Credit Protection for Credit Cards
Right for you if:
You want coverage on your Scotiabank credit card in the event of your death
Your Scotiabank credit card can give you convenient access to credit for your everyday purchases and expenses. Did you know, however, that in the event of your death or the diagnosis of a covered critical illness, this convenience could become your family's financial obligation?
How does it work?
Credit Protection can remove those worries. It will pay off your outstanding Scotiabank credit card balance, relieving your loved ones of added financial pressure at a difficult time. You can enrol for Credit Protection which can pay the outstanding loan balance on your credit card account in the event of your death or enrol for both Credit Life and Critical Illness. Critical Illness Protection is a living benefit, which means that the outstanding loan balance on your credit card 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 now or perhaps it is time to consider joint coverage if you have a secondary cardholder on your account
You're Already Approved!
As a Scotiabank credit card customer, it's easy to take advantage of this important offer of protection. You are already approved for coverage provided that you (and your secondary cardholder if you choose) are less than age 70 on the date you enrol for Life Protection or less than age 60 if you decide to enrol for both Life and Critical Illness Protection. No health questions are asked!
Fees and Terms
Costs 29 cents for every
$100 of outstanding balance
52 cents for every
$100 of outstanding balance on joint cards
Coverage up to
Affordable monthly premiums for Credit Protection are based on your balance
Single coverage costs just 29 cents for every $100 of outstanding balance on your previous month's Scotiabank credit card statement.
Joint coverage costs just 52 cents for every $100 of outstanding balance.
Your monthly insurance premium amount is added to your Scotiabank credit card account automatically and is reported on your statement.
No premium will be charged if your previous month's statement balance was zero.
A note from the insurers:
In this section, we have attempted to explain clearly and briefly the coverage available under this plan.
Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of Scotiabank Credit Protection Insurance and the Policy, which you will receive upon purchase.
Please refer to the Certificate of Scotiabank Credit Protection Insurance for details.
You must be a current Scotiabank credit card customer
You must be less than age 70 on the date you sign up