Scotia Line of Credit Protection1 insurance

You’ve built a lifestyle for you and your family. Take steps to protect it if the unexpected happens.

Did you know?

63% of Canadians believe insurance coverage is a way to take control over an unpredictable situation.2

Scotia Line of Credit Protection insurance can help make your Line of Credit payments, so you can have more cash on hand for everyday expenses and lighten your loved ones’ financial burden during a health crisis or if you pass away.

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How Scotia Line of Credit Protection insurance can help protect you and your family financially

If your claim is approved, this optional insurance makes payments either toward your scheduled line of credit repayments or to pay off part or all your line of credit balance so you can: 

Avoid using savings and investments to make your line of credit payments

Avoid missed payments on your line of credit and maintain your good credit

Protect the lifestyle you enjoy today if you unexpectedly stop earning an income

Focus more on recovery and less on your line of credit payments

Enrol now to get Scotia Line of Credit Protection insurance

Feel confident that you are making the right financial decisions

Scotia Line of Credit Protection offers five types of coverage

Critical Illness 
 

  • Protection if you are diagnosed with a covered critical illness:  heart attack, stroke and/or cancer.
  • Reduces or pays off your Scotia Line of Credit balance:
    • up to $150,000 per insured line of credit. 
    • and up to $300,000 for all insured lines of credit combined.4
  • Critical Illness is only available with Life coverage.

Life 
 

  • In the event of loss of life, your family will have the peace of mind of knowing all or a part of your Scotia Line of Credit balance will be paid.
  • Reduces or pays your outstanding Scotia Line of Credit balance up to a maximum of $500,000 for all insured lines of credit combined.3

Terminal Illness
 

  • You get Terminal Illness4 coverage at no additional cost, when you have Critical Illness coverage.
  • If you are diagnosed with a Terminal Illness, your outstanding line of credit account balance can be paid up to:
    • $150,000 per account 
    • or up to $300,000 for all your insured line of credit accounts

Disability 
 

  • Helps protect your family’s finances if you can't work due to a physical or mental health condition, injury or sickness. 
  • Provides a maximum benefit of up to $3,000 plus your disability premium per month for up to 24 months per claim or 48 months total lifetime, towards your Line of Credit balance.5

Job Loss 
 

  • While you are looking for a new job, give yourself financial support from a permanent lay-off or job loss due to no fault of your own.
  • Can pay a monthly benefit of up to $3,000 per month, for up to 6 months per claim or 12 months total lifetime.6
  • Job loss is only available with Disability coverage.

30-day ‘right to examine your coverage’ period

If you decide our line of credit insurance is not right for you, cancel within 30 days to receive a full refund of any premium paid.

Learn more about Scotia Line of Credit Protection

Line of Credit Insurance Premium Calculator

Get a quick estimate for your insurance premium

Learn more about Scotia Line of Credit Protection

Prepare for the unexpected and stay on track financially.

Understanding the claims process

Making a Line of Credit claim.

Additional 
Resources

Frequently asked questions

Ways to contact us

Apply today

Confidently plan for tomorrow
Enrol onlinefor Scotia Line of Credit Protection insurance

By phone

Mon-Fri (8 am-8 pm ET)

In person

Visit a local branch

Claims

We look forward to taking care of you every step of the way.

Resolving your complaint

1

Scotia Line of Credit Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrolment. 

 

The Bank of Nova Scotia and its employees are not agents of The Canada Life Assurance Company, nor can they waive or change any terms of the Scotia Line of Credit Protection plan.

 

The Bank of Nova Scotia receives an administration fee from the Insurer to distribute this insurance.

 

The insurance premium and applicable sales tax will be charged to your Scotiabank line of credit account.

 

Coverage amounts and durations may be less than the outstanding account balance.

2
Ipsos, One Quarter of Canadians, June 2021
3
Life: pays off your outstanding Scotiabank Line of Credit account balance up to $500,000 per account or up to $500,000 for all accounts combined if you pass away.
4
Critical Illness &Terminal Illness: pays off your outstanding Line of Credit account balance up to $150,000 per account or up to $300,000 for all accounts combined if you are diagnosed with a specific critical illness. (e.g., heart attack, stroke or cancer) or a terminal illness that will likely result in death within one year of diagnosis. To apply for Critical Illness insurance coverage, you must already have Scotia Line of Credit Life insurance coverage or also apply for Scotia Line of Credit Life insurance coverage.
5
Disability: maximum benefit of up to $3,000 plus your disability premium per month for up to 24 months.
6
Job Loss: maximum monthly benefit of up to $3,000 per month, for up to 6 months per claim, or 12 months total lifetime if your employment is involuntarily terminated by your employer or you are permanently laid off. To apply for Scotia Line of Credit Job Loss insurance, you must already have Scotia Line of Credit Disability insurance coverage or also apply for Scotia Line of Credit Disability insurance coverage.
7

To apply for Disability or Job Loss coverage, you must also be Actively working which means you are:

  • A Permanent Employee or self-employed for at least 20 hours a week; or
  • On maternity or parental leave and expect to return to the regular duties of your employment or occupation for at least 20 hours a week at the end of your leave; or
  • Employed seasonally for at least 20 hours a week during the work season, which has a beginning and end, and you have a proven work history for at least one previous season as a seasonal employee, you expect to return to the same occupation the next season and you are currently capable of performing the regular duties of your seasonal employment.
8
You are automatically approved for Life coverage if the credit limit for all your insured lines of credit is $150,000 or less, for Critical Illness coverage if the credit limit of your line of credit is $150,000 or less (and less than $300,000 for all of your insured lines of credit combined) and for Disability and Job Loss coverage if the credit limit for your line of credit is $50,000 or less.  
9

Multiple insureds cost:

  • The cost of Joint coverage is calculated based on the premium rate applicable for the oldest Insured and multiplying the premium rate by 1.70.  Joint coverage means both the Insureds have the SAME coverage types. Each has Life insurance, or each has Life and Critical Illness insurance.
  • The cost of Dual coverage is calculated based on the premium rate applicable for each Insured less 15%. Dual coverage means each Insured has DIFFERENT coverage types. For example, one Insured has Life Insurance only and the other Insured has Life and Critical Illness insurance.

Note: Joint and Dual coverage is not applicable to Disability coverage or Job Loss coverage.