Credit Protection for ScotiaLine
Right for you if:
You want coverage on your personal line of credit in the event of your death
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 remove these worries.
Credit Protection can pay off the outstanding loan balance on your account in the event of your death, relieving your loved ones of added financial pressure at a difficult time.
Critical Illness Protection is a living benefit, which means that the outstanding loan balance on your ScotiaLine account can be paid in the event that 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, 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.
At a glance
Choose Life or Critical Illness coverage or both for complete coverage
No health questions asked
Those under 65 already approved for Life Protection
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.
|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|
|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.
You are approved for coverage provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol for Life Protection or less than age 55 is you decide to enrol for both Life and Critical Illness Protection.
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.
Insurance is underwritten by Scotia Insurance Eastern Caribbean Limited.
All insurance coverage is subject to the terms and conditions outlined in the applicable Certificate of Insurance, which you will receive upon purchase. Credit Protection benefits are underwritten by Sagicor Capital Life Insurance Company Limited.