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SCOTIA LINE OF CREDIT PROTECTION
Product Summary and Fact Sheet
This fact sheet cannot be modified
HOW TO CHOOSE
To choose the insurance product that’s right for you, we recommend that you read the summary
that describes the insurance product and that must be provided to you.
DISTRIBUTOR REMUNERATION
A portion of the amount you pay for the insurance will be paid to the distributor as remuneration.
The distributor must tell you when the remuneration exceeds 30% of that amount.
RIGHT TO CANCEL
The Act allows you to rescind an insurance contract, at no cost, within 10 days after the purchase of your
insurance. However, the insurer may grant you a longer period of time. After that time, fees may apply if
you cancel the insurance. Ask your distributor about the period of time granted to cancel it at no cost.
period. Ask your distributor for details.
The can provide you with unbiased, objective information.
Visit www.lautorite.qc.ca or call the AMF at 1-877-525-0337.
$
Reserved for use by the insurer:
LET’S TALK INSURANCE!
IT’S YOUR CHOICE
You are never required to purchase insurance:
that is offered by your distributor;
from a person who is assigned to you; or
Even if you are required to be insured, you do not have to purchase the insurance that
is being offered. You can choose your insurance product and your insurer.
The purpose of this fact sheet is to inform you of your rights.
It does not relieve the insurer or the distributor of their obligations to you.
$
Name of distributor:
Name of insurer:
Name of insurance product:
e Bank of Nova Scotia (Scotiabank)
e Canada Life Assurance Company (Canada Life)
Scotia Line of Credit Protection
Fact sheet
The purpose of this fact sheet is to inform you of your rights.
It does not relieve the insurer or the distributor of their obligations to you.
LET’S TALK INSURANCE!
Name of distributor:
e Bank of Nova Scotia (Scotiabank)
Name of insurer:
e Canada Life Assurance Company (Canada Life)
Name of insurance product: Scotia Line of Credit Protection
IT’S YOUR CHOICE
You are never required to purchase insurance:
that is offered by your distributor;
from a person who is assigned to you; or
Even if you are required to be insured, you do not have to purchase the insurance that
is being offered. You can choose your insurance product and your insurer.
HOW TO CHOOSE
To choose the insurance product that’s right for you, we recommend that you read the summary
that describes the insurance product and that must be provided to you.
DISTRIBUTOR REMUNERATION
A portion of the amount you pay for the insurance will be paid to the distributor as remuneration.
The distributor must tell you when the remuneration exceeds 30% of that amount.
RIGHT TO CANCEL
The Act allows you to rescind an insurance contract, at no cost, within 10 days after the purchase of your
insurance. However, the insurer may grant you a longer period of time. After that time, fees may apply if
you cancel the insurance. Ask your distributor about the period of time granted to cancel it at no cost.
period. Ask your distributor for details.
The can provide you with unbiased, objective information.
Visit www.lautorite.qc.ca or call the AMF at 1-877-525-0337.
Reserved for use by the insurer:
This fact sheet cannot be modified
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Welcome! 6
What you need to know about this insurance coverage 6
About your insurance 7
When your coverage begins 8
When your coverage ends 9
Life Insurance 11
11
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How your Life premium payment is calculated 12
Increasing your Life coverage 13
Critical Illness Insurance 14
14
14
How your Critical Illness Insurance premium payment is calculated 15
How premium is calculated for multiple coverages or
multiple Insureds 15
Disability Insurance 17
17
17
How your Disability Illness Insurance premium payment
is calculated 18
Job Loss Insurance 20
20
20
How Your Job Loss Insurance premium payment is calculated 21
Making and appealing a claim 22
To make a claim 22
To appeal a claim decision 22
Have a concern or complaint? We want to hear from you. 22
23
Privacy - Scotiabank 23
Languages 25
Notes 26
Notice of Cancellation of an Insurance Contract 27
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PRODUCT SUMMARY AND FACT SHEET
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You are eligible for
Coverage
if
Welcome!
Information regarding how Scotiabank and the Insurer protect and
manage your personal information is set out below in the paragraphs
respectively.
What you need to know about this insurance coverage:
Creditor Insurance for Scotiabank Line of Credit is optional and offers you
coverage on your Scotiabank line of credit for:
Life Insurance
Critical Illness Insurance (only offered if you apply for Life Insurance
as well)
Disability Insurance
Job Loss Insurance (only offered if You apply for Disability Insurance
as well)
The various coverages are all subject to the terms and conditions of the
group master policy entered into between Scotiabank, and the insurer,
The Canada Life Assurance Company (Canada Life). You can request a
copy of the master policy by contacting Canada Life.
You’re eligible for this insurance if on the date of application, you’re
a Canadian resident; are between 18 and 64 years old; and are the
primary borrower, co-borrower or guarantor of a Scotiabank line of
credit account; and:
For Critical Illness Insurance: you must also have Life Insurance coverage
For Job Loss Insurance: You must also have Disability Insurance coverage
For Disability and Job Loss Insurance: you must be actively working
at least 20 hours per week and:
a permanent employee or self-employed; or
a seasonal employee with a proven work history and capable of
performing the regular duties of your job; or
work at least 20 hours a week at the end of your leave.
A maximum of two people per line of credit can be insured on one account.
.
About your insurance
Name and address of the insurer:
The Canada Life Assurance Company “Canada Life”
330 University Avenue
1R8
Name and address of the distributor:
Scotia
th
Floor
2W1
Scotia Creditor Helpline: 1-855-753-4272
Insurance > Creditor Insurance >
Questions?
Call us: 1-800-387-2671
Secure email:
Canada Life’s client number listed in the AMF registry: 3001870574
AMF website:
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PRODUCT SUMMARY AND FACT SHEET
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When your coverage begins:
Insurance coverage starts on the latest
of the following dates:
The date Scotiabank receives your
signed application;
required; or
The date you sign the loan agreement
The effective date of coverage will be
coverage within 30 days of application.
Automatic approval: You will be automatically
approved for coverage and will not have to
answer any health questions if:
For Life Insurance and Critical Illness:
your total credit limit of all your insured
or less.
If the total credit limit of all your insured
Scotiabank lines of credit is greater
you will be required to complete health
questions in your application. If you
automatically approved for coverage.
For Disability and Job Loss Insurance:
your total credit limit of all your insured
or less.
If the total credit limit of all your insured
Scotiabank lines of credit is greater than
health questions in your application. If
automatically approved for coverage.
If you are approved for insurance coverage
will also be automatically approved up
Share the right
information
If your coverage has
been in effect for
misrepresentation
or false declaration
made in your
evidence connected
with your application
or any claim may
cancel the coverage
and a benefit may
not be paid.
Cancelling
your policy
If you change your mind
about the coverage
within 30 days from the
later of: the date your
application is approved
or the date the funds
you will get a full refund
of any premium paid.
It’s like the coverage
never started.
You can cancel your
insurance coverage at
any time by writing to:
Insurance Canada
1-855-753-4272
Your request must be
signed by all borrowers
and guarantors. Your
insurance costs up to
and including the date
your request is received.
You also have a 120-day
grace period for your
premium payments. If
the premium has not
been paid within that
automatically cancelled.
Written approval: If the total credit
limit of all your insured lines of credit
‘Yes’ to any of the applicable health
your application is approved or
declined. If the total credit limit of all
your insured Scotiabank lines of credit
whether your application is approved
insurance.
When your coverage ends:
Your insurance coverage ends on the
earliest of the following dates:
The date you die;
The date Scotiabank receives your
request to cancel the insurance;
The date your line of credit is no
longer in good standing;
The date your line of credit
account is closed with no
outstanding balance;
The date payments for your line
of credit or insurance premiums
are overdue for 120 consecutive
days; or
The date the group policy
terminates.
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PRODUCT SUMMARY AND FACT SHEET
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For Life Insurance of:
The date you turn 75 years old
The date your life claim is approved
For Critical Illness Insurance your coverage will also end on the earliest of:
The date you turn 70 years old
The date your critical illness claim is approved
The date your Life Insurance coverage ends
For Disability Insurance your coverage will also end on the earliest of:
The date you turn 70 years old
48 months
For Job Loss Insurance your coverage will also end on the earliest of:
The date you turn 70 years old
months
The date Your Disability Insurance coverage ends
.
Life Insurance
You are covered if you die before the age of 75 and meet all terms and
sample
.
What’s your
credit accounts combined.
What are the exclusions and limitations?
of:
years from the date your insurance coverage started
Forces or Reserve
terrorism
direct or indirect participation or attempted participation of a
criminal offence
unless taken following your physician’s instructions
operation of any motorized vehicle or watercraft while you are
impaired by drugs or alcohol
your application for life insurance was automatically approved and you
condition
A pre-existing condition means any health condition or the symptoms of
or
had a medical investigation; or
health practitioner
For additional information on pre-existing conditions and complete
.
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PRODUCT SUMMARY AND FACT SHEET
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How your Life premium payment is calculated
Your premium payment will be calculated daily.
rate
365
balance
Add any applicable taxes
Age 18-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-69
Premium
Rate for
Single
Coverage
per every
$1,000 of
Daily balance
$0.25 $0.32 $0.36 $0.49 $0.64 $0.81 $1.00 $1.43 $2.55
Age 70 71 72 73 74
Premium
Rate for
Single
Coverage
per every
$1,000 of
Daily balance
$2.81 $3.09 $3.40 $3.74 $4.11
The sum of your daily premiums will be charged at the end of the
billing period.
Your premium rate increases as you get older and your premium will
increase if your balance increases (regardless of age).
the age of the oldest Insured and multiplied by 1.70. See section below
“How premium is calculated for multiple coverages or multiple Insureds”
for further details.
.
Increasing your Life coverage
If you increase your existing insured Line of Credit limit and you re-apply
health questions.
For additional information on increasing your Life coverage please refer
to the .
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PRODUCT SUMMARY AND FACT SHEET
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Critical Illness Insurance
Illness Insurance in the .
What’s your
Canada Life will pay Scotiabank the outstanding balance of your
insured Scotiabank lines of credit combined.
please refer to the .
What are the exclusions and limitations?
indirect result of:
years from the date your insurance coverage started
declared or undeclared war unless you are a member of the Canadian
Forces or Reserve
terrorism
direct or indirect participation or attempted participation in a
criminal offence
unless taken following your doctor’s instructions
operation of any motorized vehicle or watercraft while you are
impaired by drugs or alcohol
if:
Insurance
you’re diagnosed with a critical illness of which the diagnosis or
medical evaluation began before the date you completed and signed
your Scotia Line of Credit Protection application
within 90 days after the start of coverage you’re diagnosed with life
made
you die within 30 days after being diagnosed with a critical illness or
undergoing surgery
sample
for complete information.
How your Critical Illness Insurance premium
payment is calculated
Your premium payment will be calculated daily.
rate
365
balance
Add any applicable taxes
Age Group 18-30 31-35 36-40 41-45 46-50 51-55 56-60 61-65 66-69
Premium
Rate for
Single
Coverage
per every
$1,000 of
Daily
Balance
$0.46 $0.51 $0.59 $0.92 $1.39 $1.90 $2.60 $3.40 $4.55
The sum of your daily premiums will be charged at the end of the billing
period. Your payment increases as you get older and is dependent on
your daily balance.
Please refer to the for further details on
how premium will be calculated.
How premium is calculated for multiple coverages
or multiple Insureds
Single Insured (Life and Critical Illness coverages):
The cost of Life and Critical Illness insurance coverage is calculated based
on the premium rates for each separate coverage type less 15%.
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PRODUCT SUMMARY AND FACT SHEET
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Multiple Insureds:
Joint coverage:
Illness insurance.
The cost of Joint coverage is calculated by determining the premium
rate applicable for the oldest Insured and multiplying the premium rate
by 1.70.
Dual coverage:
insurance.
The cost of Dual coverage is calculated by determining the premium
rate applicable for each Insured less 15%.
Note: Joint and Dual coverage does not apply to Disability or Job
Loss coverage.
Disability Insurance
You are covered if you become disabled before the age of 70 and meet
.
What’s your
lesser of:
3% of the outstanding account balance on the date of disability
3% of the amount of insurance coverage for which you have
been approved
including sales tax where applicable.
Canada Life will pay up to a maximum of 48 months in total for
Note:
tax)
60 day waiting period:
This means you are responsible for any payments due during this
60 day period.
What are the exclusions and limitations?
of:
normal pregnancy
elective cosmetic or experimental surgery or treatment
drug or alcohol abuse unless you unless you are in a rehabilitation
disability
injury
your impairment by alcohol or drugs
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PRODUCT SUMMARY AND FACT SHEET
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your participation or attempted participation in a criminal offence
declared or undeclared war unless you are on active military duty as a
member of the Canadian Forces or Canadian Forces Reserve
if:
the outstanding account balance on the date of your disability is $0.00
you are not under active care of a physician
you refuse to submit medical exams by a physician selected by
Canada Life
you fail to provide proof of your continuing disability
institution
you became disabled within 12 months from the date your coverage
started and your disability is a result of a pre-existing condition
A pre-existing condition means any health condition or the symptoms of
or
had a medical investigation; or
health practitioner
sample
for complete information.
How your Disability Illness Insurance premium
payment is calculated
Your premium payment will be calculated daily.
rate
365
3%
balance
Add any applicable taxes
Age 18-29 30-35 36-40 41-45 46-50 51-55 56-60 61-64 65-69
Premium
rate for each
insured for
every $100
of monthly
insurable
$1.60 $1.95 $2.50 $3.07 $3.65 $4.39 $5.46 $6.41 $7.00
The sum of your daily premiums will be collected at the end of the
billing period.
Your payment increases as you get older and is dependent on your
daily balance.
Refer to the for further details on how
premium will be calculated.
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PRODUCT SUMMARY AND FACT SHEET
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Job Loss Insurance
You are covered if you involuntarily lose your job or are permanently laid
off before the age of 70 for no fault of your own and you meet all terms
please refer to the section on Job Loss Insurance in the
.
What’s your
lesser of:
3% of the outstanding account balance on the date you lose your job
3% of the amount of insurance coverage for which you have
been approved
Canada Life will also pay the amount equal to your disability and job
applicable.
loss.
Canada Life will pay up to a maximum of 12 months in total for job loss
lifetime.
Note:
tax)
60 day waiting period:
means you are responsible for any payments due during this 60-
day period.
What are the exclusions and limitations?
if:
you lose your job within 90 days of when your coverage started
you knew you were going to become unemployed at the time you
applied for coverage
Insurance
you are terminated from contract work
absence
your job loss is directly or indirectly related to:
your resignation or retirement
dismissal from your job for cause;
insurance;
a strike or lockout.
sample
for complete information.
How Your Job Loss Insurance premium payment
is calculated
Your premium payment will be calculated daily.
rate
365
3%
balance
Add any applicable taxes
Age 18-29 30-35 36-40 41-45 46-50 51-55 56-60 61-64 65-69
Premium
rate for each
insured for
every $100
of monthly
insurable
$1.60 $1.60 $1.60 $1.40 $1.40 $1.40 $1.20 $1.20 $1.20
The sum of your daily premiums will be collected at the end of the
billing period.
Your payment increases as you get older and is dependent on your
daily balance.
Refer to the for further details on how
premium will be calculated.
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PRODUCT SUMMARY AND FACT SHEET
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Making and appealing a claim:
To make a claim:
You can request a claim form by calling the following toll-free number:
1-855-753-4272 Monday to Friday 8:00 a.m. to 8:00 p.m. (ET).
Procedure and time limits:
completed claim forms and any supporting documentation as follows:
For life claims: no later than 1 year form the date of death.
For critical or terminal illness claims: within 90 days from the date
of diagnosis.
For disability or job loss: within 150 days from the date of disability or
job loss.
Canada Life will let you know about their decision within 30 days after
receiving all the necessary documents to process your claim. If you don’t
writing and include the reasons for appealing. The costs for any medical
evidence needed to support the review of your claim(s) will be at your
own expense.
To appeal a claim decision:
Write to:
Claims Department
1R8
Secure Email:
Secure Fax: 416-552-6657
Have a concern or complaint? We want to hear from you.
Scotiabank Complaint Procedures
If you have a complaint or wish to access Scotiabank’s complaint
or
obtain the “Resolving Your Complaints” brochure from your local Branch.
Canada Life Complaint Procedures
Visit under Customer satisfaction>
This site will take you through the complaint process and give you the
complaint.
The Canada Life Assurance Company:
protecting your personal information and respecting your privacy.
The personal information we collect and maintain is used to administer
service and business processes.
guidelines. Personal information may be collected or communicated
outside of Canada or outside your province of residence as part of day-
to-day business.
It’s important that personal information is accurate and up to date.
restrictions. For a copy of our Privacy guidelines or questions about
or visit .
Privacy - Scotiabank:
The Scotiabank Privacy Agreement forms part of this Product
or any
Scotiabank branch for a paper copy.
Information we collect about you: Information that we hold about
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PRODUCT SUMMARY AND FACT SHEET
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We and our insurance providers require personal information to assess
including the assessment of claims.
How we use your information:
identity; to determine your eligibility or suitability for our products or
services; to understand your needs; to meet our legal and regulatory
requirements; to manage and assess our risks; to prevent or detect
criminal activity; and to identify and correct any errors. We may also
use your information to send you messages to inform you about
product or service features or to tell you about products and services
(including those of other companies) that may be of interest to you.
With whom we share your information: We will keep your information
and the insurer will use and exchange relevant information about you
be made available to you.
Keeping your information: We will keep your information for as long as
and the purpose for which we’re retaining it. The period we keep your
information for is generally linked to the amount of time available for
you to bring a legal claim. We may keep the information longer than this
if there an existing claim or complaint that will require us to keep your
information.
Your rights and how to refuse or withdraw your consent: You have
or any Scotiabank branch for a copy of
our Privacy Agreement.
Languages
Quebec Residents Only / Résidents du Québec seulement: You
Vous demandez expressément la version anglaise de ce document et
rédigés en anglais seulement.
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PRODUCT SUMMARY AND FACT SHEET
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(Date of sending of notice)
indicated)
(Date of signature of contract)
(Place of signature of contract)
client)
(Signature of client)
NOTICE OF CANCELLATION OF AN INSURANCE CONTRACT
THE INSURERS ACT GIVES YOU IMPORTANT RIGHTS.
The Act allows you to cancel an insurance contract that you entered into
without the intermediary of a representative within 10 days after receiving
without penalty time.
by registered mail or any other means that allows you to obtain an
acknowledgement of receipt.
Caution: You may lose advantageous conditions as a result of this
insurance contract. Contact your insurer or consult your contract.
apply.
1-877-525-0337 or visit .
NOTICE OF CANCELLATION OF AN INSURANCE CONTRACT
To: The Canada Life Assurance Company (Canada Life)
1R8
Date:
contract no.:
on:
In:
To simplify your insurance, visit
scotiabank.com
For questions about your Scotia Line
your nearest Scotiabank branch or
call the Insurance Canada Service
Centre at 1-855-753-4272.
FPO
For FSC mark
®
Clear
