Mastercard® Credit Life Protection
Mastercard® Credit Insurance protects your family and estate from the obligation to repay the balance outstanding under your Scotiabank Mastercard® account in the event of your death. It gives them financial freedom when they need it the most.
How much does it cover?
Scotiabank Mastercard® Credit Protection provides up to TTD $85,000 in coverage.
Who is eligible for coverage?
If you (the 'applicant') are under age 70 and have opened a Scotiabank Mastercard®, you automatically qualify for Mastercard® Credit Protection. In addition, if you opened a joint Scotiabank Mastercard® account with a co-borrower (the 'co-applicant') who is also under age 70, you can elect joint coverage. Joint coverage releases the remaining account holder from the obligation to repay the loan.
What happens if only one of us applies for coverage on a joint Mastercard® account?
In this case, the insurer only pays the outstanding balance if the individual who applied for coverage dies. Only you can purchase insurance to protect your family and estate against your possible death.
When does coverage begin?
Your Mastercard® Credit Protection coverage becomes effective on the day you deliver your signed enrollment form to Scotiabank Trinidad and Tobago Limited (the 'Bank').
When does coverage end?
Your Mastercard® Credit Protection coverage will continue as long as you have a Scotiabank Mastercard®. However, at age 70, only accidental death is covered.
How much does it cost?
Coverage for one person costs 29 cents a month for every $100 of outstanding balance on the previous month's Scotiabank Mastercard® statement. Coverage for two people on the same Scotiabank Mastercard® account (joint coverage) costs 52 cents for every $100 of outstanding balance. No premium is charged if your last statement balance was zero.