Credit Protection for Personal Lines of Credit
This insurance product is designed to offer coverage if a defined event such as death or a covered critical illness occurs. The insurance can pay off your outstanding line of credit balance, relieving your loved ones of added financial pressure at a difficult time.
If you are a Scotiabank line of credit customer, you can enrol for Life Protection, which can pay off your outstanding line of credit account balance in the event of your death. Or you can enrol for Life and Critical Illness Protection, which includes life protection coverage described above, plus Critical illness health coverage, which is a living benefit that can pay off your outstanding line of credit account balance in the event you are diagnosed with a covered critical illness (i.e. heart attack, cancer or stroke).
The monthly premiums for Credit Protection can be considered "pay as you go," because the premiums are based on the average outstanding balance of the loan and your age. If you have no balance you will have no insurance premium to pay.
Insurance is underwritten by Scotia Insurance Caribbean Limited.
Please consult the Scotiabank website for your country to view the limits, terms and conditions.
Scotia Insurance is the marketing brand used by Scotia Insurance Caribbean Limited.
Scotiabank is a business name used by The Bank of Nova Scotia.
Trademark of The Bank of Nova Scotia, used under license.
Registered trademark of The Bank of Nova Scotia, used under license (where applicable).