for your everyday purchases and expenses. However, in the event of your death or the diagnosis of a covered critical illness, this convenience could become your family's financial obligation.
Credit Protection can prevent this from happening to you.
Credit Protection pays off your outstanding ScotiaLine balance, relieving your loved ones of added financial pressure at a difficult time.
Credit Protection pays the outstanding loan balance on your account in the event of your death.
Critical Illness Protection is a living benefit, which means that the outstanding loan balance on your ScotiaLine account can be paid in the event you are diagnosed with a covered critical illness (specifically heart attack, cancer, or stroke).
If you already have life protection, you may want to add critical illness coverage or consider joint coverage.
As a ScotiaLine account holder, it's easy to take advantage of this important offer of protection. You are already approved for coverage provided you and your secondary borrower (if you choose) are less than 65 years old on the date you enrol for Life Protection or less than 55 years old if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked.
A note from the insurers:
In this section, we have attempted to explain clearly and briefly the coverages available under this plan. Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of ScotiaLine Credit Insurance and the Policies. Please refer to this Certificate for additional details. Credit Protection benefits are underwritten by licensed insurance companies
Fees and Terms
Premiums based on your age and outstanding balance
10% discount applies if joint coverage is selected
Coverage up to $1,500,000
Monthly premiums for Credit Life Protection are based on your previous month's billing statement's average daily outstanding balance and your age
Your monthly insurance premium amount is added to your ScotiaLine Gold account automatically and is reported on your statement.
No premium will be charged if you did not carry a balance during the previous billing statement period.
Just find your age in the following table to see how affordable your premiums can be. A 10% discount applies if joint coverage is selected.
Table of Premiums
|Premium Rate per $1,000 of Average Outstanding Daily Balance
|Age||Life Protection||Life & Critical Illness Protection||Life Protection||Life & Critical Illness Protection|
|41 – 50||$0.89||$1.78||$1.60||$3.20|
|51 – 55||$1.77||$3.58||$3.19||$6.38|
|56 – 60||$2.99||$5.98||$5.38||$10.76|
|61 – 65||$4.98||$9.98||$8.96||$17.92|
|66 – 70||$4.98||$9.98||$8.96||$17.92|
Your premium is based on the average daily balance on your ScotiaLine account during the billing period and your age at the end of each ScotiaLine billing period (or in the case of joint coverage, on the age of the older Insured Borrower).
The average daily ScotiaLine account balance during the billing period is divided by 1,000 and then multiplied by the applicable premium rate, as indicated above, to arrive at the premium (and tax, if applicable) for the billing period.
This amount is automatically billed to your ScotiaLine account every billing period and appears on your monthly statement. No insurance premium is charged on your ScotiaLine account if you did not carry a balance on your previous month’s statement.
A note from the insurer:
In this section, we have attempted to explain clearly and briefly the coverages available under this plan. Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of ScotiaLine Credit Insurance and the Policies. Please refer to this Certificate for additional details. Insurance is underwritten by Family Guardian Insurance Company Limited.
You are approved for coverage provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol.