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Credit card insurance keeps family finances secure

September 30, 2010

Your credit card is more than a piece of plastic – it’s a slice of financial security. But, if anything should happen to you, the unpaid balance on your credit card could be costly: any payments owing could end up as an expense to your family if you were to pass on or be diagnosed with a critical illness.

One way to secure your family’s finances so that your loved ones could cope with any outstanding credit card payments is with Credit Protection.[1]

Like other forms of insurance, Credit Protection can provide peace of mind and financial security by paying off the outstanding balance on your credit card.

Why consider Critical Illness Protection

Advances in medical treatment means that more people today will survive a critical illness. But time spent in hospital or in recovery can be costly in terms of extra expenses along with lost income or your ability to make ends meet.

Critical Illness Protection can help by paying off the outstanding balance on your Scotiabank credit card if you are diagnosed with a heart attack, cancer or stroke which means that you can focus on your recovery instead of your debts.[2]

How the insurance works

There are no health questions to answer and your enrolment is guaranteed if you are within the eligible ages on the date you enrol. Monthly premiums will be automatically billed to your credit card, and are based on the outstanding balance of your previous month’s Scotiabank credit card statement and your coverage choices.

And if your previous month’s balance was zero, no premiums are charged.

Who needs credit protection?

Insuring your credit card balance is easy and affordable, and there are a few circumstances when it may be especially worth considering:

  • If you already have single coverage and you have recently added a joint cardholder to your account, now may be the time to add joint coverage so both of you are covered;
  • Your family obligations have recently changed, meaning that more people may depend on your income.
  • You may already have Life Protection but for more comprehensive insurance coverage to safeguard your family, your finances and your future consider adding Critical Illness Protection.
  • Having credit card insurance in place helps you ensure your family won’t face the burden of an outstanding Scotiabank credit card balance in the event of your death or the diagnosis of a critical illness.

To learn more and/or apply for Credit Protection on your credit card balance, talk to a representative at your Scotiabank branch today!

Insurance coverage is underwritten by licensed insurance companies.

[1] Coverage is subject to policy maximums, specific limitations and exclusions including age restrictions and a pre-existing condition restriction as described in the Certificate of Insurance. Please refer to the Certificate for additional details. 

[2] Not available in all countries.