Credit Protection for ScotiaLine Gold
Right for you if:
You want coverage on your ScotiaLine Gold in the event of your death
With your ScotiaLine Gold line of credit, you can live the lifestyle you choose. Did you know, however, that in the event of your death, this convenience could become a financial obligation for your family?
How does it work!
Credit Protection can remove those worries. It will pay off your outstanding ScotiaLine 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 ScotiaLine 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 of 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 perhaps now is the time to consider joint coverage if you have a secondary borrower on your account.
You're Already Approved!
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 age 65 on the date you enrol for Protection or less than age 55 if you decide to enrol for both Life and Critical Illness Protection. And no health questions are asked!
Affordable monthly premiums for Credit Protection are based on your outstanding balance and your age. Just find your age in the following table to see how affordable your premiums can be.
Fees and Terms
based on your age and outstanding balance.
if joint coverage is selected
10% discount applies
Coverage up to
Monthly premiums for Credit 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. And a 10% discount applies if joint coverage is selected.
Table of Premiums
|Premium Rate per $1,000 of Average Outstanding Daily Balance|
|Single Coverage||Joint Coverage|
|Age||Life Protection||Life & Critical Illness Protection||Life Protection||Life & Critical Illness Protection|
|Under 40||$0.49||$0.98||$0.88||$ 1.76|
|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|
Premium rate per $1,000 of Average Outstanding Daily BalanceYour 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 Scotia Life Trinidad & Tobago Limited.
Approved for coverage provided you and your secondary borrower (if you choose) are less than age 65 on the date you enrol.