The importance of Creditor Insurance during uncertain times

Do you have a plan for paying your debt like your mortgage, line of credit or credit card bill if you lose your job, become ill or disabled? Scotiabank Creditor Insurance -— mortgage protection, line of credit protection, credit card protection - can help you minimize the impact to the lifestyle you've worked hard to build if certain unexpected life events happen.

Each type of Scotiabank Creditor Insurance offers different types of coverage including Life, Critical Illness (covers certain diagnoses like heart attacks, certain forms of cancer and strokes), Disability and in the case of the Scotiabank Credit Card Protection, Job Loss or Strike/Lockout and Hospitalization coverage.  All of our Scotiabank Creditor Insurance products are designed to help you and your family financially during a time when you may need it the most.

For most people, your home is your most significant asset. Scotia Mortgage Protection can help you take care of your mortgage debt. Scotia Mortgage Protection has three coverages to choose from: 

Life coverage can pay off the principal and interest remaining on your Scotiabank mortgage up to a maximum of $1,000,000. 

Critical Illness coverage can pay off your mortgage balance up to a maximum of $500,000 if you were diagnosed with a covered critical illness. This living benefit can offer the financial support you may need during your recovery.

Scotia Mortgage Disability coverage can:

• Cover your regular mortgage payments, including, principle, interest and taxes for up to 24 months per claim (or 48 months maximum) should you be unable to work as a result of an injury or covered impairment.

Your line of credit can help provide you with financial flexibility for the important things in your life whether it be a home renovation, family vacation or a car repair.  

Scotia Line of Credit Protection to help keep you on track financially, by providing the financial support that you may need in a difficult time.

Scotia Line of Credit Protection has 4 coverage options to choose from according to your needs:

• Life can pay off your outstanding account balance up to a maximum of $500,000 per account or up to $500,000 for all Scotia Line of credit accounts combined.
• Critical illness can pay off your entire outstanding balance, to a maximum of $150,000 per account or up to $300,000 for all Scotia Line of Credit accounts combined.
• Disability can cover your credit account payments through a maximum monthly benefit amount of $3,000 plus your disability premium (including provincial sales tax) for any one of your insured lines of credit for up to a maximum of 24 months (and 48 months in total).

Job loss can cover your credit account payments through a maximum monthly benefit amount of $3,000, for any one of your insured lines of credit for up to a maximum of 6 months, or a maximum of 12 months. 

Scotia Credit Card Protection offers two levels of protection bundles that you can chose from:  Basic Protection – which includes Life, Critical Illness and Hospitalization insurance, and Comprehensive Protection – which includes Life, Critical Illness, Hospitalization, Disability, Job Loss, and Strike or Lockout insurance.

• Life coverage can pay your outstanding account balance up to $50,000 if you pass away.
• Critical illness coverage can pay your outstanding account balance up to $50,000 if you are diagnosed with a covered critical illness.
• Disability coverage can provide a monthly benefit equal to 20% of your outstanding account balance based on the date of disability for up to five months.
• Job loss and Strike or Lockout coverage can provide a monthly benefit equal to 20% of your outstanding account balance based on the date of job loss, and strike or lockout for up to five months.
• Hospitalization coverage - can pay a lump sum payment of up to $10,000 if you are hospitalized for more than 24 hours, or your outstanding account balance up to $50,000 if you are hospitalized for more than 30 days due to an accidental bodily injury or unforeseen sickness.