This insurance product is designed to offer coverage if a defined event such as death or a covered critical illness occurs. The insurance can pay off your outstanding credit card balance, relieving your loved ones of added financial pressure at a difficult time.
If you are a Scotiabank personal credit card customer, you can enrol for Life Protection, which can pay off your outstanding credit card account balance in the event of your death. Or you can enrol for Life and Critical Illness Protection, which includes the life protection coverage described above, plus critical illness health coverage, which is a living benefit that can pay off your outstanding credit card account balance in the event that you are diagnosed with a covered critical illness (i.e. heart attack, cancer or stroke).
The monthly premiums for Credit Protection can be considered “pay as you go”, because the premiums are based on the outstanding balance of the credit card and your age. If you have no balance you will have no insurance premium to pay.
Insurance is underwritten by GK Life Insurance EC.