Credit Protection for ScotiaLine
Right for you if:
You want coverage on your personal line of credit in the event of your death
With your ScotiaLine Personal Line of Credit, you can live the lifestyle you choose. Did you know, however, that in the event of your death, this convenience could become a financial obligation for your family or estate?
Credit Life Protection removes that worry. It will pay off your outstanding ScotiaLine balance thereby relieving your loved ones of added financial pressure at a very difficult time. If you already have coverage for yourself, now is the time to consider joint coverage at a discount if there is a second borrower on the account.
You Are Already Approved!
As a ScotiaLine customer, it’s easy to take advantage of this important protection. You are already approved for coverage provided that you (and your secondary account holder) are less than 65 years of age on the date you sign up. No health questions asked.
Affordable monthly premiums for Credit Life Protection are based on your average daily outstanding balance during the previous billing period and your current age. The premium is based on the eldest borrower.
At a Glance
Single or joint coverage
No health questions
Pre-approved if you’re
Just find your age in the following table to see how affordable your premiums can be. A discount applies if joint coverage is selected.
|$1,000 of Average Outstanding Daily Balances
||Single Coverage||Joint Coverage|
|40 and under||$0.49||$0.88|
|41 – 50||$0.89||$1.60|
|51 – 55||$1.77||$3.19|
|56 – 60||$2.99||$5.38|
|61 – 70||$4.98||$8.96|
Premium rate per $1,000 of average daily outstanding balance
The monthly insurance premium amount is added to your ScotiaLine account automatically and is reported on your statement. What’s more, no premium will be charged if you did not carry a balance during the previous billing statement period.
You are approved for coverage provided you and your secondary borrower (if applicable) are less than age 65 on the date you enrol for Credit Life Protection.
A note from the insurers:
In this section, we have attempted to explain clearly and briefly the coverage available under this plan.
Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of Group Credit Life Insurance and the Policy, which you will receive upon purchase.
Please refer to the Certificate of Group Credit Life Insurance for details.
Insurance is underwritten by Demerara Mutual Life Assurance Society Limited.