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A financial plan is like your personal roadmap to help you reach your financial goals. It considers your current financial situation and future goals and puts strategies in place to help you achieve them. Along your financial journey you may face unexpected bumps and obstacles.
When faced with unexpected life events like a disability or loss of life, optional Creditor Insurance Protection can help pay off your debt or maintain payments for your debt, allowing you and your family to stay on track financially.
A financial plan that includes Creditor Insurance Protection as part of its foundation can provide a buffer to help lessen the financial impact of the bumps you may encounter. It can complement other forms of Insurance like employer work benefits, or other insurance plans, that were to be allocated for other needs, such as looking after your loved ones financially.
Creditor Insurance Protection is optional insurance that may be available for mortgages, lines of credit, indirect auto loans and credit cards. Your Scotiabank advisor will inform you which creditor insurance protection coverage options apply to the bank lending product. In the case of…
Disability
Make monthly payments
Critical Illness
Pay off debt
Life
Pay off debt
Job Loss/ Strike or Lockout
Make monthly payments
Hospitalization
Pay down debt
Did you know?
Many Canadians may not be financially prepared if something unexpected were to happen – in fact 50% of Canadians don’t own life insurance coverage.1
83% of Canadians with Creditor Protection Insurance coverage said it is an effective way to protect themselves and their families.2
What if...
…you had to stop working because of a sudden illness, disability or job loss.
Could you continue to meet your financial obligations – lines of credit, loans, credit card and mortgage payments?
OR
…you unexpectedly passed away
Would your family be able to pay your outstanding debts, continue with their current way of life and be financially secure moving forward?
Tip: Try out the Creditor Insurance Protection Planner tool at scotiabank.com/insurance to help you better understand your current coverage and if the optional Creditor Insurance Protection is right for you
Let’s look at Canadians’ debt and health…
Financial
The average mortgage debt with a bank in 2020 was just over
$220,0003
Average non-mortgage debt is about
$30,0004
Health
50%
of Canadians who lose their home cite illness or injury as the primary reason5
Strokes are the leading cause of adult disability in Canada6
48%
say they’re within $200 of not being able to cover their monthly bills.7
According to Scotiabank customers the following are some of the most appealing features of Creditor Insurance Protection:8
- Outstanding balance could be paid off if you pass away
- Monthly payment could be taken care of if you experience employment disruption
- Outstanding balance could be paid off if you are diagnosed with a covered critical illness
- Monthly payments could be taken care of in the event that you become disabled
Is coverage affordable?
70% of Canadians with Creditor Protection Insurance say it’s an affordable insurance option.2
Visit scotiabank.com/insurance to view a short video on how Scotia Creditor Insurance can help you and your family get financially prepared.
A financial plan that’s built on a solid foundation that includes creditor insurance will help you be prepared for the unforeseen detours you may encounter on your life journey. It will help you keep your financial goals on track and provide your family with financial security.
To learn about the comprehensive range of affordable creditor insurance protection products available, speak with a Scotiabank advisor or visit scotiabank.com/insurance.
Source: Scotiabank, Global Brand & Customer Insights, 2017 ScotiaLife Financial Creditor Insurance Research.
The Bank of Nova Scotia is not an insurer and this is not an offer of insurance. Full details of these coverages are available in the certificates of insurance which are provided to the customer upon enrollment.
Scotia Mortgage Protection, Scotia Line of Credit Protection and Scotia Loan Protection are each underwritten by The Canada Life Assurance Company. Scotia Credit Card Protection is underwritten by Chubb Life Insurance Company of Canada.
Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
Scotia Mortgage Protection, Scotia Line of Credit Protection and Scotia Loan Protection are each underwritten by The Canada Life Assurance Company. Scotia Credit Card Protection is underwritten by Chubb Life Insurance Company of Canada.
