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Scotia Line of Credit Disability FAQs

A helping hand when you need it the most

For your convenience, we've compiled a list of commonly asked questions about Line of Credit Protection.

Who can apply for Line of Credit Protection?

Line of Credit Protection is available to new or existing Line of Credit customers who are Canadian residents, and whose accounts are in good standing. Owners of unincorporated sole proprietorships and two-person partnerships with a line of credit for business are also eligible. To apply for Disability Protection you must be under 65 years of age.

Do I have to answer any health questions?

When you apply for Disability Protection on your line of credit, you are automatically covered for up to $50,000. You will need to answer two simple health questions if you require coverage greater than $50,000. The insurer, Sun Life, will contact you for further information.

Can more than one person apply?

Yes. Up to two borrowers can apply for Line of Credit Protection.

How much does it cost?

Our Disability Protection rates are determined by your age and the monthly benefit amount on your account during the billing period. No premiums are charged if you have a zero balance on your account during the billing period. So you're paying only for the Protection you need. And for your convenience, your Disability Protection premiums are billed directly to your insured line of credit account.

Your Age at End of Each Billing Period Premium Rate1 per $100 of Monthly Benefit Amount
Single Borrower
18-29 1.60
30-35 1.95
36-40 2.50
41-45 3.07
46-50 3.65
51-55 4.39
56-60 5.46
61-64 6.41
65-691 7.00
1Plus sales tax, where applicable.

I already have life insurance. Why do I need this insurance?

Unlike ordinary life insurance, Line of Credit Protection benefits go directly towards paying off your line of credit account balance. So you don't have to worry about the people you care about having to shoulder the burden of your debt after you become seriously ill, disabled or pass away.

What if I change my mind after I agree to this insurance?

After you enrol you will have 30 days to review the details of the plan and decide if it is right for you. If you decide that it isn't, simply call us at 1-855-753-4272, Monday to Friday, 8 a.m. to 8:00 p.m. (ET) and one of our Customer Service Representatives will be pleased to assist you with cancelling your coverage, and any premiums you've paid will be refunded. You may also cancel anytime after the 30 day review period, however no premium will be refunded.

When does coverage begin?

As soon as we receive your completed application.

How do I make premium payments?

The premium is automatically billed to your line of credit account every billing period and appears on your monthly statement.

I have more than one line of credit account. Can I insure all of them?

For Disability Protection, the maximum coverage for any one of your insured line of credit accounts is $100,000.

Are there any exclusions or limitations?

For more details, call the insurer SunLife at 1-866-223-2959.

How do I submit a claim?

Simply contact Sun Life at 1-866-223-2959 for Disability Claims.

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All insurance coverage is subject to the terms and conditions outlined in the Line of Credit Disability Distribution Guides which you will receive upon purchase.